• Hub Group works to stop stock de-listing

    Third party logistics conglomerate Hub Group is trying to prevent Nasdaq from de-listing its stock as it conducts an investigation into three year's worth of potentially flawed earnings and revenue statements. Lombard, IL-based Hub said last week that one of its subsidiaries, Hub Group Distribution Services (HGDS), may have overstated its earnings by $3 to $4 million over the last three years. Hub,
    Feb. 22, 2002
    Third party logistics conglomerate Hub Group is trying to prevent Nasdaq from de-listing its stock as it conducts an investigation into three year's worth of potentially flawed earnings and revenue statements.

    Lombard, IL-based Hub said last week that one of its subsidiaries, Hub Group Distribution Services (HGDS), may have overstated its earnings by $3 to $4 million over the last three years. Hub, which owns 65% of HGDS, is investigating HGDS's financial statements from 1999 to 2001.

    However, Nasdaq informed Hub that, due to the accounting irregularities, Hub's public filings made during those fiscal years do not satisfy the company's obligation under Nasdaq's Marketplace Rule 4310(c)(14), which could subject Hub's stock to de-listing. This rule requires companies to maintain at least three years of audited financial statements, Nasdaq said.

    About the Author

    Sean Kilcarr

    Editor in Chief

    Sean Kilcarr is a former longtime FleetOwner senior editor who wrote for the publication from 2000 to 2018. He served as editor-in-chief from 2017 to 2018.

     

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