UPS store in Baltimore. Photo: Diego M. Radzinschi/ALMUPS Agrees to $45M Settlement With SEC Over Valuation Claim
The U.S. Securities and Exchange Commission accused the shipping company of failing to follow generally accepted accounting principles and “materially misrepresenting its earnings” while valuing its freight business in preparation for a sale.
November 22, 2024 at 02:43 PM
2 minute read
Securities LitigationUnited Parcel Service will pay $45 million under a settlement the delivery company has reached with the U.S. Securities and Exchange Commission for allegedly valuing a business unit improperly, the SEC announced Friday.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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