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Possible Breach of Fiduciary Duty, Target Officers and Directors

What did the officers and directors at Target know regarding the enormous data breach at Target, and when did they know it?

March 11, 2014.  Via groundreport.com.

The Shareholders Foundation announces that an investigation on behalf of current long-term stockholders of shares of Target Corporation (NYSE:TGT) was initiated concerning whether certain Target officers and directors were responsible for a breach of fiduciary duty in connection with certain statements.

The investigation by a law firm concerns whether certain Target officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.

Target Corporation reported that its Total Revenue rose from over $65.35 billion for the 52 weeks period that ended on Jan. 30, 2010 to over $73.3 billion for the 53 weeks period that ended on February 2, 2013 and that its respective Net Income rose from $2.92 billion to over $2.99 billion.

Shares of Target Corporation (NYSE:TGT) grew from $25.65 per share in March 2009 to as high as $72.56 per share in July 2013.

On December 19, 2013, Target Corporation confirmed it is aware of unauthorized access to payment card data that may have impacted certain guests making credit and debit cardpurchases in its U.S. stores. Target Corporation said that approximately 40 million creditand debit card accounts may have been impacted between Nov. 27 and Dec. 15, 2013.

On January 10, 2014, Target Corporation announced updates on its continuing investigationinto the recent data breach and its expected fourth quarter financial performance. On January 14, 2014, it was announced that a proposed consumer class-action lawsuit has been filed against Target Corporation. On January 22, 2014, Target Corporation announced that it is eliminating about 475 positions and will not be filling 700 open positions.

This post originally appeared on groundreport.com

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