America First Legal (AFL) announced Tuesday that it has filed a lawsuit against Target on behalf of one of its shareholders for allegedly “betraying” its investors by misleading them about its political and social risks monitoring.
According to the organization’s statement, the retail giant has preferred to satisfy the left rather than its investors. It also points out that Target has misled its shareholders by ensuring that they monitor risks to protect them while adopting a woke agenda that harms the company.
“Target’s management has misled investors, assuring them that the corporation oversees social and political issues and risks to protect shareholders, when behind closed doors, it works for its extremist hard-left ‘stakeholders’ at the expense of its customers and shareholders,” says AFL.
The organization highlights that Target supported a radical transgender agenda by running a marketing campaign and selling a collection of clothing that included LGBT themes. This decision caused the company to post its largest financial loss in over two decades.
“Management only cared whether its leftist ‘stakeholders’ were satisfied, disregarding the possibility that its customers and shareholders might feel differently(...) This predictably caused more than a $12 billion collapse in share value, the largest stock price decline in over 20 years,” AFL said.
The organization stated that this was not the first time management made decisions without regard for the consequences to the brand and shareholders.
/12 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. https://t.co/Bt148v56An
— America First Legal (@America1stLegal) August 8, 2023
“After the North Carolina legislature adopted a law in 2016 to keep biological men out of bathrooms used by women and girls, Target welcomed its employees and shoppers to use restrooms and fitting rooms’ corresponding to their gender identities.’ After a massive backlash, CEO Brian Cornell reportedly admitted to Target staff that ‘Target didn’t adequately assess the risk’ and that ‘the ensuing backlash was self-inflicted,’” the statement said.
AFL criticized that despite this, management publicly defended their decision by stating that they would continue to support diversity and inclusion.
“For far too long, large corporations have recklessly pandered to the left to serve the woke elites. Today, however, America First Legal says enough is enough,” the organization stated.
