Time-Sensitive: Hub Group's Internal Controls and Disclosure Controls Were Allegedly Ineffective for Over Two Years While Officers Certified Otherwise

NEW YORK, July 15, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP alerts investors in Hub Group, Inc. (NASDAQ: HUBG) of a pending securities class action. Class Period: April 28, 2023 through May 11, 2026. Check if you can recover your investment losses or contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com | (212) 363-7500.

Hub Group shares lost $14.71 per share in cumulative declines after the Company admitted its financial statements spanning 2023 through the first nine months of 2025 were materially misstated and could no longer be relied upon. The Court has set August 28, 2026 as the deadline to apply for lead plaintiff appointment.

"Investors deserve transparency about material risks that could affect their investments. When a company certifies quarter after quarter that its internal controls are effective, shareholders are entitled to rely on those certifications when making investment decisions," stated Joseph E. Levi, Esq.

The Alleged Internal Controls Breakdown

A securities class action asserts that Hub Group repeatedly told investors its disclosure controls and procedures were "effective" in every quarterly and annual SEC filing from Q1 2023 through Q3 2025. Each filing contained evaluations conducted "under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer." The lawsuit claims these certifications were false because the Company's controls failed to detect or prevent material misstatements in its largest expense category and its revenue recognition practices.

Sarbanes-Oxley Certifications Under Scrutiny

The action claims that SOX certifications accompanying each SEC filing stated that financial information "fairly present in all material respects the financial condition, results of operations and cash flows" of Hub Group. As alleged, the certifying officers were also "responsible for establishing, evaluating, and maintaining disclosure controls and procedures" and for providing "reasonable assurance regarding the reliability of financial reporting." The Company's own subsequent admissions allegedly contradict these representations.

Alleged Pattern of Ineffective Controls in Freight Transportation Securities

• Hub Group certified internal controls as effective in at least ten separate SEC filings during the Class Period, according to the lawsuit
• The Company later admitted it "expects to conclude that it did not maintain effective disclosure controls and procedures and internal control over financial reporting" for fiscal years 2023 and 2024
• Financial statements for five reporting periods across nearly three years were declared unreliable
• An estimated $77 million understatement of purchased transportation costs went undetected by the controls management certified as effective
• The failure allegedly extended across multiple officers, including two different CFOs (Geoffrey DeMartino and Kevin Beth) who each signed certifications during their respective tenures, as well as multiple Chief Accounting Officers
• The Company has not yet quantified the full scope of misstatements for 2023 and 2024

Why Controls Adequacy Allegedly Matters to Investors

Investors rely on management's controls certifications as assurance that reported financial results are trustworthy. As alleged, Hub Group's controls failed to catch $77 million in understated costs in 2025 alone, and additional unquantified errors across 2023 and 2024 involving premature or incorrect revenue recognition. The lawsuit contends that without functioning controls, shareholders had no reliable basis for evaluating the Company's true financial condition.

Speak with an attorney about recovering damages or call Joseph E. Levi, Esq. at (212) 363-7500.

ABOUT LEVI & KORSINSKY, LLP — Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report.

Frequently Asked Questions About the HUBG Lawsuit

Q: Who is eligible to join the HUBG investor lawsuit? A: Investors who purchased HUBG stock or securities between April 28, 2023 and May 11, 2026 and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses, not on whether you still hold the shares.

Q: What specific misstatements does the HUBG lawsuit allege? A: The complaint alleges Hub Group made materially false or misleading statements regarding the effectiveness of its internal controls over financial reporting and disclosure controls, as well as the accuracy of its financial statements, during the class period. When the true state was revealed, the stock price declined sharply.

Q: When did Hub Group allegedly mislead investors? A: The class period runs from April 28, 2023 to May 11, 2026. The alleged fraud was revealed through two corrective disclosures on February 5, 2026 and May 12, 2026, causing significant stock declines.

Q: What do HUBG investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at jlevi@levikorsinsky.com or (212) 363-7500. No immediate action is required to remain eligible as a class member.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What if I already sold my HUBG shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold them. Investors who bought during the class period and sold at a loss may still participate.

Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

Q: What if I missed the lead plaintiff deadline? A: The deadline applies only to investors seeking lead plaintiff appointment. Class members who miss it can still participate in any settlement or recovery.

CONTACT:\
Levi & Korsinsky, LLP\
Joseph E. Levi, Esq.\
33 Whitehall Street, 27th Floor\
New York, NY 10004\
jlevi@levikorsinsky.com\
Tel: (212) 363-7500\
Fax: (212) 363-7171

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SOURCE Levi & Korsinsky, LLP