LOS ANGELES, Oct. 29, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises United Parcel Service, Inc. ("UPS" or the "Company") (NYSE: UPS) investors of a class action representing investors that bought securities between January 30, 2024 and July 22, 2024, inclusive (the "Class Period"). UPS investors have until December 9, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The complaint states that during the class period, the defendants misled investors by suggesting they had reliable information about the Company’s revenue and growth expectations, while downplaying risks from seasonal and economic changes. In reality, UPS’s positive reports about growth, plans to manage volume changes, and claims that the first quarter would have the worst margins were not accurate. The Company was not prepared to handle a surge in volume without a significant drop in operating margin.
The plaintiff claims that the truth came out on July 23, 2024, when UPS released its second-quarter financial results, gave lower-than-expected guidance for the third quarter, and revised its margin expectations for the full fiscal year. The Company explained this by citing a shift in the U.S. volume mix towards lower-cost products. Following this announcement, UPS's stock price dropped from $145.18 per share on July 22 to $127.68 per share on July 23, a decrease of $17.50 per share, or about 12.05%.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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