Dollar General Corporation Securities Class Litigation


Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired Dollar General Corporation (“Dollar General” or the “Company”) (NYSE: DG) securities between May 28, 2020 and August 31, 2023, inclusive (the “Class Period”).

If you purchased Dollar General securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than January 26, 2024.

A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

Dollar General investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should complete the form below, text or email, or call Lieff Cabraser partner Sharon M. Lee at 1-800-541-7358.

Background on the Dollar General Securities Class Litigation

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.

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    About Lieff Cabraser

    Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, 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. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.