A Target investor is suing the company after shareholders lost “billions” from the failed LGBT merchandise.
America First Legal filed the lawsuit on behalf of investor Brian Craig.
Before Target launched its LGBT campaign, Craig’s stock was worth $35,000, later falling to just under $29,000.
The lawsuit accuses Target of “making false and misleading statements concerning Target’s Environmental, Social and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) mandates that led to its disastrous 2023 children-and-family themed LGBTPride campaign.”
“These false and misleading statements caused Target’s shareholders to unknowingly support Target’s Board and management in their misuse of investor funds to serve its divisive political and social goals—and ultimately lose billions,” the lawsuit reads.
The filing also argues that Target violated elements of the Securities and Exchange Act.
AFL’s filing adds, “This dramatic and sudden loss in company market capitalization is a direct and predictable result of management’s calculated decisions to promote sexualized material to children, and the Board’s lack of oversight thereof, as a means of virtue signaling to culturally extreme ‘stakeholders’ at the expense of the corporation’s core customer group of families and parents, whose reputational views are paramount, as Target itself has recognized.”
Reporting from The Blaze:
“Target assured shareholders and investors that the Board was monitoring for social and political issues and risks arising from the company’s ESG mandates,” AFL continued. “However, management only cared whether its leftist ‘stakeholders’ were satisfied, disregarding the possibility that its customers and shareholders might feel differently.”
