UPS to pay $45 million penalty for improperly valuing business unit, SEC says

© Reuters. FILE PHOTO: The company logo for United Parcel Service (UPS), is displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., October 22, 2019. REUTERS/Brendan McDermid/File Photo

WASHINGTON (Reuters) – The United Parcel Service (NYSE:UPS) will pay up to a $45 million penalty for improperly valuing a business unit, the U.S. Securities and Exchange Commission (SEC) said on Friday.

The SEC said UPS misrepresented “its earnings because it failed to follow generally accepted accounting principles (GAAP) in valuing one of its worst performing businesses.”

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