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ARTICLE · 16 DECEMBER 2024

Shareholder Hits Target's Bullseye

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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Last year I wrote about a shareholder lawsuit against Target premised on its alleged failure to disclose the risks around the marketing of its 2023 Pride collection. The shareholder claimed in the

United StatesCorporate/Commercial Law
Jennifer Rubin
Jennifer Rubin
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Last year I wrote about a shareholder lawsuit against Target premised on its alleged failure to disclose the risks around the marketing of its 2023 Pride collection. The shareholder claimed in the lawsuit that Target and its board violated Federal securities laws by allegedly failing to properly disclose the risks to investors about the potential backlash associated with its 2023 Pride campaign, which was an LBGTQ+ marketing effort celebrating Pride month. Last week, a Florida Federal District Court denied Target's motion to dismiss the lawsuit, finding that the shareholder-plaintiff had pled sufficient facts to bring civil securities law claims against Target and its board.

The upshot of this lawsuit was the claim that Target (and its board) failed to disclose the adverse risk of customer reaction to its 2023 Pride campaign. Target moved to dismiss the lawsuit on the basis that it had adequately and amply disclosed these risks by generally warning shareholders that

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