This could turn out to be a fascinating and potentially groundbreaking lawsuit. While it’s uncertain whether this lawsuit will succeed, history shows that when the state takes legal action in cases involving harm to grandparents, it tends to prevail in the majority of instances. https://www.usatoday.com/story/news...stock-losses-from-pride-backlash/79349606007/ Florida sues Target over LGBTQ Pride campaign that sparked consumer backlash, stock drop Three days into his job, Florida Attorney General James Uthmeier on Thursday announced a class-action lawsuit that alleges Target Corp. did not properly disclose to investors the risks of a 2023 LGBTQ Pride campaign that drew a consumer backlash and caused a drop in the retailer’s stock price. Uthmeier and private attorneys filed the 163-page lawsuit in federal court in Fort Myers on behalf of the State Board of Administration, which manages Florida’s massive pension fund and other investments. The lawsuit is one of at least three similar cases against Target in Florida. The lawsuit alleges that Target made false and misleading statements about “Environmental, Social and Governance” and “Diversity, Equity, and Inclusion” mandates that led to the May 2023 Pride campaign. “The campaign provoked immense consumer backlash and boycotts that caused Target’s sales to fall for the first time in six years and wiped out over $25 billion in Target’s market capitalization — leading Target’s stock to experience its longest losing streak in 23 years,” the lawsuit said. Uthmeier was sworn in Monday as attorney general after serving as Gov. Ron DeSantis’ chief of staff. DeSantis appointed Uthmeier to replace former Attorney General Ashley Moody, who became a U.S. senator last month.
Bumping? After a few minutes? Jesus you are desperate. This is just another example of fascism creeping in through legal and norm eroding pressure. The state using its power to punish a corporation for acknowledging LGBTQ+ people isn’t about protecting investors, it’s about enforcing ideological purity. When the government dictates which social views are acceptable for businesses, that’s not free-market capitalism; it’s authoritarianism with a corporate face.
Actually the lawsuit is about no disclosing the risk of Target's campaign to the investors. If Target had properly disclosed the campaign (as other public companies have done) then Florida would have no grounds for the lawsuit. This being said -- I believe this lawsuit is nothing more than DeSantis pushing his political narrative than actually serving any purpose in protecting the investors. This is the type of court or regulatory action which should be taken by federal regulators, not a state.
It is a federal case filed in federal court. The fact that the plaintiff (state pension board) is a state entity does not make it a state case. The pension board definitely has standing, alleges damages, and needs to look out for the state's interests and not just wait to see if the fed regulators do anything.
Target really screwed its investors with this woke campaign and deserves the lawsuit and to pay damages. Now sue Anheuser Busch for the Bud Lite disaster.