TARGET SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Target Corporation - TGT

NEW ORLEANS, May 19, 2023 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 30, 2023 to file lead plaintiff applications in a securities class action lawsuit against Target Corporation (NYSE: TGT), if they purchased the Company's shares between August 18, 2021 and May 17, 2022, inclusive (the "Class Period"). This action is pending in the United States District Court for the District of Minnesota.

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Target investors should visit us at https://claimsfiler.com/cases/nyse-tgt-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Target and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. 

On May 18, 2022, the Company announced its Q1 2022 financial results, disclosing among other things, a decrease in operating income to $1.3 billion from $2.4 billion in the prior year, a 40% drop in adjusted earnings, and a decrease in gross margin of nearly 4.3%, with approximately 3% of that due to "the combined impact of impairments, markdowns, and other actions taken to rightsize our inventory position in categories that were too heavy," as well as a decrease in full-year 2022 operating margin guidance to "a range centered around 6%" from a margin rate of 8% or higher.

On this news, shares of Target plummeted nearly 25% or $53.67 per share, or from a closing price of $215.28 per share on May 17, 2022, to a closing price of $161.61 per share on May 18, 2022.

The case is Perez v. Target Corporation, et al., No. 23-cv-00769.

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