TALLAHASSEE, Fla. – Today, the State Board of Administration of Florida, represented by the Attorney General of Florida James Uthmeier and America First Legal (AFL), filed a major class-action lawsuit against Target Corporation, alleging the company knowingly misled and defrauded investors by concealing the financial risks of its radical LGBTQ activism, costing shareholders tens of billions of dollars. Boyden Gray PLLC and Lawson Huck Gonzalez PLLC also serve as plaintiff’s counsel in the lawsuit filed in the U.S. District Court for the Middle District of Florida. To view a copy of the complaint, click here.
Target is facing a lawsuit that claims it violated Sections 10(b) and 14(a) of the Securities Exchange Act of 1934 by not disclosing risks of customer backlash related to its diversity, equity, and inclusion (DEI) initiatives and 2023 Pride Campaign.
The lawsuit also alleges that Target misled investors by stating it monitored social and political risks, when in fact it only focused on alignment with left-wing activist groups.
Today, we filed a lawsuit against Target on behalf of the Florida State Board of Administration.
— James Uthmeier (@JamesUthmeierFL) February 20, 2025
Target’s efforts to sexualize children caused its stock price to plummet, harming Florida’s retirement fund and putting the retirements of our teachers and first responders at risk: pic.twitter.com/UcZq3cSC3p
The fallout was immediate: Target’s stock price dropped significantly, losing $10 billion in market value within ten days and $25 billion over six months—the worst performance and longest decline in 23 years.
This lawsuit is the second against Target by AFL, Boyden Gray PLLC, and Lawson Huck Gonzalez PLLC for securities fraud. The first case, filed in August 2023, is still ongoing after a federal judge refused to dismiss it in December 2024.
Florida Attorney General James Uthmeier, along with AFL and the State Board of Administration of Florida, is now taking action to hold Target accountable for these alleged violations and prioritizing activist agendas over shareholders’ financial responsibilities.
