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Published November 13, 2024
Delivery giant UPS dropped the package and shattered investors’ hopes when it missed its own financial projections. While the Company suggested it was on track for improved revenues and profitability in the second half of 2024, actual earnings proved lackluster. UPS’s stock price quickly plummeted, prompting some shareholders to file a class action lawsuit to recover their losses.
In early 2024, UPS issued a press release announcing its financial results. The Company said that while it anticipated challenges and flat growth early in the year, it expected 10% margins by year’s end. In reality, Company executives used faulty assumptions and bad data when issuing these overly ambitious and bogus projections.
Investors learned the truth in July when UPS issued a press release announcing its quarterly financial results. The report revealed that earnings had crashed, which resulted in UPS slashing its previously ambitious financial targets. Investors quickly dumped their shares after this news, causing UPS’s share price to tumble. Upset investors affected by this nosedive are now signing up for the lawsuit.