Class Action Lawsuit Filed Against Target Corporation: What You Need to Know
On February 11, 2025, The Schall Law Firm announced that it had filed a class action lawsuit against Target Corporation (“Target” or “the Company”) (NYSE: TGT) in the United States District Court for the District of Minnesota. The lawsuit alleges that Target violated ยงยง10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Details of the Lawsuit
The lawsuit concerns securities transactions that occurred during the period from August 26, 2022, to November 19, 2024 (the “Class Period”). The complaint alleges that Target made false and misleading statements and failed to disclose material information to investors. Specifically, the lawsuit alleges that the Company misrepresented the effectiveness of its cybersecurity measures and failed to disclose that it had experienced a data breach that exposed sensitive customer information.
Impact on Target Shareholders
As a result of the alleged securities law violations, Target shareholders who purchased the Company’s securities during the Class Period have suffered significant losses. The lawsuit seeks to recover damages on behalf of all such shareholders.
Implications for Consumers
The data breach that is at the heart of this lawsuit is a matter of public record. It was disclosed by Target in November 2024, and affected millions of customers. The breach exposed sensitive information, including credit and debit card numbers, names, addresses, and phone numbers. Consumers who shopped at Target during the time of the breach may be at risk of identity theft and financial losses.
Global Impact
The Target data breach is not an isolated incident. Cybersecurity threats are becoming increasingly common, and companies of all sizes and industries are at risk. The fallout from this breach serves as a reminder of the importance of robust cybersecurity measures and transparency in disclosing risks to investors and consumers.
Conclusion
The class action lawsuit against Target Corporation is a significant development for both shareholders and consumers. It highlights the importance of transparency and robust cybersecurity measures, and underscores the risks that companies face in today’s digital age. If you are a Target shareholder and believe you have suffered losses as a result of the alleged securities law violations, it is important to contact a qualified securities attorney as soon as possible. Meanwhile, consumers who shopped at Target during the time of the data breach should take steps to protect themselves against potential identity theft and financial losses.
- Contact a qualified securities attorney if you are a Target shareholder and believe you have suffered losses as a result of the alleged securities law violations.
- Consumers who shopped at Target during the time of the data breach should take steps to protect themselves against potential identity theft and financial losses.
