They Delivered the Freight. They Lost the Receipts.

Hub Group — the ~$2.7 billion freight and logistics company — told the SEC that its 2023 and 2024 annual reports were “materially misstated” and could no longer be relied upon.

Two years. Two annual reports. Filed, signed, audited, submitted to the Securities and Exchange Commission — and now, per Hub Group’s own 8-K, unreliable.

📊 The issue: transactions “prematurely or incorrectly recognized or not adequately supported.” Translation from accounting to English: the numbers went in the wrong box, in the wrong order, for two fiscal years. Total correction to accounts payable and purchased transportation costs: $77 million.

🎯 The company also expected to conclude it did not maintain effective disclosure controls or internal control over financial reporting — for both years. The controls that exist to catch this did not catch this.

💸 Stock: -13% in one session, $41.86 to $36.62. That was the second act. In February, a separate restatement disclosure had already knocked it -18%, from $51.33 to $41.96. Two corrective disclosures, one year, roughly 29% of the share price gone.

Then came the securities fraud class actions. Then the delayed 10-Q.

Hub Group moves freight for a living. They successfully delivered the cargo. They just lost the receipts — for two entire fiscal years.

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