Hub Group, Inc. (HUBG) Faces Securities Class Action — Hagens Berman Investigates Claims of False Financial Reporting

Hub Group, Inc. (NASDAQ: HUBG) and certain of its current and former executives (together, “co-defendants”) face a securities class action lawsuit, which seeks to represent investors who purchased or acquired Hub Group securities between April 28, 2023 and May 11, 2026. The development follows the company’s surprise revelations that its financial reports going back to 2023 were “materially misstated and should no longer be relied upon” and corrective actions taken against two senior executives. National shareholder rights firm Hagens Berman continues to investigate legal claims that Hub Group and its co-defendants violated the federal securities laws and urges investors who suffered significant losses to submit your losses now . Class Period: Apr. 28, 2023 – May 11, 2026 Lead Plaintiff Deadline: Aug. 28, 2026

The lawsuit focuses on the propriety of Hub Group’s repeated assurances that its financial statements were prepared in conformity with applicable accounting rules. Contrary to these assurances, the complaint alleges that throughout the Class Period the co-defendants made false and misleading statements concerning Hub Group’s premature and incorrect revenue recognition and understatement of purchased transportation costs and accounts payable. Investors learned the truth through a series of Hub Group’s partial disclosures about its accounting and ramifications for certain of its executives.

First, on February 6, 2026, investors saw the price of their Hub Group shares crater $9.37 (-18%) after the company (while touting that “[a]ccuracy and transparency in reporting on our performance is of utmost importance[]”) revealed that during the first nine months of 2025 it had understated purchased transportation costs and accounts receivable by $77 million. Accordingly, the company said investors should not rely on its Q1 – Q3 2025 financial statements and it plans to restate them. Second, on May 12, Hub Group shares tumbled again – this time, shares fell $5.24 (-12.5%) – on new disclosures much worse than on February 6. The company said its financial statements for the years ended December 31, 2023 and 2024 were materially misstated and that investors should no longer rely on those either. Hub Group explained only that it “identified certain transactions that were prematurely or incorrectly recognized or not adequately supported[]” and cautioned it was continuing to review “additional accounting issues that may potentially further impact” the 2023 and 2024 financial statements. Between February 5, 2026 (the day before Hub Group’s first partial corrective disclosure) and May 12, 2026, shareholders have seen over $890 million of Hub Group’s market capitalization wiped out.

After the Class Period, on June 2, 2026, Hub Group announced that Chief Financial Officer Kevin Beth and Chief Operating Officer Brian Meents both left the company on May 27. The company said the executive departures were part of its corrective actions related to its financial statement review.

“Now that Hub Group has almost cleaned out its C-suite following accounting improprieties reaching all the way back to 2023, the core focus of our investigation is whether they were intentional or reckless with the goal of making financial metrics appear better than they actually were. We’re also looking to see whether additional problems will surface when the company’s review is completed,” said Reed Kathrein , the Hagens Berman partner leading the firm’s investigation.