Florida’s new attorney general James Uthmeier announced Thursday his office is filing a class action lawsuit against the retail company Target.
He’s arguing the company violated the Securities Exchange Act by not disclosing the “know risks” of its DEI and Pride month initiatives. He says those investments hurt the company’s performance when its stock dipped 70 dollars two years ago. The state’s employee pension plan invests in the company.
“You'll remember, Target promoted rainbow sports bras for boys, children's swimsuits with transgender features and books for kids that asked them to question their biological reality. This radical campaign predictably caused Target's stock price to plummet, wiping out $10 billion in market value in just 10 days, and those losses put the retirement accounts of Florida's teachers and first responders at unacceptable risk," he said.
Today, we filed a lawsuit against Target on behalf of the Florida State Board of Administration.
— James Uthmeier (@JamesUthmeierFL) February 20, 2025
Target’s efforts to sexualize children caused its stock price to plummet, harming Florida’s retirement fund and putting the retirements of our teachers and first responders at risk: pic.twitter.com/UcZq3cSC3p
Target had already announced on January 24th it would be backtracking its DEI efforts amid Donald Trump returning to office. That decision has led to calls to boycott the company from civil rights and left-leaning groups.
This lawsuit is a continuation of the trend of Florida’s top Republicans, targeting companies that promote social causes they disagree with. That includes state laws banned ESG investments and Gov. Ron DeSantis' much-publicized feud with Disney that lasted two years.
The lawsuit now places the retail giant in the crosshairs of players on both sides of the political aisle.