NEW YORK, Dec. 11, 2023 (GLOBE NEWSWIRE) — The Gross Law Firm issues the following notice to shareholders of Dollar General Corporation.
Shareholders who purchased shares of DG during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
CONTACT US HERE:
CLASS PERIOD: This lawsuit is on behalf of all purchasers of Dollar General common stock between May 28, 2020 and August 30, 2023, inclusive.
ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (a) Dollar General stores were chronically understaffed and suffering from logistical and inventory management problems that left stores with tens of millions of dollars’ worth of outdated and unwanted inventory, mispriced goods, and lost and damaged items; (b) large backlogs of unsellable merchandise had built up at Dollar General’s stores,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 the Company’s failure to manage its inventory; (c) 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 for effective store operations, could not be completed within the allotted time; (d) in violation of state laws, including state law violations identified by state regulators in Arizona, Louisiana, Mississippi, Missouri, North Carolina, and Ohio, Dollar General was systematically overcharging customers for items upon checkout; (e) Dollar General’s reported revenue and earnings during the class period were artificially inflated by defendants’ over-pricing scheme; (f) 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; (g) Dollar General was not on track to achieve the 4Q22 guidance provided to investors of 6% to 7% same-store sales growth or quarterly diluted EPS of $3.15 to $3.30 and was running more than one hundred million dollars behind the Company’s annual net sales guidance of 11% growth; and (h) as a result of (a)-(g) 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.
DEADLINE: January 26, 2024 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/dollar-loss-submission-form/?id=59025&from=3
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of DG during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is January 26, 2024. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
