Florida files suit against Target, claiming DEI initiatives 'misled investors' [View all]
Source: AP News
Florida’s new attorney general filed a federal court lawsuit against Target on Thursday, claiming the discount store chain “misled investors” by promoting diversity, equity and inclusion initiatives that prompted a backlash and hurt sales, ultimately costing shareholders.
Before it scaled back its DEI efforts last month, Target was long considered a corporate advocate for the rights of Black and LGBTQ+ people. The retailer’s decision in 2023 to roll out LGBTQ+ merchandise in honor of Pride month outraged some shoppers and sparked confrontations in some stores.
In the lawsuit filed in Fort Myers, Florida, Attorney General James Uthmeier argued that Target violated the Securities Exchange Act by failing to disclose “the known risks” of its DEI and Pride month initiatives.
“Corporations that push radical leftist ideology at the expense of financial returns jeopardize the retirement security of Florida’s first responders and teachers,” Uthmeier said in a statement. “My office will stridently pursue corporate reform so that companies get back to the business of doing business — not offensive political theatre.”
Read more: https://apnews.com/article/target-dei-florida-lawsuit-6eedebd3e088fefbf21951f39a156bd5
= new reply since forum marked as read