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Lawsuit filed for Investors who lost money with shares of Dollar General Corporation (NYSE: DG)

12-06-2023 01:15 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Dollar General Corporation (NYSE: DG) shares over alleged securities laws violations

A lawsuit was filed on behalf of investors in Dollar General Corporation (NYSE: DG) shares over alleged securities laws violations

An investor, who purchased shares of Dollar General Corporation (NYSE: DG), filed a lawsuit over alleged violations of Federal Securities Laws by Dollar General Corporation.

Investors who purchased shares of Dollar General Corporation (NYSE: DG) have certain options and for certain investors are short and strict deadlines running. Deadline: January 26, 2024. NYSE: DG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Goodlettsville, TN based Dollar General Corporation, a discount retailer, provides various merchandise products in the southern, southwestern, midwestern, and eastern United States. On February 23, 2023, Dollar General Corporation announced that fourth quarter of 2022 sales and earnings would come in materially below what Dollar General had led investors to expect as recently as December 2022.

Then, on March 16, 2023, Dollar General Corporation revealed, among other things, that it missed its prior annual net sales guidance by approximately $140 million.

On June 1, 2023, Dollar General Corporation announced lower than expected results for the first quarter 2023. Further, Dollar General Corporation cut its guidance by almost 10% for the full year 2023 blaming it on "a function of the macroenvironment." Analysts commenting on the Company's missed guidance referenced its recent pricing shifts.

Finally, on August 31, 2023, Dollar General reported lower than expected second quarter of 2023 financial results and again slashed its sales and profit outlook for full year 2023. Dollar General blamed weaker consumer spending on non-essential purchases and increasing theft for the shortfall. On this news, the price of Dollar General common stock fell more than 12%.

The plaintiff claims that between May 28, 2020 and August 30, 2023, the defendants made misleading statements and/or failed to disclose that Dollar General stores were chronically understaffed and suffering from logistical and inventory management problems which left stores with tens of millions of dollars' worth of outdated and unwanted inventory, mispriced goods, and lost and damaged items, that large backlogs of unsellable merchandise had built up at Dollar General's stores, which inventory had not been timely written down due to understaffing and Dollar General's failure to manage its inventory, that the allotment of employee hours per store per week imposed by Dollar General management placed employees in virtually impossible situations where assigned tasks, including those necessary to effective store operations, could not be completed within the allotted time, that Dollar General was systematically overcharging customers for items upon checkout above the listed price in violation of state laws, including state law violations identified by state regulators in Arizona, Louisiana, Mississippi, Missouri, North Carolina, and Ohio, that Dollar General's reported revenue and earnings during the Class Period were artificially inflated by defendants' over-pricing scheme, that Dollar General's failure to manage store inventories and accurately price items upon checkout risked the loss of customers, lower sales, adverse regulatory actions, and reputational fallout, and that Dollar General was not on track to achieve its guidance between May 28, 2020 and August 30, 2023 and such guidance lacked a reasonable factual basis.

Those who purchased shares of Dollar General Corporation (NYSE: DG) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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