According to the Complaint, Target Corporation is a major retailer of five “core” product categories—apparel, food and beverage, essentials and beauty, home, and hardlines. These categories encompass a wide range of merchandise, such as school supplies, furniture, sporting equipment, and televisions. About one third of the products sold by Target are exclusive to the Company through private labels or owned brands.

The Complaint alleges that during the Class Period, Target made materially false and/or misleading statements and/or failed to disclose: (i) the true extent of Target's difficulty maintaining a balanced inventory of in-demand goods, despite its insights into changing consumer preferences; (ii) that Target was severely impacted by changing consumer preferences; (iii) that Target's inventory mix was significantly more sensitive to changing consumer preferences due to Target's practice of buying larger quantities ahead of season, and was therefore at significant risk of having to use markdowns to sell out-of-demand goods; and (iv) that, as a direct result of these changing preferences, Target's inventory increasingly became out-of-balance and overweight in bulky and unsellable goods throughout the Class Period forcing Target to markdown its out-of-demand goods, thereby negatively impacting revenue.

On August 15, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. On November 13, the Court issued an Order substituting a new Lead Plaintiff and Counsel for the previously appointed Lead Plaintiff and Counsel.

On December 15, 2023, Lead Plaintiff filed an amended Complaint. Defendants filed a Motion to Dismiss the amended Complaint on March 8, 2024.

On November 15, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.