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
investors@dicellolevitt.com.
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.
Allegations
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
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or otherwise – for people who have suffered harm, global
corporations that have sustained significant economic losses, and
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interests. Every day, we put our reputations – and our
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DiCello Levitt has achieved top recognition as Plaintiffs Firm
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Law Journal also recently recognized DiCello Levitt as a
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case resolutions, please visit www.dicellolevitt.com.
Attorney Advertising. Prior results do
not guarantee a similar outcome.
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SOURCE DiCello Levitt LLP