DOLLAR GENERAL INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Dollar General Corporation – DG
NEW ORLEANS, Feb. 23, 2024 /PRNewswire/ — Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Dollar General Corporation (NYSE: DG).
For several years, the Company has been the subject of numerous safety violations and penalties by the U.S. Department of Labor’s Occupational Safety and Health Administration (“OSHA”), including more than $21 million in fines since 2017 and being labeled a “severe violator” of federal workplace safety rules in October 2022. The Company has also faced investigations and fines by numerous state Attorneys General for chronic overpricing and price gouging as well as media scrutiny over widespread understaffing resulting in poor inventory management and unsafe store conditions. On August 31, 2023, the Company disclosed dismal 2Q 2023 financial results including cuts to its FY23 sales and profit outlook, decreases in operating profits of 24.2% and EPS of 28.5%, and an expected $170 million of “operating profit headwind” in the second half of 2023, consisting of $95 million for markdowns on existing inventory and $75 million on increased store personnel to support inventory and pricing control measures.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains pending.
KSF’s investigation is focusing on whether Dollar General’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Dollar General shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit us at https://www.ksfcounsel.com/cases/nyse-dg/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163
SOURCE KAHN SWICK & FOTI LLC
