BFA Law files Hub Group investor class action over restatements
BFA Law says it filed a securities class action against Hub Group in federal court in Illinois after the company said several financial statements were misstated and should not be relied upon.
BFA Law says it filed a class action against Hub Group Inc. and certain senior executives after the company said several financial statements were materially misstated and should no longer be relied upon.
According to the notice, the lawsuit was filed in the U.S. District Court for the Northern District of Illinois and is captioned Lawler v. Hub Group, Inc., No. 1:26-cv-07596. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. BFA Law said investors have until Aug. 28, 2026, to ask the court to appoint a lead plaintiff.
Hub Group is a transportation and logistics freight carrier that provides trucking and related services across supply chains, including for retail, consumer products, automotive and durable goods customers, the notice said. It also said the company describes itself as one of the largest freight transportation providers in North America.
The notice said the first disclosure came on Feb. 5, 2026, when Hub Group said its financial statements for the first three quarters of 2025 should not be relied upon and would be restated. The company said an error understated purchased transportation costs and accounts payable in the first nine months of 2025.
BFA Law said Hub Group estimated the total reduction tied to the issue at $77 million. The notice said the stock fell about 18%, from $51.33 at the Feb. 5 close to $41.96 at the Feb. 6 close.
The second disclosure cited in the notice came on May 12, 2026, when Hub Group said it had identified certain transactions that were prematurely or incorrectly recognized or not adequately supported. The company said its 2023 and 2024 annual reports filed with the Securities and Exchange Commission were materially misstated and should no longer be relied upon.
The notice said Hub Group expected to conclude that it did not maintain effective disclosure controls and procedures or effective internal control over financial reporting for 2023 and 2024. It said the stock declined a further 13%, from $41.86 at the May 11 close to $36.62 at the May 12 close.
The lawsuit alleges false and misleading statements about revenue recognition, purchased transportation costs, accounts payable, internal controls and the drivers of results and growth, according to the notice. BFA Law said the case is on a contingency fee basis and that there is no cost to shareholders unless fees and expenses are approved by the court.
Investors who want to seek lead-plaintiff status must act by the Aug. 28 deadline cited in the notice. The case remains pending in federal court in Illinois.
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