ebb Logistics

SEC fines UPS $45M

SEC fines UPS $45M

Securities and Exchange Commission (SEC) imposes a $45M fine on UPS for overvaluing its LTL unit before sale.

UPS Freight was acquired by TFI International in 2021 for $800m and is now branded as TForce Freight.

UPS has agreed to pay the SEC a $45m settlement over allegations that it overvalued its UPS Freight division before its sale in 2021.

According to the SEC, UPS failed to adhere to generally accepted accounting principles, valuing the unit at $2 billion despite being aware it was “likely to sell for no more than about $650 million.”

Source: The Securities and Exchange Commission Press Release

The opinions expressed do not necessarily reflect the views of the Firm, its clients, or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.

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