Grant & Eisenhofer Files Class Action Lawsuit Against Target Corporation on Behalf of Pension Fund
A class action lawsuit has been filed against Target and its leadership by the City of Riviera Beach Police Pension Fund. The lawsuit alleges that Target defrauded investors through misleading statements about its Environmental, Social, and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) initiatives during August 26, 2022, to November 19, 2024.
The complaint centers on Target's LGBT-Pride Campaign, which triggered customer boycotts and significant stock price declines. The stock fell from $160.96 to $124.12 between May 17-June 14, 2023, and further declined from $125.05 to $105.01 between August 15-October 6, 2023. Following Q3 2024 results showing an 11.9% decline in earnings per share, the stock dropped 22% from $156 to $121.72 on November 20, 2024.
Investors who purchased Target stock during this period may seek appointment as lead plaintiff by April 1, 2025.
È stata intentata una causa collettiva contro Target e il suo management da parte del Fondo Pensione della Polizia di Riviera Beach. La causa sostiene che Target abbia truffato gli investitori attraverso dichiarazioni fuorvianti riguardo alle sue iniziative di Environmental, Social, and Governance (ESG) e Diversità, Equità e Inclusione (DEI) durante il periodo dal 26 agosto 2022 al 19 novembre 2024.
Il reclamo si concentra sulla Campagna LGBT-Pride di Target, che ha scatenato boicottaggi da parte dei clienti e significative diminuzioni del prezzo delle azioni. Il titolo è sceso da 160,96 $ a 124,12 $ tra il 17 maggio e il 14 giugno 2023, e ha ulteriormente registrato un calo da 125,05 $ a 105,01 $ tra il 15 agosto e il 6 ottobre 2023. A seguito dei risultati del terzo trimestre 2024, che hanno mostrato una diminuzione dell'11,9% degli utili per azione, il titolo è sceso del 22%, passando da 156 $ a 121,72 $ il 20 novembre 2024.
Gli investitori che hanno acquistato azioni di Target durante questo periodo possono richiedere di essere nominati attori principali entro il 1° aprile 2025.
Se ha presentado una demanda colectiva contra Target y su liderazgo por parte del Fondo de Pensiones de la Policía de Riviera Beach. La demanda alega que Target defraudó a los inversores a través de declaraciones engañosas sobre sus iniciativas de Medio Ambiente, Social y Gobernanza (ESG) y Diversidad, Equidad e Inclusión (DEI) durante el periodo del 26 de agosto de 2022 al 19 de noviembre de 2024.
La queja se centra en la Campaña LGBT-Pride de Target, que provocó boicots por parte de los clientes y caídas significativas en el precio de las acciones. Las acciones cayeron de 160,96 $ a 124,12 $ entre el 17 de mayo y el 14 de junio de 2023, y posteriormente disminuyeron de 125,05 $ a 105,01 $ entre el 15 de agosto y el 6 de octubre de 2023. Tras los resultados del tercer trimestre de 2024, que mostraron una caída del 11,9% en las ganancias por acción, las acciones cayeron un 22%, de 156 $ a 121,72 $ el 20 de noviembre de 2024.
Los inversores que compraron acciones de Target durante este periodo pueden solicitar ser nombrados demandantes principales antes del 1 de abril de 2025.
리비에라 비치 경찰 연금 기금이 타겟과 그 경영진을 상대로 집단 소송을 제기했습니다. 소송은 타겟이 2022년 8월 26일부터 2024년 11월 19일까지 환경, 사회 및 거버넌스(ESG) 및 다양성, 형평성 및 포용(DEI) 이니셔티브에 대한 오해의 소지가 있는 진술을 통해 투자자를 사기쳤다고 주장합니다.
이 고소장은 타겟의 LGBT-프라이드 캠페인을 중심으로 하며, 이는 고객의 보이콧과 주가의 급격한 하락을 초래했습니다. 2023년 5월 17일부터 6월 14일 사이에 주가는 160.96달러에서 124.12달러로 하락했으며, 2023년 8월 15일부터 10월 6일 사이에는 125.05달러에서 105.01달러로 추가 하락했습니다. 2024년 3분기 실적 발표 후 주당 순이익이 11.9% 감소한 결과, 주가는 2024년 11월 20일에 156달러에서 121.72달러로 22% 하락했습니다.
이 기간 동안 타겟 주식을 구매한 투자자는 2025년 4월 1일까지 주요 원고로 지명되기를 요청할 수 있습니다.
Une action en justice collective a été intentée contre Target et sa direction par le Fonds de Pension de la Police de Riviera Beach. La plainte allègue que Target a trompé les investisseurs par des déclarations trompeuses concernant ses initiatives d’Environnement, Social et Gouvernance (ESG) et de Diversité, Équité et Inclusion (DEI) entre le 26 août 2022 et le 19 novembre 2024.
La plainte se concentre sur la Campagne LGBT-Pride de Target, qui a déclenché des boycotts de clients et des baisses de prix des actions significatives. L'action a chuté de 160,96 $ à 124,12 $ entre le 17 mai et le 14 juin 2023, et a encore diminué de 125,05 $ à 105,01 $ entre le 15 août et le 6 octobre 2023. Suite aux résultats du troisième trimestre 2024 montrant une baisse de 11,9 % des bénéfices par action, l'action a chuté de 22 %, passant de 156 $ à 121,72 $ le 20 novembre 2024.
Les investisseurs qui ont acheté des actions de Target pendant cette période peuvent demander à être désignés comme plaignants principaux d'ici le 1er avril 2025.
Eine Sammelklage wurde von dem Police Pension Fund der Stadt Riviera Beach gegen Target und dessen Führung eingereicht. Die Klage behauptet, dass Target Investoren durch irreführende Aussagen bezüglich seiner Maßnahmen zu Umwelt, Soziales und Unternehmensführung (ESG) sowie Vielfalt, Gleichheit und Inklusion (DEI) zwischen dem 26. August 2022 und dem 19. November 2024 betrogen hat.
Der Beschwerde zufolge steht die LGBT-Pride-Kampagne von Target im Mittelpunkt, die Kundenboykotte und erhebliche Kursrückgänge der Aktien auslöste. Der Kurs fiel zwischen dem 17. Mai und dem 14. Juni 2023 von 160,96 $ auf 124,12 $, und fiel weiter von 125,05 $ auf 105,01 $ zwischen dem 15. August und dem 6. Oktober 2023. Nach den Ergebnissen des 3. Quartals 2024, die einen Rückgang des Gewinns pro Aktie um 11,9 % zeigten, fiel der Aktienkurs am 20. November 2024 um 22 % von 156 $ auf 121,72 $.
Investoren, die während dieses Zeitraums Aktien von Target gekauft haben, können bis zum 1. April 2025 einen Antrag auf Ernennung zum Hauptkläger stellen.
- None.
- Stock price declined 22% following Q3 2024 earnings announcement
- GAAP-adjusted EPS declined 11.9% YoY to $1.85 in Q3 2024
- Customer boycotts led to multiple stock price drops throughout 2023
- Company faces class action lawsuit for allegedly misleading investors
Insights
This securities class action against Target represents a watershed moment in ESG/DEI-related disclosure litigation. The complaint's focus on multiple distinct periods of stock price decline (
The lawsuit's implications extend beyond Target:
- Creates precedent for required risk disclosures related to ESG/DEI initiatives
- Highlights the tension between corporate social initiatives and fiduciary duties
- Demonstrates the financial materiality of consumer backlash to social positioning
The 11.9% decline in GAAP-adjusted earnings per share provides concrete financial impact evidence, strengthening the plaintiffs' position on damages. The extended Class Period (August 2022 to November 2024) and multiple materialization events suggest potential for significant settlement value.
For investors, this case underscores the growing importance of scrutinizing corporate ESG/DEI disclosures and risk management practices. The involvement of institutional investors (City of Riviera Beach Police Pension Fund) adds credibility to the claims and increases the likelihood of substantial litigation proceedings.
The action alleges that they defrauded investors by issuing false and misleading statements concerning certain conduct undertaken pursuant to Target’s Environmental, Social, and Governance (“ESG”) and Diversity, Equity, and Inclusion (“DEI”) mandates.
The suit, brought in federal court in the United States District Court for the Middle District of
The action is brought on behalf of all persons or entities who purchased or acquired Target common stock from August 26, 2022 through November 19, 2024, inclusive (the “Class Period”). The action is captioned
The complaint alleges violations of Sections 10(b), 14(a), and 20(a) of the Securities Exchange Act of 1934. Specifically, Target failed to warn investors of risks associated with its mandates regarding its ESG/DEI initiatives. Target’s stock price was artificially inflated as a result, and its Board members secured re-election, causing additional damages.
In May 2023 these risks materialized as Target faced customer backlash from one of its hallmark ESG/DEI initiatives – Target’s LGBT-Pride Campaign (the “Campaign”). Certain of Target’s customers responded to the Campaign by boycotting Target. Over time, the market realized the scope of the consumer backlash and, from May 17, 2023 to June 14, 2023, Target’s stock declined from closing prices of
On August 16, 2023, during Target’s Q2 2023 earnings report, Target revealed that the Campaign had harmed the Company’s earnings and other financial metrics. From the day prior to the Q2 2023 earnings report release, August 15, 2023, to October 6, 2023, Target’s stock fell from closing prices of
Investors who purchased or acquired Target common stock during the Class Period are members of this proposed Class and may be able to seek appointment as lead plaintiff, which is a court-appointed representative of the Class, by complying with the relevant provisions for the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). See 15 U.S.C. Section 78u-4(a)(2)(A)(i)-(iv).
If you wish to serve as lead plaintiff, you must move the Court by no later than April 1, 2025, which is the lead plaintiff deadline that was established by publication of this notice on January 31, 2025. You do not need to seek to become a lead plaintiff in order to share in any possible recovery. You may also retain counsel of your choice to represent you in this action.
If you wish to discuss this action or have any questions concerning this notice or your rights, please contact Caitlin M. Moyna at Grant & Eisenhofer at 646-722-8513, or via email at cmoyna@gelaw.com. You can also find more information at gelaw.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250131721136/en/
Grant & Eisenhofer
Caitlin M. Moyna
646-722-8513
cmoyna@gelaw.com
Source: Grant & Eisenhofer P.A.
FAQ
What caused Target (TGT) stock to drop 22% in November 2024?
How did Target's (TGT) Pride Campaign affect its stock price in 2023?
What is the deadline for joining the Target (TGT) class action lawsuit?
What period does the Target (TGT) class action lawsuit cover?
What are the main allegations in the Target (TGT) class action lawsuit?
