UPS will pay $45 million to settle charges that it improperly valued its freight division, the Securities and Exchange Commission announced Friday.
The regulator agency said that UPS materially misrepresented its earnings because it failed to follow generally accepted accounting principles in valuing its freight unit.
The SEC order said that in 2019 UPS determined that its freight division was likely to sell for no more than about $650 million. UPS’s own analysis indicated that nearly $500 million of goodwill it had associated with the unit was impaired.
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