ORLANDO, Florida – America First Legal (AFL) and Florida Attorney General James Uthmeier have filed a class-action lawsuit against Target Corporation. The suit, submitted on behalf of the State Board of Administration of Florida in the U.S. District Court for the Middle District of Florida, accuses the retail giant of misleading and defrauding investors regarding the financial risks associated with its LGBTQ-related initiatives.
According to the lawsuit, Target violated Sections 10(b) and 14(a) of the Securities Exchange Act of 1934 by failing to disclose potential customer backlash stemming from its diversity, equity, and inclusion (DEI) initiatives and environmental, social, and governance (ESG) policies. The complaint highlights Target’s 2023 Pride Campaign as a particularly controversial move, alleging that the company prioritized alignment with activist groups over transparent risk disclosure to investors.
The lawsuit further claims that Target’s alleged misconduct led to significant financial losses. In the wake of its 2023 Pride Campaign, the company’s stock price saw a dramatic decline, erasing $10 billion in market value within ten days and resulting in a total shareholder loss of $25 billion over six months. This marked Target’s worst financial performance in over two decades.
“Corporations that push radical leftist ideology at the expense of financial returns jeopardize the retirement security of Florida’s first responders and teachers,” said Florida Attorney General James Uthmeier. “My office will stridently pursue corporate reform so that companies get back to the business of doing business—not engaging in offensive political theatre. We appreciate America First Legal’s assistance in ensuring Florida’s investments remain secure.”
This legal action follows a previous lawsuit filed by AFL, Boyden Gray PLLC, and Lawson Huck Gonzalez PLLC against Target for securities fraud in August 2023. That case is ongoing after a federal judge denied Target’s motion to dismiss in December 2024, suggesting that the claims had legal merit.
Today, we filed a lawsuit against Target on behalf of the Florida State Board of Administration.
Target’s efforts to sexualize children caused its stock price to plummet, harming Florida’s retirement fund and putting the retirements of our teachers and first responders at risk: pic.twitter.com/UcZq3cSC3p
— James Uthmeier (@JamesUthmeierFL) February 20, 2025