SAN DIEGO, Nov. 30, 2023 /PRNewswire/ -- DiCello Levitt LLP announces that purchasers or acquirers of Dollar General Corporation (NYSE: DG) common stock between May 28, 2020 and August 30, 2023 inclusive, (the "Class Period") have until January 26, 2024, to seek appointment as lead plaintiff of the Dollar General class action lawsuit. The lawsuit alleges Dollar General and certain of its senior executive officers with violations of the Securities Exchange Act of 1934.
If you purchased shares of Dollar General common stock between May 28, 2020 and August 30, 2023, suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, you may submit your information here: https://dicellolevitt.com/securities/dollar-general/. You can also contact DiCello Levitt partner Brian O'Mara by calling (888) 287-9005 or at [email protected].
The class has not been certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
The Dollar General lawsuit alleges that defendants, throughout the Class Period, issued materially false and misleading statements and omitted material facts, because they failed to disclose: (1) Dollar General stores were chronically understaffed and suffering from logistical, pricing, and inventory management problems, which left stores with tens of millions of dollars' worth of obsolete, unwanted, and lost or damaged inventory; (2) large backlogs of Dollar Generals' unsellable merchandise had built up at Dollar General's stores, which had not been timely written down due to understaffing and the Company's inventory management failures; (3) limitations on employee hours per store imposed by Dollar General management placed employees in virtually impossible situations where assigned tasks, including those necessary to effectuate store operations, could not be completed within the allotted time; (4) Dollar General was systematically overcharging customers for items upon checkout above the listed price in violation of state laws; (5) Dollar General's reported revenue and earnings during the Class Period were artificially inflated by defendants' over-pricing scheme; (6) Dollar General's failure to manage store inventories and accurately price items risked the loss of customers, lower sales, adverse regulatory actions, and reputational fallout; (7) Dollar General was not on track to achieve its fiscal year 2023 guidance, was running more than $100 million dollars behind the Company's annual net sales guidance, and was suffering declining diluted earnings per share rather than the growth represented to investors; and (8) as a result of the above, defendants' statements about Dollar General's business metrics, operations, and financial prospects were materially false and misleading and/or lacked a reasonable factual basis when made.
Ultimately, as defendants' misconduct was revealed to the market through a series of disclosures on February 23, 2023, March 16, 2023, June 1, 2023, and August 31, 2023, Dollar General's stock price collapsed, declining more than 45% from its Class Period high and causing hundreds of millions of dollars in damages to Dollar General investors.
About DiCello Levitt
At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases ? whether by trial, settlement, or otherwise ? for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens' rights and interests. Every day, we put our reputations ? and our capital ? on the line for our clients.
DiCello Levitt has achieved top recognition as Plaintiffs Firm of the Year and Trial Innovation Firm of the Year by the National Law Journal, in addition to its top-tier Chambers and Benchmark ratings. The New York Law Journal also recently recognized DiCello Levitt as a Distinguished Leader in trial innovation. For more information about the Firm, including recent trial victories and case resolutions, please visit www.dicellolevitt.com.
Attorney Advertising. Prior results do not guarantee a similar outcome.
SOURCE DiCello Levitt LLP
These press releases may also interest you