Target shareholders are suing the company for failing to predict the backlash to its diversity program.
Newsweek sought email comment from Target on Tuesday.
Why It Matters
The case stems from a major consumer backlash against Target’s Diversity, Equity and Inclusion (DEI) initiative and feeds into a wider debate about diversity policies.
What To Know
Target displayed pro-LGBT items in May, 2023, and removed any reference to Target’s toys being for boys or girls. This led to a conservative backlash and consumer boycott.
Target is now facing a class action lawsuit from investors who lost money on its shares. This follows a major drop in Target’s share price after the boycott.
The complaint was filed in a Florida court on January 31 by the City of Riviera Beach Police Pension Fund, which is seeking others to join the class action lawsuit.
The complaint accuses …