STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Minnesota on behalf of purchasers of Target Corporation (NYSE: TGT) (“Target” or the “Company”) common stock during the period between February 27, 2013 and May 19, 2014, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until July 18, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Target common stock during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Target’s Canadian expansion encountered operational problems from the start.
According to the complaint, following an August 21, 2013 announcement of weak guidance for full-year earnings per share for 2013, a November 21, 2013 release of downbeat results for the third quarter of 2013, including news that the Company’s Canadian segment has suffered a drop in operation margin due to need to discount merchandise, a May 5, 2014 announcement that the Company’s Chief Executive Officer would leave the Company, and May 20, 2014 news reports 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 were due to significant undisclosed operational issues, the value of Target shares declined significantly.
If you have suffered a loss from investment in Target common stock purchased on or after February 27, 2013 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.