PVS-Studio warning V595 for Quake3

void Item_Paint(itemDef_t *item) {
  vec4_t red;
  menuDef_t *parent = (menuDef_t*)item->parent;
  red[0] = red[3] = 1;
  red[1] = red[2] = 0;

  if (item == NULL) {
    return;
  }
  ...
}

This suspicious code was found in Quake3 project by PVS-Studio static code analyzer.
Warning message is:
V595 The 'item' pointer was utilized before it was verified against nullptr. Check lines: 3865, 3869. cgame ui_shared.c 3865

PVS-Studio is a static analyzer for detecting bugs in the source code of applications written in C, C++, C++11, C++/CX. Site: http://www.viva64.com/en/pvs-studio/