SEC fines UPS $45M

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

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