Target Executives Face Shareholder Suit Over 2023 Pride Campaign

Target’s board of directors and several executives, including CEO Brian Cornell, allegedly misled investors about the risks and impacts of its 2023 Pride campaign on the company’s profits.

The company’s executives made false or misleading statements to shareholders and in federal securities filings about how the LGBTQ+ campaign was impacting Target’s sales, a shareholder derivative complaint filed Thursday in the US District Court for the Middle District of Florida alleges. The company’s board of directors also violated its fiduciary duties to adequately oversee and disclose those risks, the suit also claims.

The derivative complaint comes as Target works to settle ...