Hub Group Inc

Hub Group announced Friday that a majority shareholder group led by its founding family has overhauled the board, removing three directors without cause and appointing four new members, while three other members resigned on Thursday. The new directors include lawyers, advisers and Hub Group's former chief financial officer, Thomas White, though the company said it plans to maintain a majority-independent board and appoint a new lead independent director at a later date. The shakeup follows a delisting notification from Nasdaq for failing to timely file financial reports, after Hub Group discovered an accounting error in February and initiated a review of its financial results for 2023, 2024 and the first three quarters of 2025. As a result of the ongoing review, the company delayed filing its financial reports for the fourth quarter and full-year 2025, as well as the first two quarters of 2026, and plans to complete the financial restatement process during the fourth quarter. Hub Group also said Friday that it received a stay from being delisted from Nasdaq, pending the outcome of an Oct. 27 hearing, and Chairman and CEO Dave Yeager, who returned to lead day-to-day operations last month, said the company will remain focused on its long-term strategy to drive growth, profitability and operating cash flows.

Hub Group anticipates receiving a delisting notification from Nasdaq after missing a Monday deadline to comply with the exchange's financial reporting requirements, following delays in submitting its financial reports tied to an accounting error identified earlier this year. The company said it will request a hearing to keep its stock listing intact and plans to seek a further extension of the filing requirements, noting that the hearing request automatically stays a delisting for 15 calendar days and that the process can take approximately 30 to 45 days to commence. Hub Group announced in February that it had identified a $77-million understatement in purchased transportation expenses during the first three quarters of 2025, and in May said "prematurely or incorrectly recognized" transactions were also discovered during 2023 and 2024, meaning those periods along with the first three quarters of 2025 would need to be restated; it plans to complete the restatement and file results for the outstanding periods during the fourth quarter. In a separate release, the company said Dave Yeager has returned as chairman and CEO, with Phil Yeager continuing as president and vice chairman, and that Patrick O'Donnell will become chief financial officer once the restatement process is complete and full-year 2025 results are filed, while interim CFO Todd Heeter continues in his current role through the restatement. Hub Group lowered its full-year 2026 revenue guidance range to $3.6 billion to $3.8 billion, down 3% from its prior outlook of $3.65 billion to $3.95 billion, and said it expects an operating loss for the 2026 first half before one-time charges, with first-half revenue likely in a range of $1.7 billion to $1.8 billion. Shares of HUBG were off 6.2% in early trading on Monday compared to the S&P 500, which was down 0.6%.

Hub Group is expected to report fourth-quarter earnings this Friday after market hours, with the market anticipating revenue to decline 5.5% year on year. That would mark a further deceleration from the 1.2% decrease the logistics solutions provider recorded in the same quarter last year. In the prior quarter, Hub Group reported revenues of $934.5 million, down 5.3% year on year, beating analysts' revenue expectations with an impressive beat of EBITDA estimates but a significant miss of EPS estimates. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Hub Group is the first among its peers to report earnings this season, and its peer group is down 7.4% on average over the last month, while Hub Group is down 6.8% during the same time.

Hub Group is expected to report fourth-quarter earnings next Friday after market hours, with analysts forecasting revenue to decline 5.5% year over year. That would mark a further deceleration from the 1.2% decrease recorded in the same quarter last year. Last quarter, the logistics solutions provider beat revenue expectations with $934.5 million, down 5.3% year on year, but missed analysts' EPS estimates. Analysts have generally reconfirmed their estimates over the last 30 days. Hub Group shares are down 14.8% over the past month, compared with an average 1.5% decline for transportation and logistics stocks.

Hagens Berman Sobol Shapiro LLP has notified investors that those who purchased or acquired Hub Group common stock between April 28, 2023, and May 11, 2026, have until Friday, August 28, 2026, to seek lead plaintiff appointment in a securities class-action lawsuit. The case, Lawler v. Hub Group, Inc., accuses the company and certain executives of violating the Securities Exchange Act of 1934 by making false and misleading statements about financial reporting, including premature revenue recognition and understated transportation costs and accounts payable. On February 5, 2026, Hub Group disclosed a $77 million understatement of purchased transportation costs and accounts payable for the first nine months of 2025 and said prior financial statements should no longer be relied upon, causing an 18% stock drop the next day. On May 12, 2026, the company announced that its 2023 and 2024 financial reports were also materially misstated and should not be relied upon, leading to a further 13% decline. The two drops erased more than $870 million of Hub Group’s market capitalization.

The Law Offices of Howard G. Smith reminds investors that securities fraud class action lawsuits have been filed against Hub Group, Planet Fitness, Intuit, and Nano-X Imaging, with lead plaintiff deadlines approaching. For Hub Group, the class period is April 28, 2023 to May 11, 2026, with a deadline of August 28, 2026; the complaint alleges material misstatements in financial statements from Q1 2023 to Q4 2024 and Q1 2025 to Q3 2025. Planet Fitness faces a class period of November 6, 2025 to May 6, 2026 and a deadline of September 14, 2026, over claims it misled investors about membership growth and a Black Card price increase. Intuit's class period runs from August 22, 2025 to May 20, 2026, with a September 8, 2026 deadline, alleging overstated competitive advantages and unrealistic TurboTax revenue guidance. Nano-X Imaging has a class period of March 31, 2025 to April 17, 2026 and the earliest deadline of August 11, 2026, accused of overstating efficiency gains and demand while facing rising operating expenses.

Robbins LLP reminds investors that a securities class action has been filed against Hub Group, Inc. for alleged misstatements between April 28, 2023 and May 11, 2026. The lawsuit claims Hub Group prematurely or incorrectly recognized certain transactions in its 2023 and 2024 financial reports and later understated purchased transportation costs and accounts payable in the first three quarters of 2025. Hub Group disclosed a restatement for those 2025 quarters on February 5, 2026, estimating approximately $77 million in related recorded amounts, and its stock fell about 18 percent the next day. On May 12, 2026, the company said its 2023 and 2024 financial reports were materially misstated and should no longer be relied upon, causing a further roughly 13 percent stock decline. Investors who purchased Hub Group securities during the class period and suffered losses have until August 28, 2026 to seek appointment as lead plaintiff.

Kahn Swick & Foti, LLC reminds Hub Group, Inc. investors that they have until August 28, 2026 to file lead plaintiff applications in a securities class action lawsuit. The suit alleges the company and certain executives failed to disclose material information during the Class Period from April 28, 2023 to May 11, 2026. On February 5, 2026, Hub Group disclosed that its financial statements for the first three quarters of 2025 should not be relied upon due to an error understating purchased transportation costs and accounts payable, causing shares to fall approximately 18% from $51.33 to $41.96. Then on May 12, 2026, the company revealed that its 2023 and 2024 annual reports were materially misstated due to prematurely or incorrectly recognized transactions, leading to an additional 13% decline from $41.86 to $36.62. The case is pending in the United States District Court for the Northern District of Illinois.

The Law Offices of Howard G. Smith reminds investors of upcoming lead plaintiff deadlines in securities fraud class actions against Insulet Corporation, Microvast Holdings, and Hub Group. For Insulet, the class period is February 21, 2025 to May 26, 2026, with a lead plaintiff deadline of August 31, 2026; the complaint alleges defective manufacturing controls and misleading statements. For Microvast, the class period is April 1, 2025 to March 16, 2026, with a deadline of September 21, 2026; the complaint alleges overstated margin targets and delays in the Huzhou Phase 3.2 expansion. For Hub Group, the class period is April 28, 2023 to May 11, 2026, with a deadline of August 28, 2026; the complaint alleges material misstatements in financial statements from Q1 2023 to Q3 2025. Investors who suffered losses may contact the firm to discuss their legal rights.

The Law Offices of Frank R. Cruz reminds investors that class action lawsuits have been filed on behalf of shareholders of Futu Holdings, Hub Group, Insulet Corporation, and Photronics. For Futu Holdings, the lead plaintiff deadline is August 25, 2026, with allegations that the company failed to disclose non-compliance with CSRC requirements and overstated financial results. Hub Group faces an August 28, 2026 deadline over claims of material misstatements in financial statements from Q1 2023 to Q3 2025. Insulet Corporation has an August 31, 2026 deadline, with allegations of defective manufacturing controls and safety regulation violations. Photronics has a September 4, 2026 deadline, with claims that the company failed to disclose severe bottlenecks in its high-end chip design release pipeline.

A securities fraud class action lawsuit has been filed against Hub Group, Inc. over allegations that the company failed to disclose material information, resulting in a combined stock decline of approximately 31%. Investors who purchased Hub Group securities between April 28, 2023 and May 11, 2026 have until August 28, 2026 to file lead plaintiff applications. The lawsuit follows two disclosures: on February 5, 2026, the company announced that its financial statements for the first three quarters of 2025 should not be relied upon due to an understatement of purchased transportation costs and accounts payable, causing shares to fall about 18% from $51.33 to $41.96. Then on May 12, 2026, Hub Group revealed that its 2023 and 2024 annual reports were materially misstated due to prematurely or incorrectly recognized transactions, leading to an additional 13% drop from $41.86 to $36.62. The case is pending in the United States District Court for the Northern District of Illinois.

Pomerantz LLP has filed a class action lawsuit against Hub Group, Inc. over alleged securities fraud, and investors have until August 28, 2026, to seek lead plaintiff appointment. The lawsuit follows Hub Group's February 5, 2026 disclosure that its financial statements for the first three quarters of 2025 were materially misstated due to a $77 million understatement of purchased transportation costs and accounts payable, causing the stock to drop 18.25% to $41.96 per share on February 6. Then on May 12, 2026, the company revealed that its 2023 and 2024 annual reports were also materially misstated because of prematurely or incorrectly recognized transactions, leading to a further 12.52% decline to $36.62 per share. The class action concerns whether Hub Group and certain officers or directors engaged in securities fraud or other unlawful business practices during the class period.

Rosen Law Firm reminds purchasers of Hub Group, Inc. securities between April 28, 2023 and May 11, 2026 of the August 28, 2026 lead plaintiff deadline in a securities class action. The lawsuit alleges that Hub Group made false and misleading statements and failed to disclose material misstatements in its financial statements from Q1 2023 to Q4 2024, caused by premature and incorrect recognition of certain transactions, and from Q1 2025 to Q3 2025, caused by understatement of purchased transportation costs and accounts payable. Investors who purchased Hub Group securities during the class period may be entitled to compensation through a contingency fee arrangement. A class action has already been filed, and investors seeking to serve as lead plaintiff must move the Court by the deadline.

Kaplan Fox & Kilsheimer LLP has filed a securities class action against Hub Group, Inc. on behalf of investors who purchased or acquired Hub Group securities between April 28, 2023 and May 11, 2026, with a lead plaintiff deadline of August 28, 2026. The lawsuit follows two major stock drops: a 18.25% decline on February 6, 2026 after Hub Group disclosed a $77 million accounting error from understated purchased transportation costs and accounts payable in the first nine months of 2025, and a further 12.5% drop on May 12, 2026 when the company announced its 2023 and 2024 annual reports were materially misstated and should no longer be relied upon. The complaint alleges that throughout the class period, Hub Group's financial statements contained material misstatements from premature and incorrect recognition of certain transactions and the understatement of costs. Kaplan Fox, a nationally recognized plaintiffs' securities litigation firm, encourages investors with losses to contact the firm to learn about the lead plaintiff process.

Levi & Korsinsky reminds shareholders that the lead plaintiff deadline in the securities class action against Hub Group, Inc. is August 28, 2026. The lawsuit alleges that Hub Group made materially false or misleading statements regarding purchased transportation costs, revenue recognition, accounts payable, and internal controls from April 28, 2023 through May 11, 2026. Following two corrective disclosures, Hub Group shares fell a cumulative $14.71 per share, or 28.6%. The complaint contends that the company's SEC filings used boilerplate language that concealed specific known problems, including an estimated $77 million understatement of purchased transportation and warehousing costs in the first nine months of 2025 alone. Investors who purchased Hub Group shares during the class period and suffered losses are encouraged to contact the firm before the deadline.

National shareholder rights firm Hagens Berman is investigating claims in a securities class action alleging that Hub Group, Inc. provided false and misleading information to investors regarding its financial reporting, revenue recognition practices, and internal controls. The suit contends that the company understated purchased transportation costs and accounts payable, leading to a $77 million accounting error in 2025 alone, and that it prematurely or incorrectly recognized revenue, rendering its 2023 and 2024 annual reports materially misstated. The complaint further alleges that corrective disclosures in February and May 2026 caused share price declines of 18% and 13%, respectively, wiping out over $890 million in market capitalization and prompting the departure of the Chief Financial Officer and Chief Operating Officer. Investors who purchased Hub Group common stock between April 28, 2023, and May 11, 2026, may be eligible to serve as lead plaintiff, with a court-imposed deadline of August 28, 2026.

Grabar Law Office is investigating claims on behalf of long-term shareholders of Commvault Systems, GPGI formerly known as CompoSecure, Hub Group, and Zillow Group. The investigations concern whether certain officers and directors of each company breached their fiduciary duties. For Commvault, the probe follows a securities fraud class action alleging misleading statements about projected ARR growth for fiscal year 2026. For GPGI, a class action alleges the company overstated the value of Husky and misrepresented the motivation for the Husky Acquisition. For Hub Group, a class action alleges financial statements from Q1 2023 to Q3 2025 contained material misstatements. For Zillow, a class action alleges the company mischaracterized its agreement with Redfin Corporation and downplayed antitrust risks. Shareholders who purchased shares before specified dates and still hold them may seek corporate reforms and return of funds at no cost.

The Law Offices of Howard G. Smith reminds investors that securities fraud class action lawsuits have been filed against Futu Holdings Limited, Hub Group, Inc., Insulet Corporation, and Photronics, Inc., with lead plaintiff deadlines ranging from August 25 to September 4, 2026. The complaint against Futu alleges the company made false or misleading statements by failing to disclose non-compliance with CSRC requirements, including conducting securities, public fund sales, and futures business in mainland China without proper licenses, which could lead to regulatory penalties and overstated financial results. Hub Group is accused of material misstatements in financial statements from Q1 2023 to Q3 2025 due to premature transaction recognition and understated costs. Insulet allegedly had defective manufacturing controls that created a risk of safety violations, while Photronics is said to have concealed severe bottlenecks in its high-end chip design release pipeline. Investors who suffered losses may contact the firm to discuss their legal rights.

A securities fraud class action has been filed against Hub Group Inc. and certain senior executives, alleging misrepresentations about the company's financial statements. The lawsuit, brought by Bleichmar Fonti & Auld LLP in the U.S. District Court for the Northern District of Illinois, claims that Hub Group prematurely and incorrectly recognized revenue, understated purchased transportation costs and accounts payable, and made false statements about internal controls and growth drivers. On February 5, 2026, Hub Group announced that its financial statements for the first three quarters of 2025 should not be relied upon and would be restated due to an error that understated purchased transportation costs and accounts payable by $77 million, causing the stock to drop roughly 18% from $51.33 to $41.96 per share. On May 12, 2026, the company further disclosed that its 2023 and 2024 annual reports were materially misstated due to prematurely or incorrectly recognized transactions, leading to an additional 13% decline from $41.86 to $36.62 per share. Investors have until August 28, 2026, to seek lead plaintiff appointment.

Rosen Law Firm reminds purchasers of Hub Group securities between April 28, 2023 and May 11, 2026 of the August 28, 2026 lead plaintiff deadline in a securities class action. The lawsuit alleges that Hub Group made false and misleading statements and failed to disclose material misstatements in its financial statements from Q1 2023 to Q4 2024, caused by premature and incorrect recognition of certain transactions, and from Q1 2025 to Q3 2025, caused by understatement of purchased transportation costs and accounts payable. Investors who purchased Hub Group securities during the class period may be entitled to compensation through a contingency fee arrangement. Rosen Law Firm, which has recovered billions of dollars for investors and was ranked number one by ISS Securities Class Action Services in 2017, encourages investors to select qualified counsel.

Holzer & Holzer, LLC has announced deadlines for investors to seek lead plaintiff appointment in shareholder class action lawsuits against First Solar, Futu Holdings, and Hub Group. The First Solar case covers purchases between February 26, 2025 and February 24, 2026, with a deadline of August 24, 2026. The Futu Holdings case covers purchases between May 24, 2023 and May 27, 2026, with a deadline of August 25, 2026. The Hub Group case covers purchases between April 28, 2023 and May 11, 2026, with a deadline of August 28, 2026. Investors who suffered losses are encouraged to contact the firm.

The Law Offices of Frank R. Cruz reminds investors that class action lawsuits have been filed on behalf of shareholders of Futu Holdings, Hub Group, Insulet Corporation, and Photronics. For Futu Holdings, the lead plaintiff deadline is August 25, 2026, with allegations that the company failed to disclose non-compliance with CSRC requirements and overstated financial results. Hub Group faces an August 28, 2026 deadline over claims of material misstatements in financial statements from Q1 2023 to Q3 2025. Insulet Corporation has an August 31, 2026 deadline, with allegations of defective manufacturing controls that heightened the risk of safety violations. Photronics has a September 4, 2026 deadline, with claims that the company failed to disclose severe bottlenecks in its high-end chip design release pipeline.

Hub Group, Inc. and certain current and former executives face a securities class action lawsuit on behalf of investors who purchased or acquired Hub Group securities between April 28, 2023 and May 11, 2026. The lawsuit alleges that throughout the class period the co-defendants made false and misleading statements concerning premature and incorrect revenue recognition and understatement of purchased transportation costs and accounts payable. On February 6, 2026, Hub Group shares fell $9.37, or 18 percent, after the company revealed it had understated purchased transportation costs and accounts receivable by $77 million during the first nine months of 2025 and said investors should not rely on its first through third quarter 2025 financial statements. On May 12, 2026, shares dropped another $5.24, or 12.5 percent, when Hub Group disclosed that its financial statements for the years ended December 31, 2023 and 2024 were materially misstated and should no longer be relied upon. Between February 5, 2026 and May 12, 2026, over $890 million of Hub Group’s market capitalization was wiped out. After the class period, on June 2, 2026, Hub Group announced that Chief Financial Officer Kevin Beth and Chief Operating Officer Brian Meents both left the company on May 27 as part of corrective actions related to the financial statement review. National shareholder rights firm Hagens Berman is investigating the claims and urges investors who suffered significant losses to submit their losses before the August 28, 2026 lead plaintiff deadline.

Grabar Law Office is investigating potential fiduciary duty breaches by officers and directors of ADMA Biologics, Commvault Systems, Erasca, and Hub Group. For ADMA Biologics, the probe concerns allegations of inadequate internal controls, channel-stuffing, and undisclosed related-party transactions, with a March 2026 research report claiming revenue growth was overstated. The Commvault investigation focuses on allegedly misleading statements about annual recurring revenue growth guidance for fiscal year 2026. Erasca is under scrutiny for allegedly making improper comparisons between its drug candidate ERAS-0015 and Revolution Medicines' RMC-6236, and for failing to disclose related intellectual property risks, with the stock declining after April 2026 disclosures of a patient death and patent infringement allegations. Hub Group is alleged to have issued financial statements from Q1 2023 to Q3 2025 containing material misstatements due to premature revenue recognition and understated transportation costs. Long-term shareholders who purchased before specified dates and still hold shares may seek corporate reforms and damages at no cost.

Hub Group and certain current and former executives are facing a securities class action lawsuit on behalf of investors who purchased or acquired Hub Group securities between April 28, 2023 and May 11, 2026. The lawsuit alleges that throughout the class period, the co-defendants made false and misleading statements concerning premature and incorrect revenue recognition and understatement of purchased transportation costs and accounts payable. Investors learned of the issues through partial disclosures, including a February 6, 2026 revelation that purchased transportation costs and accounts receivable were understated by $77 million during the first nine months of 2025, causing shares to drop 18 percent. On May 12, 2026, the company disclosed that its financial statements for 2023 and 2024 were materially misstated and should no longer be relied upon, leading to a further 12.5 percent share decline. Between February 5 and May 12, 2026, over $890 million of Hub Group's market capitalization was erased. After the class period, on June 2, 2026, the company announced the departures of Chief Financial Officer Kevin Beth and Chief Operating Officer Brian Meents as part of corrective actions related to the financial statement review. National shareholder rights firm Hagens Berman is investigating the claims and urges investors with significant losses to come forward.

A class action lawsuit has been filed against Hub Group, Inc. in the United States District Court for the Northern District of Illinois on behalf of investors who purchased or acquired Hub Group securities between April 28, 2023, and May 11, 2026. The lawsuit alleges that the company made false and misleading statements and failed to disclose material misstatements in its financial statements from the first quarter of 2023 through the third quarter of 2025, including premature revenue recognition and understated transportation costs. Investors have until August 28, 2026 to seek appointment as lead plaintiff. The law firm Bragar Eagel & Squire, P.C. is handling the case and encourages affected investors to contact the firm.

Hub Group is flagged for underperformance due to three key concerns. Its revenue grew at a sluggish 1.6% compounded annual rate over the past five years, while earnings per share dropped 28% over the last two years, outpacing the revenue decline. Return on invested capital has also decreased significantly, signaling fewer profitable growth opportunities. The stock trades at 24.3 times forward earnings, or $45.77 per share, which analysts view as overly optimistic given the fundamentals.

Hub Group and certain current and former executives face a securities class action lawsuit on behalf of investors who purchased or acquired Hub Group securities between April 28, 2023 and May 11, 2026. The lawsuit follows the company's revelations that its financial reports going back to 2023 were materially misstated and should no longer be relied upon, and corrective actions taken against two senior executives. On February 6, 2026, Hub Group disclosed it had understated purchased transportation costs and accounts receivable by $77 million during the first nine months of 2025, causing shares to fall 18%. On May 12, 2026, the company further disclosed that its financial statements for the years ended December 31, 2023 and 2024 were also materially misstated, leading to an additional 12.5% share decline. Between February 5 and May 12, 2026, over $890 million of Hub Group's market capitalization was wiped out. After the class period, on June 2, 2026, Hub Group announced that Chief Financial Officer Kevin Beth and Chief Operating Officer Brian Meents both left the company on May 27 as part of corrective actions related to the financial statement review.

Holzer and Holzer reminds investors of upcoming lead plaintiff deadlines in shareholder class action lawsuits against Futu Holdings, Hub Group, and Insulet Corporation. The Futu lawsuit, covering purchases between May 24, 2023 and May 27, 2026, alleges misstatements about compliance with China Securities Regulatory Commission requirements, with a deadline of August 25, 2026. The Hub Group case, for shares bought between April 28, 2023 and May 11, 2026, concerns financial results, revenue recognition, and internal controls, and has a deadline of August 28, 2026. The Insulet action, for purchases between February 21, 2025 and May 26, 2026, involves manufacturing controls and procedures, with a deadline of August 31, 2026. Investors who suffered losses are encouraged to contact the firm to discuss their legal rights.

The Law Offices of Frank R. Cruz reminds investors that class action lawsuits have been filed on behalf of shareholders of Futu Holdings Limited and Hub Group, Inc. For Futu, the class period is May 24, 2023 to May 27, 2026, with a lead plaintiff deadline of August 25, 2026; the complaint alleges the company made false and misleading statements and failed to disclose non-compliance with CSRC requirements, including conducting securities, public fund sales, and futures business in mainland China without requisite licenses, which overstated financial results. For Hub Group, the class period is April 28, 2023 to May 11, 2026, with a lead plaintiff deadline of August 28, 2026; the complaint alleges material misstatements in financial statements from Q1 2023 to Q4 2024 due to premature and incorrect recognition of certain transactions, and from Q1 2025 to Q3 2025 due to understatement of purchased transportation costs and accounts payable. Investors who suffered losses are encouraged to contact the firm to discuss their legal rights.

Hub Group has been identified as a risky investment due to sluggish revenue growth, declining earnings per share, and falling returns on invested capital. Over the past five years, the company's sales grew at a compounded annual rate of just 1.6%, while EPS dropped 28% over the last two years, outpacing the revenue decline. Its return on invested capital has also decreased significantly, suggesting fewer profitable growth opportunities. The stock currently trades at 23 times forward price-to-earnings, which analysts say prices in a lot of optimism. Instead, they recommend a top digital advertising platform benefiting from the creator economy.

Wall Street has issued rare downbeat forecasts for Tennant, Hub Group, and Lumen Technologies, with consensus price targets implying limited or negative returns. Tennant carries a target of $91.50, just 1.4% above its $90.20 price, while Hub Group's $42.20 target suggests a 3.9% decline from $43.92, and Lumen's $8.29 target implies a 2.7% gain from $8.07. The cautious outlooks reflect weakening fundamentals: Tennant and Hub Group have seen annual sales declines and eroding returns on capital, while Lumen has experienced revenue drops, falling earnings per share, and shrinking free cash flow margins. Financial institutions typically avoid such negative calls to protect other business lines, making these forecasts particularly notable.