America First Legal (AFL), the legal nonprofit formed by former Donald Trump adviser Stephen Miller, has filed a lawsuit against Target on behalf of one of the company’s investors.
The lawsuit — which names the company, its Chief Executive Brian Cornell, and its board of directors as defendants — seeks a “declaration that Defendants violated Section 14(a) and Section 10(b) of the Exchange Act,” a voiding of Target’s 2023 director election, financial compensation for their client, and reimbursement for legal bills.
According to a statement released by AFL, the organization accuses the company of “betraying Target’s customers and shareholders with misleading representations about its Environmental, Social, and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) mandates, and for causing Target shareholders to lose billions of dollars.”
The lawsuit specifically refers to Target’s annual Pride-themed collection, which caused a meltdown earlier this year among conservatives furious over the retailer’s marketing to LGBTQ+ people. The company eventually announced that it would remove certain items from the collection, citing threats against employees and stores.
“Target embraced the radical transgender agenda with its children-and-family-themed “Pride” marketing and sales campaign — the corporation’s infamous ‘Pride’ collection,” the statement reads, “included clothing for young children with rainbow Mickey Mouse symbols, LGBT-themed bibs and onesies for babies, and ‘tuck-friendly’ bathing suits for ‘transgender women.’ This predictably caused more than a $12 billion collapse in share value, the largest stock price decline in over 20 years.”
Calling the collapse of Target’s stock “predictable” may be an overrepresentation. The company has been producing a Pride collection for more than a decade, and it wasn’t until major conservative figures — including Miller himself — called for a consumer boycott that the company’s financials suffered.
Source link: https://www.rollingstone.com/politics/politics-news/stephen-miller-group-suing-target-pride-boycott-1234803902/