Case Page

 

Case Status:    DISMISSED    
On or around 08/01/2017 (Date of order of final judgment)

Filing Date: May 17, 2016

According to the law firm press release, Target operates general merchandise discount stores throughout the U.S. The Company sells a wide variety of household essentials, music and movies, electronics, clothing, and other items, through its traditional stores, its website, and via direct shipment from vendors or third-parties. The Company distributes its merchandise through a network of distribution centers that rely on sophisticated supply chain management infrastructure and information technology systems.

On January 13, 2011, Target announced that it would expand its retail operations into Canada, with plans to open between 100 and 150 stores in the country during 2013 and 2014. Beginning on February 27, 2013, and continuing through the Class Period, Defendants repeatedly offered positive statements concerning Target’s current and projected operations in Canada. In part because of the purported success that Target was slated to achieve during fiscal 2013 in its Canadian segment, Defendants also provided the Company’s shareholders with strong financial and operational guidance for fiscal 2013. As a result of these misrepresentations, Target stock traded at artificially inflated prices during the Class Period.

Unbeknownst to investors, Target’s Canadian expansion encountered operational problems from the start. On May 20, 2014, prior to the trading session, news reports circulated that Target had fired the Company’s president of Canadian operations, confirming that the string of weak results from Target’s Canadian operations preceding the termination were not simply growing pains associated with normal store openings, but rather due to significant undisclosed operational issues. Eventually, after the Class Period on January 15, 2015, Target revealed the Company would discontinue its Canadian operations and that Target Canada Co. had filed for bankruptcy protection in Canada. Each of these disclosures caused a material decline in the price of Target stock.

On September 15, 2016, the Court issued an Order consolidating related actions, and appointing Lead Plaintiff and Lead Counsel. Lead Plaintiff filed a consolidated complaint on November 14.

On July 31, 2017, the court issued an Order granting Defendants' Motion to Dismiss.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Department & Discount)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TGT
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Minnesota
DOCKET #: 16-CV-01315
JUDGE: Hon. Ann D. Montgomery
DATE FILED: 05/17/2016
CLASS PERIOD START: 02/27/2013
CLASS PERIOD END: 05/19/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  3. Zimmerman Reed, LLP
    1100 IDS Center, 80 South 8th Street , Zimmerman Reed, LLP, MN 55402
    612.341.0400 612.341.0844 · info@zimmreed.com
No Document Title Filing Date
COURT: D. Minnesota
DOCKET #: 16-CV-01315
JUDGE: Hon. Ann D. Montgomery
DATE FILED: 11/14/2016
CLASS PERIOD START: 03/20/2013
CLASS PERIOD END: 08/04/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date