No, Tony. That is not what happened.
"TALLAHASSEE, Fla. – Today, the State Board of Administration of Florida, represented by the Attorney General of Florida James Uthmeier and America First Legal (AFL), filed a major class-action lawsuit against Target Corporation, alleging the company knowingly misled and defrauded investors by concealing the financial risks of its radical LGBTQ activism, costing shareholders tens of billions of dollars. Boyden Gray PLLC and Lawson Huck Gonzalez PLLC also serve as plaintiff’s counsel in the lawsuit filed in the U.S. District Court for the Middle District of Florida. To view a copy of the complaint, click
here.
The lawsuit alleges that Target violated Sections 10(b) and 14(a) of the Securities Exchange Act of 1934 by failing to disclose known risks of customer backlash to its diversity, equity, and inclusion (DEI) initiatives and environmental, social, and governance (ESG) mandates, which culminated in its radical and extreme 2023 Pride Campaign. It further alleges that Target actively misled investors by claiming to monitor the social and political risks posed by its DEI and ESG initiatives. In reality, Target was only monitoring its alignment with left-wing activist groups.
The fallout from Target’s unlawful conduct was swift and catastrophic. Following the launch of Target’s 2023 Pride Campaign, Target’s stock price plummeted — wiping out $10 billion in market value in just ten days and erasing $25 billion in shareholder value over the course of six months, its worst performance and longest losing streak in 23 years.
This is the second lawsuit brought by AFL, Boyden Gray PLLC, and Lawson Huck Gonzalez PLLC against Target for securities fraud. The
first case, filed in August 2023, remains ongoing after a federal judge
denied Target’s motion to dismiss the case in December 2024, ruling that the company may have violated federal securities laws.
With this new lawsuit, the Florida Attorney General James Uthmeier, AFL and the State Board of Administration of Florida are taking decisive action to hold Target accountable for violating federal law, defrauding its investors, and prioritizing radical activism over financial responsibility to shareholders."
Florida Attorney General James Uthmeier and America First Legal File Class Action Lawsuit Against Target for Misleading and Defrauding Investors Over Market Risks of LGBTQ Activism