A gavel with the Floridan flag in the background. Photo: niroworld/Shutterstock.com
Reuters, February 20 The state of Florida sued Target (TGT.N) on Thursday for allegedly hiding the dangers of its diversity and social efforts, which sparked a backlash from customers and a drop in the company’s stock price.
In the federal court in Fort Myers, Florida, the State Board of Administration of Florida, which is in charge of public pension funds that own Target shares, filed the action.
A request for comment was not immediately answered by Target.
By making false and misleading claims regarding its environmental, social, governance, diversity, equity, and inclusion requirements, Target was accused by Florida of deceiving investors and its primary clientele of working families.
The business reportedly removed some LGBTQ-themed products as a result of a “disastrous” May 2023 Pride Month campaign that left several staff fearing for their safety due to in-store conflicts.
Target said on January 24 that this year’s DEI projects will come to an end. It joined Amazon.com (AMZN.O), Walmart (WMT.N), opens new tab, and other businesses in halting similar projects, which have been criticized by many conservatives, including US President Donald Trump.
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