Hub Group Class Action Lawsuit – HUBG

Key Facts About Hub Group, Inc. (NASDAQ: HUBG)

● The Allegation: Hub Group allegedly issued materially false and misleading financial statements from Q1 2023 through Q3 2025, prematurely and incorrectly recognizing revenue for 2023 and 2024 and understating $77 million in purchased transportation costs and accounts payable for the first nine months of 2025, while repeatedly certifying that its internal controls were effective.

● The Stock Drop: HUBG fell $9.37 per share, approximately 18%, to $41.96 per share on February 6, 2026, after Hub Group announced it would restate its Q1 through Q3 2025 financial statements due to a $77 million understatement of purchased transportation costs; HUBG fell an additional $5.24 per share, approximately 13%, to $36.62 per share on May 12, 2026, after Hub Group disclosed that its 2023 and 2024 annual reports were also materially misstated.

● Class Period & Defendants: The class period runs from April 28, 2023 through May 11, 2026, inclusive. The named defendants are Hub Group, Inc.; Phillip Yeager (Chief Executive Officer, President, and Vice Chairman); David Yeager (Executive Chairman); Kevin Beth (Chief Financial Officer, Executive Vice President, and Treasurer from January 1, 2024, through May 28, 2026); Geoffrey DeMartino (Chief Financial Officer, Executive Vice President, and Treasurer through January 1, 2024); Dennis Mathews (Chief Accounting Officer and Executive Vice President from June 2025); and Brent Rhodes (Chief Accounting Officer and Executive Vice President from April 2024 through June 2025).

● Lead Plaintiff Deadline: August 28, 2026. No action is required before the deadline to remain a potential class member. Action is only needed if you wish to seek appointment as lead plaintiff.

Hub Group Class Action Summary


Company	Hub Group, Inc. (NASDAQ: HUBG)
Lead Plaintiff Deadline	August 28, 2026
Class Period	April 28, 2023 – May 11, 2026
Stock Drop	February 6, 2026 – HUBG fell $9.37 (18%) to $41.96; May 12, 2026 – HUBG fell $5.24 (13%) to $36.62

Introduction

A securities class action has been filed against Hub Group, Inc. (NASDAQ: HUBG). The lawsuit covers investors who purchased or acquired Hub Group securities between April 28, 2023 and May 11, 2026.

The complaint alleges Hub Group made materially false and misleading statements about its finances. Specifically, the company allegedly misstated revenue, understated its largest expense, and falsely certified that its internal controls were effective. These issues spanned nearly three years of SEC filings and earnings calls.

When the alleged truth emerged, HUBG shares fell sharply. HUBG dropped roughly 18% on February 6, 2026. It fell another 13% on May 12, 2026, after further misstatements were disclosed.

Company Profile

Hub Group, Inc. is a transportation and logistics company that provides trucking and supply chain services across North America. The company operates through two segments: Intermodal and Transportation Solutions, which includes trucking operations, and Logistics, which provides additional supply chain services. Hub Group maintains more than 50,000 containers for shipping freight and 7 million available square feet of warehousing and cross-dock space, serving customers across industries including retail, consumer products, automotive, and durable goods.

Class Period

April 28, 2023–May 11, 2026

Investors who purchased or acquired Hub Group, Inc. (HUBG) securities during the Class Period may be entitled to seek recovery under the federal securities laws.

Allegations

Throughout the Class Period, Hub Group filed quarterly and annual reports with the SEC that contained financial statements accompanied by Sarbanes-Oxley certifications from its top executives. These certifications, signed by CEO Phillip Yeager and successive CFOs Geoffrey DeMartino and Kevin Beth, stated that the financial statements “fairly present in all material respects the financial condition, results of operations and cash flows” of the company. Each filing also included management’s conclusion that the company’s disclosure controls and procedures were effective.

The complaint alleges these representations were materially false and misleading for two related but distinct reasons. For the 2023 and 2024 fiscal years, Hub Group allegedly prematurely and incorrectly recognized certain transactions, misstating reported revenue and operating income across its quarterly and annual filings. The company reported operating revenue of $4.2 billion for 2023 and $3.95 billion for 2024, figures the complaint alleges were tainted by improper revenue recognition inconsistent with the company’s own stated accounting policies under ASC 606. For the first three quarters of 2025, the complaint alleges Hub Group understated its purchased transportation and warehousing costs, the company’s single largest expense category, which comprised between 74% and 76% of revenue during the Class Period. During quarterly earnings calls in 2025, Defendant Beth repeatedly highlighted year-over-year decreases in these costs, attributing them to “strong cost controls” and lower rail and warehouse expenses. The complaint alleges these reported cost reductions were materially misleading because they reflected a $77 million understatement of purchased transportation costs and accounts payable.

The complaint further alleges that the Individual Defendants knew or recklessly disregarded that these financial statements were false. The complaint alleges that various Individual Defendants signed or certified the company’s challenged SEC filings during the Class Period, and that certain executives held themselves out as knowledgeable about the company’s cost structure by discussing these costs on public earnings calls. The subsequent departures of CFO Kevin Beth and the company’s Chief Operating Officer, which the complaint alleges were linked to the Audit Committee review and related corrective actions, further support the inference that the Individual Defendants were aware of the problems with the company’s financial reporting.

The Truth Emerges

On February 5, 2026, Hub Group disclosed that its financial statements for the first three quarters of 2025 “should no longer be relied upon” due to an error that understated purchased transportation costs and accounts payable by approximately $77 million. The company announced plans to restate those quarters and acknowledged it was assessing the effectiveness of its internal controls and “appropriate remediation steps.” According to the complaint, this disclosure undercut the prior Sarbanes-Oxley certifications and internal-controls assessments that accompanied the challenged quarterly filings.

Then, on May 12, 2026, the company revealed that the problems extended well beyond 2025. Hub Group announced it had “identified certain transactions that were prematurely or incorrectly recognized or not adequately supported,” causing its 2023 and 2024 annual reports to be materially misstated. The company did not quantify the expected misstatement for those years but stated it expected to conclude that it had failed to maintain effective disclosure controls and internal controls over financial reporting for both fiscal years 2023 and 2024. On May 28, 2026, Hub Group’s Audit Committee Chair announced executive leadership changes in connection with the review, which the complaint alleges tied the departures of Defendant Beth and the company’s former COO to the Audit Committee review and related corrective actions.

Market Reaction

The market reacted sharply to each corrective disclosure. On February 6, 2026, the day after Hub Group announced the restatement of its 2025 quarterly financials, HUBG shares fell approximately 18%, declining $9.37 from $51.33 to $41.96 per share. The stock had not recovered when the second disclosure hit: on May 12, 2026, following the announcement that the company’s 2023 and 2024 annual reports were also materially misstated, HUBG shares dropped an additional 13%, falling $5.24 from $41.86 to $36.62 per share. In total, HUBG’s share price declined from $51.33 to $36.62 over the two alleged disclosure dates, a cumulative price decline of approximately 29%.

Next Steps

● Lead Plaintiff Deadline: August 28, 2026

● After the lead plaintiff deadline, the Court will consider any lead plaintiff motions.

● Defendants may file a motion to dismiss.

● If the case proceeds, the Court may later consider class certification.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. No specific outcomes are guaranteed.

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Step 2 of 3

Certification of Plaintiff Pursuant to Federal Securities Laws

I, duly certify and say, as to the claims asserted under the federal securities laws, that:

I have reviewed a complaint filed in the action.
I did not purchase the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this action.
I am willing to serve as a representative party on behalf of the class, including providing testimony at deposition and trial, if necessary.
My transaction(s) in Hub Group, Inc. which are the subject of this litigation during the class period set forth in the complaint are set forth in the chart attached hereto.
Within the last 3 years,
I have not sought to serve nor have I served as a class representative in any federal securities fraud case. I have sought to serve as a class representative in
I will not accept any payment for serving as a representative party on behalf of the class beyond the Plaintiff's pro rata share of any recovery, except as ordered or approved by the court, including any award for reasonable costs and expenses (including lost wages) directly relating to the representation of the class.

Are you US Citizen?

Yes. I certify under penalty of perjury that the foregoing is true and correct. Executed this No. I certify under penalty of perjury under the laws of the United States of America that the foregoing is true and correct. Executed this

Clear

Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

By your signature above, you confirm that have retained Levi & Korsinsky, LLP to represent you and the shareholder class as a lead plaintiff in the pending class action against Hub Group, Inc. This representation will be on a contingency basis, meaning that Levi & Korsinsky will advance all expenses in the litigation and will only seek compensation and/or reimbursement of expenses if the firm obtains a recovery. Regardless of the result, we will never ask you to directly pay for any attorneys’ fees, expenses, or costs. Should we obtain a favorable result, we may ask the court to award us compensation and reimbursement of expenses to be paid by the defendants or as a portion of any class recovery. In exchange for our representation, you agree to cooperate as our client by providing, for example, relevant documents and deposition testimony, if necessary. During the course of this litigation, we may employ and/or work with other law firms, experts, and third-parties to successfully prosecute this action. If you are not appointed as the lead plaintiff or Levi & Korsinsky is not appointed as lead counsel, we will notify you of such decision at which time this representation will end unless otherwise extended by you and the firm. We look forward to working with you towards a successful resolution of this action.

I have reviewed the complaint linked in paragraph 1