America First Legal sues Target for allegedly misleading shareholders

America First Legal announced on Tuesday that it had filed a lawsuit against retail giant Target for allegedly misleading shareholders with false statements about its political/social risk monitoring.

"Target’s management has misled investors, assuring them that the corporation oversees social and political issues and risks to protect shareholders," AFL stated. "Behind closed doors, Target works for its extremist hard-left 'stakeholders' at the expense of its customers and shareholders."

At issue is a recent multi-billion loss stemming from a consumer boycott in response to the company's featuring Pride merchandise marketed toward children in June.

"In its 2022 and 2023 Proxy Statements, Target assured shareholders and investors that the Board was monitoring for social and political issues and risks arising from the company’s ESG mandates," AFL tweeted. "However, management only cared whether its leftist 'stakeholders' were satisfied, disregarding the possibility that its customers and shareholders might feel differently."

"In May 2023, Target embraced the radical transgender agenda with its 'Pride' marketing and sales campaign," it continued. "The collection included clothing for children with rainbow symbols, LGBT-themed bibs and onesies for babies, and 'tuck-friendly' bathing suits for 'transgender women.'"

"This reckless move predictably caused more than a $12 billion collapse in share value — its largest loss in over 20 years," AFL asserted. The group then cited prior controversies involving the retailer's decision to permit customers to use restrooms that correspond with their gender identity rather than their biological sex.

"For far too long, large corporations have recklessly pandered to the left and 'bent the knee' to serve the woke elites. Today, on behalf of our client, America First Legal is saying enough is enough," the statement concluded.

The suit comes amid a broader backlash against companies taking socially progressive political stances and adopting so-called "woke" corporate practices. Bud Light, for instance, recently faced a substantial boycott in response to a disastrous marketing partnership with transgender influencer Dylan Mulvaney.

Ben Whedon is an editor and reporter for Just the News. Follow him on Twitter.