Florida Attorney General James Uthmeir has filed a class-action lawsuit against Minnesota-based Target Corporation, accusing the retailer of "misleading and defrauding investors" with its diversity and social initiatives.

Target is being sued by the state of Florida over its Pride displays and DEI initiatives. The state claims Target did not warn shareholders first.

The suit claims the retailer knowingly “misled investors” by promoting diversity, equity and inclusion initiatives that prompted a backlash and hurt sales, ultimately costing shareholders.