TGT INVESTOR ALERT: Levi & Korsinsky, LLP Reminds Investors of an Investigation Involving Possible Securities Fraud Violations by Officers of Target Corporation

NEW YORK, March 23, 2023 /PRNewswire/ -- Levi & Korsinsky notifies investors that it has commenced an investigation of Target Corporation ("Target" or the "Company") (NYSE: TGT) concerning possible violations of federal securities laws.

Before market opened on May 18, 2022, Target announced results for the first fiscal quarter ended April 30, 2022, including that Fiscal 2022 second quarter gross margin for the quarter was 26.75%, down 426 basis points from the prior year. Target announced gross margins were primarily affected by unanticipated changes in consumer spending, as well as higher supply chain costs. Additionally, Target announced inventory was $15.08 billion, up approximately $1.1 billion compared to fourth fiscal quarter of 2021. Target explained inventories remained elevated versus expectations due to changing consumer spending habits. Target also announced that it was revising its fiscal year 2022 outlook, such that fiscal 2022 guidance concerning operating margin was lower to range centered around 6% from a margin rate of 8% or higher. Target attributed the guidance reduction, in part, to unexpected cost headwinds.

Following this news, Target's stock price fell approximately 25% to close at $161.61 per share on May 18, 2022. To obtain additional information, go to:

https://zlk.com/pslra-1/target-corporation-lawsuit-submission-form

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, Suite #427
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

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SOURCE Levi & Korsinsky, LLP