An investor in NYSE:TGT filed a lawsuit in the U.S. District Court for the District of Minnesota against Target Corporation over alleged violations of Federal Securities Laws.
Investors who purchased shares of Target Corporation (NYSE:TGT) have certain options and for certain investors are short and strict deadlines running. Deadline: July 18, 2016. NYSE:TGT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
Theplaintiff alleges on behalf of purchasers of Target Corporation (NYSE:TGT) common shares between February 27, 2013 and May 19, 2014, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 27, 2013 and May 19, 2014 the Defendants violated provisions of the Exchange Act by issuing false and misleading statements regarding the Company’s launch of its operations in Canada.
On January 13, 2011, Target Corporation 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.
The plaintiff claims that beginning on February 27, 2013, and between February 27, 2013 and May 19, 2014, Defendants repeatedly offered positive statements concerning Target’s current and projected operations in Canada.
The plaintiff says that in part because of the purported success that Target Corporation 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 and that as a result of these misrepresentations, Target stock traded at artificially inflated prices February 27, 2013 and May 19, 2014.
The plaintiff alleges that unbeknownst to investors, Target’s Canadian expansion encountered operational problems from the start. The plaintiff says that o May 20, 2014, prior to the trading session, news reports circulated that Target had fired Tony Fisher, the Company’s president of Canadian operations, confirming that the string of weak results from Target’s Canadian operations preceding Mr. Fisher’s termination were not simply growing pains associated with normal store openings, but rather due to significant undisclosed operational issues.
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.
Those who purchased NYSE:TGT shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com