April 20, 2020 - The Court of Appeals affirmed the court's decision. The case was dismissed.

April 18, 2018 - A notice of appeal was filed.

July 31, 2017 - The court granted defendants' motion to dismiss.

November 14, 2016 - An amended consolidated complaint was filed.

May 17, 2016 - An investor in shares of Target Corporation (NYSE: TGT) filed a lawsuit in the U.S. District Court for the District of Minnesota over alleged violations of Federal Securities Laws by Target Corporation in connection with certain allegedly false and misleading statements made between February 27, 2013 and May 19, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Target Corporation (NYSE: TGT) common shares between February 27, 2013 and May 19, 2014, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 27, 2013 and May 19, 2014 the Defendants violated provisions of the Exchange Act by issuing false and misleading statements regarding the Company’s launch of its operations in Canada.

On January 13, 2011, Target Corporation 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.

The plaintiff claims that beginning on February 27, 2013, and between February 27, 2013 and May 19, 2014, Defendants repeatedly offered positive statements concerning Target Corporation’s current and projected operations in Canada.

The plaintiff says that in part because of the purported success that Target Corporation 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 and that as a result of these misrepresentations, Target Corporation stock traded at artificially inflated prices February 27, 2013 and May 19, 2014.

The plaintiff alleges that unbeknownst to investors, Target’s Canadian expansion encountered operational problems from the start. The plaintiff says that 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.

On January 15, 2015, Target Corporation revealed the Company would discontinue its Canadian operations and that Target Canada Co. had filed for bankruptcy protection in Canada.

Shares of Target Corporation (NYSE: TGT) declined from $72.55 per share in July 2013 to as low as $55.69 per share in May 2014.