SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $250,000 Investing In Target Corporation To Contact The Firm Before Lead Plaintiff Deadline — TGT
NEW YORK, May 18, 2016 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Target Corp. (“Target” or the “Company”) (NYSE:TGT) of the July 18, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Minnesota on behalf of all those who purchased or otherwise acquired Target common stock between February 27, 2013 and May 19, 2014 (the “Class Period”). The case, Police Retirement System of St. Louis v. Target Corporation et al, No. 0:16-cv-01315 was filed on May 17, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements regarding the Company’s launch of its operations in Canada. The Company failed to disclose the following facts: (a) at the time of the opening of its stores in Canada, Target had significant problems with its supply chain infrastructure, distribution centers, and technology systems; (b) these problems caused significant issues, including excess inventory at distribution centers and inadequate inventory at retail locations; (c) this excess inventory at distribution centers and lack of inventory at retail locations forced Target to heavily discount products, incurring heavy losses; (d) these supply-chain and personnel problems were atypical of newly launched locations in Target’s traditional U.S.-based market; (e) as a result, statements about the Company, its financial condition, and the outlook for its business lacked a reasonable basis.
Specifically, on August 21, 2013, Target announced its results for the second quarter of 2013, including weak guidance for full-year earnings per share for 2013. On this news, Target’s share price fell from $67.95 per share on August 20, 2013 to a closing price of $65.50 on August 21, 2013 —a $2.45 or a 3.61% drop.
Then, on November 21, 2013, Target released results for the third quarter of 2013, including news that the Company’s Canadian segment had suffered a drop in operation margin from rates exceeding 30 percent in prior quarters to only 14.8 percent due to the need to aggressively discount merchandise. On this news, Target’s share price fell from $66.49 per share on November 20, 2013 to a closing price of $64.19 on November 21, 2013 —a $2.30 or a 3.46% drop.
Additionally, on May 5, 2014, Target announced that its CEO, Gregg Steinhafel, the architect of the Company’s Canadian expansion, would leave the Company effective immediately, without any clear successor. On this news, Target’s share price fell from $62.01 per share on May 2, 2014 to a closing price of $59.87 on May 5, 2014 —a $2.14 or a 3.45% drop.
Lastly, on January 15, 2015, Target Corporation revealed the Company would discontinue its Canadian operations and that Target Canada Co. had filed for bankruptcy protection in Canada.
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Target Corporation – Take Action
If you invested in Target stock or options between February 27, 2013 and May 19, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/TGT. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Target’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. [email protected] Telephone: (877) 247-4292 or (212) 983-9330