By Robin Itzler
(From Robin's weekly e-mail newsletter, "Patriot Neighbors". Subscribe for free by e-mailing her at robinitzler@aol.com)
Americans who buy stocks based on a company’s customer profile outlined in its legal and marketing material, only to see equity destroyed by foolish C-suite decisions, are applauding Brian Craig.
American First Legal filed a lawsuit on behalf of Craig on August 8 in U.S. district court in Fort Meyers, Florida, accusing Target CEO Brian Cornell, and Target’s board of directors of betraying their customers and shareholders with misleading representations about its environmental, social and governance (ESG) and diversity, equity, and inclusion (DEI) mandates. Did Target purposely ignore its known customer base to offer trans pride and other related merchandise (some geared for children) that would only appeal to a tiny market segment? The lawsuit alleges that decisions made by Target’s senior executives caused shareholders to lose billions of dollars.
Gene Hamilton, vice president and general counsel of American First Legal:
“Federal law requires publicly traded corporations to provide certain information to shareholders in their proxy statements that allow those shareholders to make informed decisions.
“As alleged in our complaint, Target failed to execute its duty to its shareholders by making statements that led them to believe that political and social risks were being assessed — when in reality, the only thing Target's board and management cared about was how effectively they fulfilled the desires of various metrics advanced by left-wing 'stakeholders.'"
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