The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Target Corporation (NYSE: TGT) who purchased common stock between August 18, 2021 and May 17, 2022. The action, which was filed in the United States District Court for the District of Minnesota, alleges that the Company violated federal securities laws.
In particular, the Target lawsuit alleges that (i) Target’s difficulty maintaining a balanced inventory of in-demand goods was far worse than the Company had represented; (ii) Target was severely impacted by changing consumer preferences; (iii) Target’s inventory mix was significantly more sensitive to changing consumer preferences due to Target’s practice of buying larger quantities ahead of season, and was therefore at significant risk of having to use markdowns to sell out-of-demand goods; and (iv) as a direct result of these changing preferences, Target’s inventory increasingly became out-of-balance and overweight in bulky and unsellable goods throughout the Class Period forcing Target to markdown its out-of-demand goods, thereby negatively impacting revenue.
Shareholders have until May 30, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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