Florida Attorney General sues Target over Pride campaign risks

Florida Attorney General James Uthmeier announced a class-action lawsuit against Target Corp., claiming the retailer failed to disclose risks associated with its 2023 LGBTQ Pride campaign, which resulted in significant consumer backlash and a drop in stock price. Filed in federal court on behalf of the State Board of Administration, the lawsuit alleges that misleading statements regarding Environmental, Social, and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) initiatives led to financial losses amounting to over $25 billion in market capitalization. The lawsuit, one of at least three similar cases, names Target's CEO Brian Cornell and the Board of Directors, asserting violations of the Securities Exchange Act of 1934. Uthmeier, appointed by Governor Ron DeSantis, emphasized that the campaign jeopardized retirement accounts for Florida's teachers and first responders. Critics of the lawsuit note that the Pride collection included mostly adult-oriented items and was mischaracterized in public discourse. The lawsuit reflects ongoing tensions surrounding corporate activism and investor interests in Florida.