UPS to Pay $45 Million SEC Penalty Over Improper Valuation (1)

United Parcel Service Inc. will pay $45 million to settle claims by the US Securities and Exchange Commission that the courier misrepresented its financial results by improperly valuing its freight business.

The company failed to follow generally accepted accounting principles when it evaluated its less-than-truckload operations in 2019 and 2020, the SEC said Friday in a statement. “Had UPS properly valued Freight, its earnings and other reported items would have been materially lower,” the agency said.

UPS, which didn’t admit or deny the findings, agreed to avoid future violations, the SEC said.

The company said in an emailed statement ...