The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of investors who acquired Hub Group, Inc. (“Hub Group” or the “Company”) (NASDAQ:HUBG) securities during the period of April 28, 2023 through May 11, 2026, inclusive (“the Class Period”).
If you suffered a loss on your Hub Group investments, you have until August 28, 2026 to request lead plaintiff appointment. Courts do not consider lead plaintiff applications submitted after this deadline. If you choose to take no action, you may remain an absent class member. For more information about the lawsuit:
[CONTACT THE FIRM IF YOU SUFFERED A LOSS]
What Is This Lawsuit About? The complaint alleges that the Company made materially false and misleading statements including financial statements that were materially inaccurate due to premature revenue recognition and the understatement of purchased transportation costs and accounts payable, as well as statements concerning the effectiveness of internal controls, and the Company’s drivers of financial results and growth.
On February 5, 2026, Hub Group announced that the Company’s financial statements for the first three quarters of 2025 should not be relied upon and would be restated due to “an error that resulted in the understatement of purchased transportation costs and accounts payable in the first nine months of 2025.” The Company revealed that its reports for those quarters “were in each case materially misstated due to the aforementioned error and should no longer be relied upon” and that “the Company [wa]s also continuing to assess the effectiveness of its disclosure controls and procedures and internal control over financial reporting and appropriate remediation steps.” The Company also estimated that “[t]he total amount of the reduction to accounts payable and purchased transportation costs related to this issue that was recorded during these periods is $77 million.” On this news, the price of Hub Group shares declined by $9.37 per share, or approximately 18%, from $51.33 per share on February 5, 2026 to close at $41.96 on February 6, 2026.
On May 12, 2026, Hub Group announced that it had “identified certain transactions that were prematurely or incorrectly recognized or not adequately supported,” causing its 2023 and 2024 annual reports filed with the SEC to be “materially misstated,” such that they “should no longer be relied upon.” The Company did not quantify the expected misstatement, although it “expect[ed] to conclude that it did not maintain effective disclosure controls and procedures and internal control over financial reporting for each of the years ended December 31, 2024 and 2023.” On this news, the price of Hub Group shares declined by $5.24 per share, or approximately 13%, from $41.86 per share on May 11, 2026 to close at $36.62 on May 12, 2026.
[LEARN MORE ABOUT THE LAWSUIT]
The Lead Plaintiff Appointment Process. The federal securities laws permit any investor who acquired eligible securities during the class period to seek appointment as lead plaintiff in a class action lawsuit. Learn more about the lead plaintiff process and eligibility requirements here. Courts typically appoint the investor(s) with the largest financial loss in the case and the ability to represent the class rather than investors with simply the largest investment portfolio. Courts regularly appoint individual investors, whether acting alone or as a group, as lead plaintiffs. The rights of any investor who bought shares during the class period are generally already protected. However, lead plaintiffs have the power to influence case strategy and have a say in settlement decisions, as well as decisions concerning allocation of settlement funds among class members.
[LEARN MORE ABOUT THE LEAD PLAINTIFF PROCESS]
What Should I Do? If you purchased or otherwise acquired Hub Group securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260630466890/en/
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