It is the first shareholder lawsuit led by a U.S. state over Target's alleged mismanagement of diversity, equity and inclusion (DEI) matters. Florida accused Target of betraying investors and its core customer base of working families by making false and misleading statements in financial reports and proxy statements about its DEI mandate and environmental, social and governance mandate. It also accused Chief Executive Brian Cornell of downplaying the intensity of customer boycotts following a "disastrous" and "exceptionally offensive" May 2023 Pride Month campaign, prolonging the decline in Target's share price.