According to this description the lawsuit's focus is on lower earnings attributable to the marketing of LGBT merchandise not misrepresentation. Target sued by investor over backlash to LGBTQ merchandise To this extent that the plaintiffs alleged misrepresentation it was essentially a form of word salad in which the allegations were that the company misrepresented its ability to respond to "social and political risks". The lawsuit wasn't based on misrepresentation of financial data.
I hope Target gets hit for billions. Social Justice/ political causes have no business in the Board Room.
Target's main competitor is doing very well. Raised guidance going forward. Not everyone is in trouble. https://www.cnbc.com/2023/08/17/walmart-wmt-earnings-q2-2024.html