Hagens Berman sets Aug. 28 lead plaintiff deadline in Hub Group securities case
Hagens Berman says Hub Group investors who bought stock during the class period have until Aug. 28, 2026, to seek lead plaintiff status in a federal securities case tied to accounting restatements.
Hagens Berman Sobol Shapiro LLP says investors who bought Hub Group Inc. stock between April 28, 2023, and May 11, 2026, have until Friday, Aug. 28, 2026, to seek appointment as lead plaintiff in a federal securities class action.
The notice says the case, Lawler v. Hub Group, Inc., No. 1:26-cv-07596, is pending in the U.S. District Court for the Northern District of Illinois. It alleges that Hub Group and certain executive officers violated the Securities Exchange Act of 1934 by making false and misleading statements about the company’s financial reporting.
According to the notice, the complaint alleges that Hub Group’s reporting included premature and incorrect revenue recognition and an understatement of purchased transportation costs and accounts payable. The notice says the company had told investors that accuracy and transparency in reporting its performance were “of utmost importance” and said its financial statements were prepared in conformity with applicable accounting rules.
The notice says Hub Group disclosed on Feb. 5, 2026, that during the first nine months of 2025 it understated purchased transportation costs and accounts payable by $77 million. Hub Group also said investors should no longer rely on its first three quarters of 2025 financial statements and planned to restate them, according to the notice. The notice says the stock fell about 18% the next day.
It further says Hub Group disclosed on May 12, 2026, that its 2023 and 2024 financial reports were materially misstated and should no longer be relied upon. The notice says the company also said it did not maintain effective disclosure controls and procedures over financial reporting for 2023 and 2024. The notice says the stock fell about 13% that day, and that the February and May declines erased more than $870 million of market capitalization.
The notice adds that on Aug. 11, 2026, Hub Group said it would delay its second-quarter 2026 financial report because it had not yet filed its 2025 annual report. It said it was still correcting errors in full-year 2023 and 2024 and in the first three quarters of 2025.
Hub Group said it expected to finish rewriting those statements and release the missing reports by Sept. 14, 2026, according to the notice. Hagens Berman said investors can seek lead plaintiff status by the Aug. 28 deadline.
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