A Deadline is coming up on July 18, 2016 in the lawsuit for investors in Target Corporation (NYSE:TGT and NYSE:TGT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/18/2016 -- The Shareholders Foundation announced that a deadline is coming up on July 18, 2016in the lawsuit filed for investors of Target Corporation (NYSE:TGT) over alleged securities laws violations by Target.
Investors who purchased shares of Target Corporation (NYSE:TGT) have certain options and there are strict and short deadlines running. Deadline: July 18, 2016. NYSE:TGT stockholders should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the District of Minnesota 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'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 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 o 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.
Those who purchased shares of Target Corporation have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego