Target shareholders have filed a lawsuit against the retail giant for defrauding them into paying higher prices for the company’s stock than they should have.
The City of Riviera Beach Police Pension Fund in Florida is leading the effort, proposing a class action suit for their unknowing support of management’s “misuse of investor funds to serve political and social goals.”
The group of shareholders said that Target allegedly concealed the fact that diversity and social initiatives contained risk that could lead to pushback from consumers.
They also claim that Target hid backlash from its Pride Month campaign in June 2023. That campaign was so extreme, including transgender clothing targeted to children, that it led to significant backlash and a boycott from right-wing shoppers.
Target lost 22 percent, more than $15 billion in stock value, in November 2024 after it revealed yet another disappointing earnings forecast for the holiday quarter. […]
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