Hub Group (HUBG) Shares Crater Again Amid Delayed Quarterly Report, Material Misstatements Now Include 2023 and 2024 Financial Reports - HBSS

SAN FRANCISCO, May 14, 2026 /PRNewswire/ -- Investors in Hub Group, Inc. (NASDAQ: HUBG) saw the price of their shares fall $5.24 (-12.5%) on May 12, 2026 after the company announced that it would not timely file its quarterly report for the period ended March 31, 2026 (the "Q1 2026 Form 10-Q"). Hub Group also revealed that investors should no longer rely on its previously filed financial statements for the years ended December 31, 2024 and 2023.

The developments, announced on May 12, follow the steep decline in the price of Hub Group shares on February 6, 2026 (-$9.37, -18%) after the company warned that its quarterly reports going back to March 31, 2025 should no longer be relied upon.

The admissions of improper accounting, along with the market's severe reactions, have prompted national shareholder rights law firm Hagens Berman to continue investigating whether Hub Group may have intentionally misled investors about having prepared its financial statements consistent with relevant accounting rules. The firm urges Hub Group investors who suffered significant losses to contact the firm now to discuss their rights.

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Updated Hub Group, Inc. (HUBG) Investigation:

In the past, Hub Group has assured investors that its financial statements were prepared in conformity with generally accepted accounting principles ("GAAP") and fairly presented its financial condition. The company also assured investors that its disclosure controls and procedures were sufficient.

Most recently, on May 12, 2026, Hub Group made two critical disclosures to investors.

The first, a current report on Form 8-K, revealed that the company's Audit Committee determined on May 11 that "the previously issued audited consolidated financial statements of the Company as of and for each of the years ended December 31, 2024 […] and 2023 […] were in each case materially misstated and should no longer be relied upon." Hub Group also said: (1) its Audit Committee "identified certain transactions that were prematurely or incorrectly recognized or not adequately supported[;]" (2) "the Company is continuing to review additional accounting issues that may potentially further impact the 2024 Financial Statements and/or the 2023 Financial Statements[;]" and (3) "[t]he Company expects 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."

The second, a notification of late filing on Form NT 10-Q, stated that the company would not timely filed its Q1 2026 quarterly report because it is still working on its 2023 and 2024 financial restatements and, in addition, on its restatements of its quarterly reports for the periods ended March 31, June 30, and September 30, 2025.

The latter set of financial restatements was first disclosed after the market closed on February 5, 2026, when Hub Group revealed improper accounting related to its understatement of purchased transportation costs and accounts payable.

Since February 5, 2026, the day Hub Group's admitted improper accounting came to light, the price of the company shares has fallen $14.71 (-28%), wiping out over $890 million of market capitalization in a span of just three months.

"Now that we know that Hub Group's admitted improper accounting goes all the way back to its fiscal 2023, we're investigating whether the company may have intentionally understated expenses and monitoring what additional financial statement accounts may have been misstated," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.

If you invested in Hub Group and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »

If you'd like more information and answers to other frequently asked questions about the Hub Group investigation, read more »

Whistleblowers: Persons with non-public information regarding Hub Group should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

SOURCE Hagens Berman Sobol Shapiro LLP