Hub Group Shares Plummet After Admitting Accounting Issues

Logistics company warns past financial reports can't be relied upon, sparking investigation into potential fraud

Published on Feb. 6, 2026

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Shares of Hub Group, Inc. (NASDAQ: HUBG) plunged over 27% on February 6, 2026, after the company filed a report with the SEC warning investors that its quarterly financial statements from March 31, 2025 through September 30, 2025 'should no longer be relied upon' due to understatements of 'purchased transportation costs and accounts payable'. The company also revealed it expects to conclude it lacked effective internal controls, prompting a shareholder lawsuit investigation by law firm Hagens Berman.

Why it matters

The admission of accounting irregularities and potential lack of internal controls raises serious concerns about the integrity of Hub Group's financial reporting and could lead to further restatements, regulatory action, and shareholder lawsuits. The steep stock drop also wiped out over $800 million in market value, significantly impacting investors who relied on the company's past assurances about its finances.

The details

According to the company's SEC filing, Hub Group understated 'purchased transportation costs and accounts payable' in its quarterly reports from March 31, 2025 through September 30, 2025. The company also expects to conclude it 'did not maintain effective disclosure controls and procedures and internal control over financial reporting' for the full year 2025. Hub Group further stated it is 'continuing to assess the potential impact to its consolidated financial statements for the years ended December 31, 2024 and 2023'.

  • On February 5, 2026, Hub Group filed a report with the SEC warning investors not to rely on its quarterly reports from March 31, 2025 through September 30, 2025.
  • On February 6, 2026, Hub Group's stock price fell over 27% during trading, wiping out over $800 million in market value.

The players

Hub Group, Inc.

A logistics and transportation company that provides intermodal, truck brokerage, and logistics services throughout North America.

Hagens Berman

A national shareholder rights law firm that has opened an investigation into whether Hub Group intentionally misled investors about its financial reporting.

Reed Kathrein

The Hagens Berman partner leading the firm's investigation into Hub Group.

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What they’re saying

“We're investigating whether, having repeatedly assured investors about the propriety of it is financials and controls, Hub Group may have intentionally understated expenses and whether fiscal years 2023 and 2024 may also be impacted.”

— Reed Kathrein, Partner, Hagens Berman

What’s next

The judge overseeing the shareholder lawsuit investigation by Hagens Berman will determine if the case can proceed as a class action, which would allow more investors who suffered losses to join the litigation.

The takeaway

This case highlights the importance of robust financial controls and accurate reporting, as well as the potential consequences for companies that fail to meet these standards. Investors will be closely watching to see if Hub Group's accounting issues extend beyond 2025 and whether the company faces further regulatory or legal action.