A conservative legal group led by a former adviser to Donald Trump is suing Target over shareholder losses in the wake of boycotts of its Pride Month displays.
is suing Target over shareholder losses in the wake of boycotts of its Pride Month displays.
The lawsuit, filed Tuesday by former Trump White House adviser Stephen Miller’s America First Legal, argues that Target misled investors when it said it was monitoring risks related to its diversity, equity and inclusion policies. The retailer’s stock price has fallen almost 20 percent since mid-May, when it was met with protests, bomb scares, in-store threats from customers and a stock-market rout after an online mob seized on long-held Pride displays.
“These false and misleading statements [about Pride Month promotions] caused Target’s shareholders to unknowingly support Target’s Board and management in their misuse of investor funds to serve its divisive political and social goals―and ultimately lose billions,” reads the lawsuit filed in U.S. District Court for the Middle District of Florida.
Craig’s attorneys may have a hard time proving that Target’s investor losses were actually caused by Pride backlash, experts say. Target’s stock price was on the decline long before it was sucked into a culture war, and its most recent financial results left investors unnerved by its flat sales and the fact that much of its goods are discretionary, says Neil Saunders, managing director for retail at GlobalData.“It is extremely hard to quantify exactly what role the Pride Month backlash had on the stock price,” Saunders said.
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