Florida Attorney General James Uthmeier has initiated a class action lawsuit against Target Corporation, alleging that the retailer misled investors regarding the financial risks associated with its diversity, equity, and inclusion (DEI) initiatives and its 2023 Pride Month campaign. The lawsuit claims that Target's actions, including selling items like tuck-friendly swimsuits with transgender features, rainbow sports bras for boys, and books for kids that question biological reality, led to a significant backlash from customers, resulting in a plummeting stock price and billions of dollars in losses for shareholders. The lawsuit, filed in the U.S. District Court for the Middle District of Florida, accuses Target of violating the Securities Exchange Act by failing to disclose the risks of its DEI and Pride initiatives. Uthmeier argues that these initiatives, particularly the 'radical LGBTQ activism' during the Pride campaign, were exceptionally offensive to customers and led to a boycott that significantly impacted the company's market value. Target's stock price reportedly fell by 22% in November 2024, wiping out approximately $16 billion in market capitalization. The lawsuit contends that these losses directly affected the retirement accounts of Florida's public servants, including teachers and first responders, managed by the Florida State Board of Administration, which holds Target stock. The legal action is supported by America First Legal and law firms Boyden Gray and Lawson Huck Gonzalez. This is the second lawsuit against Target by America First Legal, following an earlier case alleging securities fraud, which remains ongoing. Uthmeier claims that Target's actions were part of a broader leftist agenda and leftist virtue signaling, which he argues prioritized a corrosive social agenda over shareholder returns.
“Target is in hot water once again over its DEI policies and disastrous 2023 Pride merchandising… Florida Attorney General James Uthmeier and America First Legal, along with law firms Boyden Gray and Lawson Huck Gonzalez, brought the suit against the retailer, accusing it of… https://t.co/1VetJkAeB8
Florida sues Target over its DEI policies https://t.co/2kFf1hYoFm
Florida AG sues Target for failing to tell shareholders about the financial risks of pushing the woke agenda https://t.co/xMHeOzg7dW