Reported 1 day ago
The state of Florida has filed a lawsuit against Target, claiming the retailer misled shareholders about the risks linked to its diversity, equity, and inclusion (DEI) initiatives, which reportedly resulted in significant customer backlash and a massive decline in market value. This marks the first shareholder lawsuit initiated by a U.S. state regarding Target's handling of DEI matters. Florida's lawsuit alleges that Target's CEO downplayed the impact of customer boycotts stemming from a controversial Pride Month campaign, negatively affecting the company's stock price. Target has acknowledged the risks but maintains it communicated them to investors.
Source: YAHOO