Florida Sues Target Over Alleged Investor Misrepresentation on DEI Policies

The lawsuit claims Target failed to disclose financial risks tied to its 2023 Pride merchandise, leading to shareholder losses.

Florida's Attorney General James Uthmeier has filed a federal lawsuit against Target, alleging the retailer misled investors about potential backlash to its diversity, equity, and inclusion (DEI) initiatives.
The lawsuit centers on Target's 2023 Pride merchandise campaign, which faced boycotts and backlash, contributing to a significant drop in the company's stock value.
The State Board of Administration, overseeing Florida's public pension funds, claims Target's actions harmed shareholders, including Florida's first responders and teachers reliant on those funds.
Target has defended its actions, arguing it warned investors about potential risks and dismissing claims of securities fraud as disagreements over business decisions.
The case is part of a broader conservative pushback against corporate DEI policies, with other companies like Walmart and Starbucks also facing scrutiny and legal challenges.