SAN FRANCISCO, CA – (December 14, 2023) – National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Dollar General Corporation (“Dollar General” or the “Company”) (NYSE: DG) who suffered losses from purchasing or otherwise acquiring the securities of Dollar General between May 28, 2020 and August 31, 2023 to contact us immediately regarding a pending securities fraud class action against Dollar General. The deadline to apply to be lead plaintiff is January 26, 2024.
Class Period: May 28, 2020 – August 31, 2023
Lead Plaintiff Motion Deadline: January 26, 2024
Case information: lieffcabraser.com/securities/dg
Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358
Dollar General is a discount retailer that sells consumer goods throughout the United States.
The action alleges Dollar General made false and/or misleading statements and/or failed to disclose that its stores were chronically understaffed, experienced widespread logistical and inventory management problems, and systematically overcharged customers for items above the listed price. These practices exposed the Company to regulatory scrutiny and reputational harm, and unlawfully boosted the Company’s reported revenue and profits in an unsustainable fashion. Defendant executives took advantage of the artificial inflation in Dollar General’s stock price caused by the fraudulent scheme and sold hundreds of millions of dollars of their personal Dollar General stock.
On February 23, 2023, Dollar General announced disappointing preliminary fourth quarter and fiscal year 2022 (“4Q22” and “FY22,” respectively) sales and earnings well below its previously issued guidance. On this news, Dollar General’s stock price fell $8.16 per share, or 3.62%, from its closing price of $225.27 per share on February 22, 2023, to close at $217.11 per share on February 23, 2023, on unusually high trading volume.
On March 16, 2023, the Company reported disappointing 4Q22 and FY22 financial results, including net sales well below its previously issued guidance. The Company noted a “decrease in customer traffic” and attributed the sales miss on store closures. On this news, Dollar General’s stock price declined $6.47 per share, or 2.96%, from its closing price of $218.56 per share on March 15, 2023, to close at $212.09 per share on March 16, 2023 on elevated trading volume.
On June 1, 2023, Dollar General reported disappointing fiscal first quarter 2023 (“1Q23”) results, including quarterly revenue $130 million below analysts’ estimates. The Company also lowered its earnings and sales forecast for fiscal year 2023 (“FY23”). The Company projected earnings per share to fall by up to 8% year-over-year instead of grow by 4% to 6%, as defendants previously claimed. On this news, the Company’s stock price dropped by $39.23 per share, or 19.51%, from its closing price of $201.09 per share on May 31, 2023 to close at $161.86 per share on June 1, 2023 on extremely high trading volume.
On August 31, 2023, Dollar General again reported disappointing sales and earnings for its second quarter 2023 (“2Q23”), and lowered its FY23 sales and profit outlook again. In an earnings press release, Dollar General’s Chief Executive Officer acknowledged that the Company had been undergoing problems with logistics, store management, staffing, and pricing. On this news, Dollar General’s stock price fell $19.16 per share, or 12.15%, from its closing price of $157.66 per share on August 30, 2023, to close at $138.50 per share on August 31, 2023 on extremely high trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
Source/Contact
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
slee@lchb.com
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