Hub Group says 2023 and 2024 financial statements should no longer be relied upon
Hub Group said its Audit Committee concluded on May 11, 2026 that its audited financial statements for 2024 and 2023 were materially misstated and should no longer be relied upon. The company said a review found transactions that were prematurely or incorrectly recognized or not adequately supported, and it expects to conclude that internal controls were not effective for both years, which matters to shareholders because prior results and reports can no longer be trusted until restated.
- Audit Committee concluded on May 11, 2026 that the 2024 and 2023 audited financial statements were materially misstated
- Affected annual reports were the Form 10-K filed February 25, 2025 (2024) and February 27, 2024 (2023)
- Company expects to conclude that disclosure controls and internal control over financial reporting were not effective in 2024 and 2023
- Ernst & Young LLP, the independent registered public accounting firm, was briefed on the matters