Target is facing a lawsuit from former Trump officials who claim the retailer misled investors about financial risks from LGBTQ Pride marketing that brought a conservative backlash costing shareholders billions of dollars.
America First Legal Foundation, led by former senior Trump adviser Stephen Miller, filed the lawsuit against Target Corp. on behalf of a company shareholder Tuesday in federal court in Florida. Target in May sold LGBTQ-themed merchandise that drew the retailer into the US culture wars alongside Bud Light maker Anheuser-Busch InBev NV and other companies.
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Target lost $10 billion in market valuation between May 18 and 28, as it failed to oversee the risks of ESG initiatives, according to America First Legal’s complaint filed in the US District Court for the Middle District of Florida.
“No rational board of directors or management of a retailer with a core customer base of working families would have approved such a nationwide campaign,” America First Legal said in the complaint. “Nonetheless, Target’s officials pursued.”
Source: Ex-Trump Officials Sue Target Alleging Pride Month Investor Risk
