Target Corporation (NYSE: TGT)

This lawsuit is for anyone who acquired securities in Target Corporation (NYSE: TGT) from August 18, 2021 through May 17, 2022.

The Law Offices of Howard G. Smith believes that the Company and certain of its executives violated federal law. Specifically, the Law Offices of Howard G. Smith believes that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company failed to timely inform investors that the Company’s strategy of saving on costs by buying inventory items far ahead of season left the Company susceptible to changing consumer preferences and having to mark down out of style inventory.

On the morning of May 18, 2022, Target announced that the Company had missed profit estimates widely, with cost of goods sold increasing 10% year over year and operating income declining to $1.3 billion from $2.4 billion in the prior year. Target also revealed that its operating margin was “well below expectations, driven primarily by gross margin pressure reflecting actions to reduce excess inventory….” Target further explained that the “gross margin rate reflected higher markdown rates, driven largely by inventory impairments and actions to address lower-than-expected sales in discretionary categories….” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Target Corporation (NYSE: TGT) from August 18, 2021 through May 17, 2022 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
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