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Non-Tech : TGT: Target Corporation

TGT 94.15

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3:59 PM EDT

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From: Thomas M.	12/4/2024 10:45:01 PM
	of 17

Today, a federal court denied Target’s attempt to dismiss our shareholder lawsuit and ruled that Target may have violated federal securities laws by failing to disclose the risks tied to its LGBTQ activism. The U.S. District Court for the Middle District of Florida found that the lawsuit’s allegations that Target violated federal securities laws by failing to adequately disclose the risk of consumer backlash to the company’s LGBT “Pride Month” marketing and sales campaign are legitimate. AFL filed the lawsuit against Target on August 8, 2023, for misleading investors about the market risks of its Environmental, Social, and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) mandates. AFL’s lawsuit alleges that Target embraced a radical transgender agenda with its children and family-themed “Pride Month” marketing through the corporation’s infamous 2023 “Pride” campaign AFL’s lawsuit further alleges that the backlash to Target’s 2023 Pride Campaign led to a loss in billions in share value — the largest stock price decline in over 20 years. Target moved to dismiss the lawsuit and change the venue from Florida, where AFL’s clients reside and filed the case, to Minnesota, where Target is headquartered. The court denied both Target's motion to dismiss the lawsuit and its motion to change the venue. In its decision, the court found that Target’s 2021 risk disclosure could be materially misleading because it was not specifically tailored to the risks related to its “plan for a new and aggressive 2023 Pride Month Campaign.” The court also found that Target “failed to account for the specific risk that Target’s upcoming 2023 Pride Month Campaign (or previous campaigns championed by Target) could cause customer boycotts and a loss of sales.” The court’s opinion even cited a statement by a Target executive admitting that the company’s LGBT plan would “make sales tank.” The court’s decision today sends a clear message that the market risk of ESG mandates and DEI initiatives cannot be whitewashed or ignored. threadreaderapp.com x.com Tom

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