Posted on 08/09/2023 2:39:06 PM PDT by Morgana
America First Legal (AFL) on Tuesday filed a shareholder lawsuit against Target in response to the retailer’s Pride merchandise that resulted in significant backlash, boycotts and a drop in stock price.
Target locations across the country famously stunned customers in May when massive June Pride Month displays were unveiled featuring everything from female-style swimsuits that can be used to "tuck" male genitalia to mugs that said "gender fluid." The polarizing Pride merchandise also included onesies and rompers for newborn babies, a variety of adult clothing with slogans such as "Super Queer," party supplies, home decor, multiple books and a "Grow at Your Own Pace" saucer planter.
Many customers were outraged, and boycotts caused a variety of banks to downgrade Target's stock. Target’s market value was over $74 billion before the Pride displays made national news, as tracked by Dow Jones Market Data Group. As of Wednesday, Target is valued at $60.3 billion.
AFL, along with co-counsel Boyden Gray PLLC and Lawson Huck Gonzalez PLLC, filed the lawsuit against Target and its board of directors on behalf of Brian Craig, a Target shareholder, for "betraying Target’s customers and shareholders with misleading representations about its Environmental, Social, and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) mandates, and for causing Target shareholders to lose billions of dollars."
AFL indicated that Target’s 2022 and 2023 Proxy Statements assured shareholders and investors that the board was monitoring for social and political issues and risks arising from the company’s ESG and DEI mandates.
"However, management only cared whether its leftist ‘stakeholders’ were satisfied, disregarding the possibility that its customers and shareholders might feel differently.
(Excerpt) Read more at foxnews.com ...
Make. It. Hurt.
Yes, make Target go bankrupt!
Have not shopped there in years
This is so so sad.....NOT! Enjoy the suck, Targay! Oops: you already do! Hahahahhaha!!!!!
Many here have been stating for a long time that ESG/DEI is fiduciary negligence.
Why don’t the shareholders just replace the bad management and put some businesspeople in charge? (Answer — because they don’t have the votes). Suits like this if successful, take money from the stockholders, who have already lost value due to bad management, and give it to lawyers. The bad managers will still be there collecting huge salaries and bonuses for screwing the owners.
What would be the basis of the lawsuit?
Did management know beforehand that their ‘pride’ merchandise would reduce sales?
Did management, by not knowing the business risk, demonstrate a degree of incompetence that warrants shareholder compensation?
Did management go against the stated will of Target’s owners, who are the shareholders represented by the board of directors?
As a shopper there (no more), I was very uncomfortable being there to the point of feeling threatened because I didn’t agree with that pride crap.
Do I have standing to sue?
Ditto. Even closed my Target-branded Visa card account over a decade ago.
They've been scum for AT LEAST that long.
Good move. Hope a lot of shareholders file class action suits against the upper management.
If it brings Targay down it is worth it. Targay needs to die. If people lose money they’ll stop investing in countries run by perverts.
DEI is a religious cult they cannot be reasoned with.
If you own stock in Targay sell it and cut your loses.
Make all woke company its hurt....SHAREHOLDERS UNITE......BLEED THEM DRY......
Look at their commercials. Many kids but no while males. I mean none. It is so obvious.
Faggots have to faggot. There are consequences to that.
I bet that make 'em a bunch of moolah! (not)
Surprised it hasn’t happened to InBev.
It is about damn time WE started using Lawfare!!!!
I’d just as soon see them apologize and move forward. Lots of hard working people at Target. They shouldn’t be penalized for the idiots running it.
Good
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