Defendant Name: United Parcel Service, Inc.

Defendant Type: Public Company

Document Reference: 2024-184

Document Details

Legal Case Name In the Matter of United Parcel Service, Inc.
Document Name UPS to Pay $45 Million Penalty for Improperly Valuing Business Unit
Document Date 22-Nov-2024
Document Format Administrative Proceeding
File Number 3-22327
Allegation Type Issuer Reporting and Disclosure
Document Summary 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."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Monetary Penalties:

Civil Penalty

Individual:     $45,000,000.00 Shared:    

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."