Defendant Name: United Parcel Service, Inc.

Defendant Type: Public Company
SIC Code: 4215
CUSIP: 91131210

Initial Case Details

Legal Case Name In the Matter of United Parcel Service, Inc.
First Document Date 22-Nov-2024
Initial Filing Format Administrative Action
File Number 3-22327
Allegation Type Issuer Reporting and Disclosure

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Rule 13a-15
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 22-Nov-2024
Headline Total Penalty and Disgorgement $45,000,000

Related Documents:

33-11328 22-Nov-2024 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On November 22, 2024, the SEC instituted settled cease-and-desist proceedings against United Parcel Service, Inc., stating: "This matter concerns UPS’s failures to adhere to the basic accounting principle that the “fair value” of an asset is the price that would be received to sell that asset in an orderly transaction between market participants. These failures resulted in material misrepresentations to investors regarding its earnings and other reported items and activities."
2024-184 22-Nov-2024 Press Release--Administrative Proceeding
UPS to Pay $45 Million Penalty for Improperly Valuing Business Unit
On November 22, 2024, the SEC "announced settled charges against United Parcel Service Inc. for materially misrepresenting its earnings because it failed to follow generally accepted accounting principles (GAAP) in valuing one of its worst performing businesses."