Target Hit With Shareholder Lawsuit Following 'Pride' Stock Plummet

Sarah Merly | August 9, 2023
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Just when Target thought a boycott was all the conservative pushback it had to deal with, America First Legal announced it sued the corporation on Tuesday, due to its children’s pride collection.


“In its 2022 and 2023 Proxy Statements, Target assured shareholders and investors that the Board was monitoring for social and political issues and risks arising from the company’s ESG and DEI mandates,” America First explained in its press release. “However, management only cared whether its leftist ‘stakeholders’ were satisfied, disregarding the possibility that its customers and shareholders might feel differently. Thus, in May 2023, Target embraced the radical transgender agenda with its children-and-family-themed ‘Pride’ marketing and sales campaign[.]”

This “radical transgender agenda” backfired dramatically–and it showed. Brian Flood of Fox News reports that Target has lost approximately $14 billion in market value as a result of backlash to it's 'pride' merchandise.

The polarizing Pride merchandise also included onesies and rompers for newborn babies, a variety of adult clothing with slogans such as "Super Queer," party supplies, home decor, multiple books and a "Grow at Your Own Pace" saucer planter.

America First listed affirmative action as one of the lawsuit’s rationales, accusing Target of “engag[ing] in the odious and illegal practice of race-based hiring by adopting a plan to increase its ‘representation of Black team members across the Company by 20 percent.’”

Related: Hold My Beer: Target Loses $9 BILLION In a Week After ...

Brian Craig, the case’s plaintiff and a Target shareholder, has requested that a United States District Court in southern Florida declare Target violators of the Exchange Act, declare the 2023 Target director election void, and “[a]n order awarding to Plaintiff the damages he has sustained as a result of the violations set forth above from each Defendant, jointly and severally[.]”

“As alleged in our complaint, Target failed to execute its duty to its shareholders by making statements that led them to believe that political and social risks were being assessed–when in reality, the only thing Target’s Board and Management cared about was how effectively they fulfilled the desires of various metrics advanced by leftwing ‘stakeholders,’” America First Legal Vice President and General Counsel Gene Hamilton stated. “In so doing, they caused our client to lose a substantial amount of money, and we will vindicate his rights in federal court.”

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