Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the District of Minnesota on behalf of shareholders of Target Corporation (NYSE: TGT) who purchased shares between February 27, 2013 and May 19, 2014. Levi & Korsinsky has also commenced an investigation on behalf of Target Corporation 401(k) plan holders regarding whether the fiduciaries of Target’s 401(k) plan violated the Employee Retirement Income Security Act of 1974.
The complaint alleges that throughout the Class Period, Target issued materially false and misleading information and/or failed to disclose adverse facts regarding its Canadian expansion, including that: (a) at the time of the opening of its first stores in Canada, Target had significant problems with its supply chain infrastructure, distribution centers, and technology systems, as well as inadequately trained employees; (b) these problems caused significant, pervasive issues, including excess inventory at distribution centers and inadequate inventory at retail locations; (c) these inventory issues forced Target to heavily discount products and incur heavy losses; and (d) these supply-chain and personnel problems were not typical of newly launched locations in Target’s traditional U.S.-based market. On May 20, 2014, news outlets reported that Target had fired its president of Canadian operations, with an article in The New York Times referring to 2014 as “a year of public setbacks and damaging missteps…” for the Company.
If you suffered a loss in Target you have until July 18, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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