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Tue, February 4, 2025
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Target is sued for defrauding shareholders about DEI

Target is sued for defrauding shareholders about DEI


Published on 2025-02-04 05:00:55 - Reuters
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  • Target has been sued for allegedly concealing the risks of its diversity and social initiatives, leading to a backlash that caused customers to flee and the stock price of the Minneapolis-based retailer to plummet.

Target Corporation is facing a lawsuit from shareholders who allege that the company misled them about its diversity, equity, and inclusion (DEI) initiatives. The lawsuit claims that Target's statements regarding its DEI efforts were misleading, particularly in light of the backlash and financial losses the company experienced due to its Pride Month collection in 2023. This backlash reportedly led to a significant drop in Target's market value, with losses estimated at $12 billion. The shareholders argue that Target's optimistic portrayal of its DEI initiatives did not adequately reflect the potential risks and negative consumer reactions, which were foreseeable given similar controversies faced by other companies. The lawsuit was filed in the U.S. District Court for the District of Minnesota, seeking unspecified damages.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/retail-consumer/target-is-sued-defrauding-shareholders-about-dei-2025-02-03/ ]
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