BOISE, ID, December 5, 2023 – Inspire Advisors, a leading faith-based investing firm, has joined counsel America First Legal (AFL) and Boyden Gray PLLC in a lawsuit against Target Corporation and its Board of Directors. The lawsuit seeks to hold Target and its leadership accountable for misleading representations about its Environmental, Social, and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) mandates that betrayed Target’s customers and shareholders and caused investors to lose billions of dollars.
Inspire CEO Robert Netzly had this to say about the lawsuit, “Target is not above the law and must be held accountable for their reckless, ideologically motivated LGBT Pride Campaign and the damage it has caused shareholders. As faith-based investors, we are sending a message to Target and any other company watching on the sidelines that we expect companies to act ethically and uphold their fiduciary duty to shareholders and will hold them accountable as such.”
Some highlights of the complaints filed in the lawsuit:
• Target’s LGBT activism repeatedly provoked consumer backlash and subjected Target to social and political risks
• Despite increasing risks, Target drastically expanded its LGBT activism with the 2023 LGBT-Pride Campaign
• Target’s disastrous 2023 LGBT-Pride Campaign triggered consumer boycotts that cost investors billions
• Target and CEO Brian Cornell misleadingly downplayed the severity of consumer backlash to the 2023 LGBT-Pride Campaign
Read the lawsuit here.
Inspire Advisors is the wealth management division of the Inspire Investing family of companies, an enterprise with $2.3 billion in assets under management (as of 11/30/23). Inspire has ranked as a top RIA by FA Magazine for seven years in a row. Inspire was also recognized in The Financial Times' “Americas’ Fastest Growing Companies” 2021 and 2022 report and the Inc. 5000 list of fastest-growing private companies in America four years running. The Inspire Advisors platform is purpose-built from the ground up to support Christian financial advisors who want to run their practices with diligent, biblically responsible investing (BRI) alignment, a growing conviction among financial advisors and their clients.
Investment advisory services offered through Inspire Advisors, LLC and Inspire Investing, LLC, both Registered Investment Advisors with the SEC.