UPS Ordered to Pay $45 Million for Overvaluing Freight Business
United Parcel Service was ordered by regulators to pay $45 million for allegedly overvaluing its freight business in its accounting, leading to higher reported earnings.
The Securities and Exchange Commission on Friday said UPS didn't properly record goodwill impairment related to its freight business, which was sold in 2021, because it had overvalued the unit, leading to artificially inflated earnings and other reported accounting items that misled investors.
The sale of UPS's domestic trucking business to rival TFI International for $800 million marked a...
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