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Target hit with shareholder lawsuit after Pride backlash damaged stock price
FOX NEWS ^ | August 9, 2023 | Brian Flood

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 ...


TOPICS: Business/Economy; Culture/Society; Front Page News; Miscellaneous; News/Current Events
KEYWORDS: afl; americafirstlegal; boydengray; briancraig; dei; esg; lawsonhuckgonzalez; pride; shareholders; stakeholders; target; transagenda; woke
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To: cymbeline
AFL is wasting its time & resources.

Target's had uncontroversial pride displays & clothing for many, many years. The problem this year was the trans-focused bathing suits. It was a monumentally bad decision that totally misread the market. And perhaps deliberately so.

21 posted on 08/09/2023 3:28:39 PM PDT by newzjunkey (We need a better Trump than Trump in 2024)
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To: vespa300
While the variety isn't there, I prefer Target to Walmart. Haven't been to Target in months, however.

Walmart is horribly run and many ATL area stores look like they're going out of business. It feels risky to shop there and I really don't like the hassle. Let me get in & out in peace. Please & thank you.

22 posted on 08/09/2023 3:35:39 PM PDT by newzjunkey (We need a better Trump than Trump in 2024)
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To: Morgana

GOOD! The Board of Directors has ONE task - increase shareholder’s equity. I hope they win their case.


23 posted on 08/09/2023 3:35:48 PM PDT by silent majority rising
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To: Chewbarkah

How about the shareholders sell to Elon Musk and let him clean up the mess in aisle 13?


24 posted on 08/09/2023 3:37:52 PM PDT by silent majority rising
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To: Morgana

25 posted on 08/09/2023 3:40:44 PM PDT by Libloather (Why do climate change hoax deniers live in mansions on the beach?)
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To: Morgana

I hope this horrible, ugly “pride” month is trashed for good.

It is not about pride. It’s insane people showing the normal people how ashamed they are of themselves.


26 posted on 08/09/2023 3:47:51 PM PDT by I want the USA back ( My pronouns: Haha, heehee, hoho, hoo hoo. No one is assigned sex at birth.)
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To: silent majority rising

If they have no need to increase shareholder wealth, then let everybody know ....The business is just for ESG and taking your money to waste it...YOU WILL NEVER MAKE A DIME OFF THIS BUSINESS


27 posted on 08/09/2023 3:55:22 PM PDT by Hambone 1934 (Dems love playing Nazis.....The republicans love helping them)
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To: No name given

Why destroy the company when all you need to do is get rid of all the senior management?


28 posted on 08/09/2023 3:56:07 PM PDT by sevlex
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To: Morgana

Excellent! Hear this Dummy CEOs?


29 posted on 08/09/2023 3:56:15 PM PDT by Chgogal (Welcome to Fuhrer Biden's Weaponized Fascist Banana Republic! It's the road to hell.)
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To: newzjunkey

I was a big target fan because they always seemed to have what nobody else had. Now, I go there only when I know they have something others don’t have.


30 posted on 08/09/2023 3:58:22 PM PDT by vespa300
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To: The Duke

“Didn’t they do something a long time ago about letting male pervs into the female bathrooms?”

Haven’t set foot in there since.


31 posted on 08/09/2023 4:03:11 PM PDT by lizma2
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To: Chewbarkah

>>Suits like this if successful, take money from the stockholders, who have already lost value due to bad management,

The lawsuit specifically targets the board of directors and attaches their personal assets to reimburse the shareholders for their loss.


32 posted on 08/09/2023 4:08:41 PM PDT by vikingd00d (chown -R us ~you/base)
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To: Morgana

Good. Thumbs up!


33 posted on 08/09/2023 4:20:38 PM PDT by ViLaLuz (2 Chronicles 7:14)
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To: newzjunkey

They have misread the country. You can force tolerance through laws but you cannot force acceptance. Have you ever heard how teenagers today talk about the gays students they deal with? There is definitely no acceptance there and this is supposed to be the generation that is more accepting. Your average gay man or woman who live their lives privately, like the rest of us, should really be worried about the radicals in their midst. Unfortunately, all gays are being painted with the same brush now and even tolerance is wearing thin.


34 posted on 08/09/2023 4:28:16 PM PDT by OldGoatCPO (No Caitiff Choir of Angels will sing for me. )
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To: vikingd00d

That’s interesting. How do the plaintiffs around the fact that corporations indemnify the board members and officers for their actions other than literal crimes? Corporations also normally have D&O insurance policies to backstop such indemnification. It’s very hard to prevail in anything like this.


35 posted on 08/09/2023 4:54:59 PM PDT by Chewbarkah
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To: Morgana

36 posted on 08/09/2023 5:00:45 PM PDT by Chode (there is no fall back position, there's no rally point, there is no LZ... we're on our own. #FJB)
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To: Morgana

Hopefully, this finishes Tar-Tranny for good! And the litigants score big dollars.


37 posted on 08/09/2023 5:17:21 PM PDT by RocketMan1
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To: vespa300

I haven’t been in a TarTrany since they started the bathroom B.S. several years back. They will never get another penny from me. I figure they can corner the tranny market and make do with them.

Back in he 80s when I was newly married, it was a great place to get home goods. They ruined it. Screw ‘em! I hope they cease to exist soon.


38 posted on 08/09/2023 5:23:39 PM PDT by RocketMan1
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To: Morgana

This is the one thing that will stop a lot of this woke crap from companies. Boycotts hurt. Shareholder lawsuits will hurt even more.


39 posted on 08/09/2023 6:16:38 PM PDT by FLT-bird
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To: Fester Chugabrew

PRIDE goeth before a fall...


40 posted on 08/10/2023 4:39:44 AM PDT by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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