State Board of Administration of Florida, represented by the Attorney General of Florida James Uthmeier and America First Legal (AFL), filed a major class-action lawsuit against Target Corporation, alleging the company knowingly misled and defrauded investors by concealing the financial risks of its radical LGBTQ activism, costing shareholders tens of billions of dollars. Boyden Gray PLLC and Lawson Huck Gonzalez PLLC also serve as plaintiff’s counsel in the lawsuit filed in the U.S. District Court for the Middle District of Florida.

The lawsuit alleges that Target violated Sections 10(b) and 14(a) of the Securities Exchange Act of 1934 by failing to disclose known risks of customer backlash to its diversity, equity, and inclusion (DEI) initiatives and environmental, social, and governance (ESG) mandates, which culminated in its radical and extreme 2023 Pride Campaign. It further alleges that Target actively misled investors by claiming to monitor the social and political risks posed by its DEI and ESG initiatives. In reality, Target was only monitoring its alignment with left-wing activist groups.

The fallout from Target’s unlawful conduct was swift and catastrophic. Following the launch of Target’s 2023 Pride Campaign, Target’s stock price plummeted — wiping out $10 billion in market value in just ten days and erasing $25 billion in shareholder value over the course of six months, its worst performance and longest losing streak in 23 years.