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HUBC.US

id: 1752

Hub Cyber Security ($HUBC) $11M Investor Settlement

Eligible claimants can submit their claims for compensation.

$11,000,000

Cash Settlement

S.D. New York

Court

1:23-cv-05764

Case number

03/01/2023

Class period Start

07/31/2023

Class period End

05/13/2026

Claim deadline

Hub Cyber Security ($HUBC) has reached a $11M settlement with investors over claims that it misled the public about its business operations, revenue prospects, and internal controls following its SPAC merger.

Outline:

Hub Cyber Security went public through a SPAC merger while promoting strong revenue growth and major government contracts. Investors later alleged the company overstated its business prospects and failed to disclose accounting and control problems. As financial reporting issues and an auditor resignation came to light, the stock fell sharply. Investors filed suit and the company later reached a tentative settlement.

Timeline:
March 1, 2023: Hub Cyber Security completed its SPAC merger and began trading as $HUBC.
March–July 2023: The company promoted revenue projections and strategic growth.
August 1, 2023: Hub announced its auditor had resigned over accounting concerns.
October 10, 2023: Hub disclosed material weaknesses in internal controls.
October 2023–January 2024: $HUBC dropped more than 85% from its post-merger price.
January 2024: Investors filed a securities class action lawsuit.
December 2025: The company agreed to a tentative settlement pending court approval.
Background:

Hub Cyber Security is an Israeli cybersecurity company that went public in March 2023 through a merger with a special purpose acquisition company. Following the listing, the company promoted strong revenue projections and highlighted what it described as major customer relationships, including work tied to U.S. government agencies.

Investors later alleged these statements overstated the company’s operational strength and revenue visibility. According to the claims, the company did not adequately disclose risks related to its accounting practices and financial reporting systems.

In August 2023, Hub announced that its auditor had resigned due to concerns related to accounting matters. Two months later, the company disclosed material weaknesses in its internal controls and acknowledged problems with the reliability of its financial reporting.

These disclosures triggered a sharp decline in $HUBC, which fell more than 85% from its post-merger trading levels within months. Investors alleged the company misled the market about its business model, financial integrity, and internal controls.

What Can Investors Expect Now?

Hub Cyber Security has reached a settlement with $HUBC investors to resolve claims tied to statements about its operations, revenue prospects, and internal controls following its SPAC merger.

If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section.

Case Type

US Securities Class Action

Case Status

Accepting Claims

Alleged Offence

Misleading Statements,

Financial Misrepresentation

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.12

Filing date

07/06/2023

Plaintiffs

Aryeh Agam ; Shimon Aharon ; Rodrigue Fodjo ; Dustin Green

Attorneys

Glancy Prongay & Murray LLP

Defendants

Eyal Moshe; Hugo Goldman; Uzi Moscovich ; Matthew Kearney

Judge

Arun Subramanian

Administrator

Strategic Claims Services

Court hearing date

06/29/2026

Exclusion deadline

06/01/2026

Objection deadline

06/08/2026

Attorney fee

$3,868,000

Trades matching type

FIFO

Frequently Asked Questions

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