Three days into his job, Florida Attorney General James Uthmeier on Thursday announced a class-action lawsuit that alleges Target Corp. did not properly disclose to investors the risks of a 2023 LGBTQ Pride campaign that drew a consumer backlash and caused a drop in the retailer\u2019s stock price.<\/p>\n\n\n\n
Uthmeier and private attorneys filed the 163-page lawsuit in federal court in Fort Myers on behalf of the State Board of Administration, which manages Florida\u2019s massive pension fund and other investments. The lawsuit is one of at least three similar cases against Target in Florida.<\/p>\n\n\n\n
The lawsuit alleges that Target made false and misleading statements about \u201cEnvironmental, Social and Governance\u201d and \u201cDiversity, Equity, and Inclusion\u201d mandates that led to the May 2023 Pride campaign.<\/p>\n\n\n\n
\u201cThe campaign provoked immense consumer backlash and boycotts that caused Target\u2019s sales to fall for the first time in six years and wiped out over $25 billion in Target\u2019s market capitalization \u2014 leading Target\u2019s stock to experience its longest losing streak in 23 years,\u201d the lawsuit said.<\/p>\n\n\n\n
Uthmeier was sworn in Monday as attorney general after serving as Gov. Ron DeSantis\u2019 chief of staff. DeSantis appointed Uthmeier to replace former Attorney General Ashley Moody, who became a U.S. senator last month.<\/p>\n\n\n\n
The lawsuit names as defendants Target, Chief Executive Officer Brian Cornell and members of the company\u2019s Board of Directors. It alleges violations of a law known as the Securities Exchange Act of 1934.<\/p>\n\n\n\n
\u201cTarget\u2019s CEO Brian Cornell and its Board of Directors did not oversee or disclose the obvious risks of Target\u2019s 2023 LGBT-Pride Campaign and the ESG\/DEI initiatives which it advanced, but they told investors that they did,\u201d the lawsuit said. \u201cIn doing so, they deceived Target investors as to the true nature of the risks of their investments and caused them to unknowingly support Target\u2019s board and management in their misuse of investor funds to serve its divisive political and social goals \u2014 and ultimately cost investors billions.\u201d<\/p>\n\n\n\n
But in a January 2024 court filing in one of the other Florida cases, Target disputed such allegations, saying it \u201crepeatedly warned investors of the risk\u201d of consumer boycotts because of its initiatives, including the 2023 Pride campaign.<\/p>\n\n\n\n
The Target filing said the plaintiffs in that case were unhappy with \u201cTarget\u2019s business judgment about merchandising. But disagreeing with Target\u2019s business judgment does not give rise to an actionable claim under the securities laws.\u201d<\/p>\n\n\n\n
The new lawsuit filed on behalf of the State Board of Administration seeks to include a class of all people who bought Target stock from March 9, 2022, to Aug. 16, 2023. It said the class likely would include \u201cat least hundreds of thousands of members.\u201d<\/p>\n\n\n\n
The class period was chosen because Target issued a 2021 annual report on March 9, 2022, and reported quarterly earnings on Aug. 16, 2023, that included the period of the Pride campaign.<\/p>\n\n\n\n
The lawsuit said the State Board of Administration held 787,694 Target shares on March 8, 2022, and continued buying shares after that. It also said Target had a $160.96 stock price on May 17, 2023 \u2014 as the backlash took place \u2014 before falling to a low of $105.01 per share on Oct. 6, 2023. The price closed at $128.13 on Thursday.<\/p>\n\n\n\n
Uthmeier was joined in filing the lawsuit by attorneys from the group America First Legal and the firms Boyden Gray PLLC and Lawson Huck Gonzalez, PLLC.<\/p>\n\n\n\n
\u201cCorporations that push radical leftist ideology at the expense of financial returns jeopardize the retirement security of Florida\u2019s first responders and teachers,\u201d Uthmeier said in a prepared statement. \u201cMy office will stridently pursue corporate reform so that companies get back to the business of doing business \u2014 not offensive political theatre.\u201d<\/p>\n\n\n\n
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