Corporate GovernanceMay 12, 2026, 07:07 AM
Hub Group Withdraws Reliance on 2023 & 2024 Financial Statements
AI Summary
Hub Group, Inc.'s Audit Committee, upon management's recommendation, has concluded that the audited consolidated financial statements for the years ended December 31, 2024, and 2023, are materially misstated and should no longer be relied upon. This decision follows a review that identified prematurely or incorrectly recognized transactions and inadequate support. The company anticipates concluding that its disclosure controls and internal control over financial reporting were ineffective for both years.
Key Highlights
- Hub Group's Audit Committee concluded that previously issued audited consolidated financial statements for 2024 and 2023 are materially misstated.
- The 2024 and 2023 financial statements, included in Annual Reports on Form 10-K, should no longer be relied upon.
- Any previously furnished reports, earnings releases, or investor presentations describing these financial statements should also not be relied upon.
- The determination followed a review identifying prematurely or incorrectly recognized transactions or those not adequately supported.
- The company expects to conclude that it did not maintain effective disclosure controls and procedures and internal control over financial reporting for 2023 and 2024.
- Management and the Audit Committee discussed these matters with Ernst & Young LLP, the independent registered public accounting firm.