TAMPA, Fla. (WFLA) -- Florida Attorney General James Uthmeier on Thursday announced the state filed a class action lawsuit against Target claiming "the company knowingly misled and defrauded investors by concealing the financial risks of its radical LGBTQ activism."
The lawsuit alleged the Minnesota-based retail giant knew its 2023 Pride campaign, in which it sold pieces of rainbow merchandise that sparked controversy, would cause its stock price to plummet, "violating federal law, defrauding its investors, and prioritizing radical activism over financial responsibility to shareholders," a news release from the attorney general's office said.
The suit was filed by the Florida State Board of Administration, the agency responsible for managing and investing the proceeds of the Florida Retirement System Pension Plan. In a video posted to X, Uthmeier claimed Target "put the retirement accounts of Florida's teachers and first responders at risk" and knew its stock could plummet as a result of the company's alleged efforts "to sexualize children."
“Corporations that push radical leftist ideology at the expense of financial returns jeopardize the retirement security of Florida’s first responders and teachers," Uthmeier said in a statement. "My office will stridently pursue corporate reform so that companies get back to the business of doing business—not offensive political theatre."
The SBA is represented by Uthmeier and America First Legal, founded by White House deputy chief of staff and conservative political advisor Stephen Miller. This is the second America First Legal lawsuit accusing Target of committing securities fraud "by failing to disclose known risks of customer backlash to its diversity, equity, and inclusion (DEI) initiatives and environmental, social, and governance (ESG) mandates."