Excerpt from Cleveland.com
Ohio is joining a federal lawsuit accusing Target of “misleading and defrauding investors” about the risks of its 2023 pride campaign that drew backlash and a drop in its stock price.
Attorney General Dave Yost got permission on Wednesday from the State Teachers Retirement System to go after the retailer. The retirement system invests a portion of its portfolio in the company’s stock.
The unanimous vote by STRS' board was a reversal from its initial position to not join Florida in the lawsuit.
“Lots of contemplation on this,” Board Member Pat Davidson said during the meeting. “I think there’s been a lot of new facts brought to light in the last couple days.”
Florida’s Attorney General filed a class action lawsuit against Minnesota-based Target Corporation in February, saying the company failed to consider the backlash its 2023 pride campaign would cause.
Target’s LGBTQ-themed merchandise from that year went viral on social media, particularly its swimwear for transgender women.
