Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Minnesota on behalf of shareholders of Target Corporation who purchased shares between August 18, 2021 and May 17, 2022.
Target and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 18, 2022, the Company announced its Q1 2022 financial results, disclosing among other things, a decrease in operating income to $1.3 billion from $2.4 billion in the prior year, a 40% drop in adjusted earnings, and a decrease in gross margin of nearly 4.3%, with approximately 3% of that due to “the combined impact of impairments, markdowns, and other actions taken to rightsize our inventory position in categories that were too heavy,” as well as a decrease in full-year 2022 operating margin guidance to “a range centered around 6%” from a margin rate of 8% or higher.
On this news, shares of Target plummeted nearly 25% or $53.67 per share, or from a closing price of $215.28 per share on May 17, 2022, to a closing price of $161.61 per share on May 18, 2022.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until May 30, 2023 to request that the court appoint them lead plaintiff.