NEW YORK, May 17, 2016 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP (“Labaton Sucharow”) announces that on May 17, 2016, it filed a securities class action lawsuit on behalf of its client Police Retirement System of St. Louis (“St. Louis Police”) against Target Corporation (“Target” or the “Company”) (NYSE:TGT), and certain of its senior executives (collectively “Defendants”). The action, which is captioned Police Retirement System of St. Louis v. Target Corporation, No. 16-cv-01315 (D. Minn.), asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and U.S. Securities and Exchange Commission (“SEC”) Rule 10b-5 promulgated thereunder, on behalf of all persons or entities who purchased or otherwise acquired the publicly-traded common stock of Target between February 27, 2013 and May 19, 2014, inclusive (the “Class Period”).
The Complaint alleges that during the Class Period, Defendants violated provisions of the Exchange Act by issuing false and misleading statements regarding the Company’s launch of its operations in Canada. Target operates general merchandise discount stores throughout the U.S. The Company sells a wide variety of household essentials, music and movies, electronics, clothing, and other items, through its traditional stores, its website, and via direct shipment from vendors or third-parties. The Company distributes its merchandise through a network of distribution centers that rely on sophisticated supply chain management infrastructure and information technology systems.
On January 13, 2011, Target 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. Beginning on February 27, 2013, and continuing through the Class Period, Defendants repeatedly offered positive statements concerning Target’s current and projected operations in Canada. In part because of the purported success that Target 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. As a result of these misrepresentations, Target stock traded at artificially inflated prices during the Class Period.
Unbeknownst to investors, Target’s Canadian expansion encountered operational problems from the start. On 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. Eventually, after the Class Period on January 15, 2015, Target revealed the Company would discontinue its Canadian operations and that Target Canada Co. had filed for bankruptcy protection in Canada. Each of these disclosures caused a material decline in the price of Target stock.
If you purchased or acquired publicly traded Target common stock during the Class Period, you are a member of the “Class” and may be able to seek appointment as Lead Plaintiff. Lead Plaintiff motion papers must be filed with the U.S. District Court for the District of Minnesota no later than July 18, 2016. A lead plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as lead plaintiff to share in any Class recovery in this action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this action.
If you would like to consider serving as lead plaintiff or have any questions about this lawsuit, you may contact Francis P. McConville, Esq. of Labaton Sucharow, at (800) 321-0476, or via email at fmcconville@labaton.com. You can view a copy of the complaint online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm.
St. Louis Police is represented by Labaton Sucharow, which represents many of the largest pension funds in the United States and internationally with collective assets under management of more than $2 trillion. Labaton Sucharow’s litigation reputation is built on its half century of securities litigation experience, 60 full-time attorneys, and in-house team of investigators, financial analysts, and forensic accountants. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY and Wilmington, DE. More information about Labaton Sucharow is available at www.labaton.com.