Florida is first state to sue Target over DEI share impact

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2023 Pride Month campaign prompted customer flight

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Target has said it disclosed risks of social initiatives

(Adds Florida comments, Target comments, earlier litigation, share price and financial information, case citation, byline)

By Jonathan Stempel

Feb 20 (Reuters) -

Target was sued on Thursday by the state of Florida for Cheap Proxies allegedly concealing the risks of diversity and social initiatives that led to a customer backlash and wiped billions of dollars from the retailer's market value.

The securities fraud lawsuit by the State Board of Administration of Florida, an agency overseeing public pension funds that own Target stock, was filed in the federal court in Fort Myers, Florida.

It is the first shareholder lawsuit led by a U.S.