ATTENTION: Are you a shareholder of @Target @Kohls @abinbev, or other companies that are promoting transgender, LGBTQ and PRIDE products and diminishing shareholder value?
— America First Legal (@America1stLegal) May 30, 2023
We want to hear from you: info@aflegal.org https://t.co/mEbMWPp8jk
Corporations that wrecked their images in woke marketing campaigns could pay a price for decisions that cost shareholders money.
On May 30, America First Legal took to Twitter on a fishing expedition looking for disgruntled shareholders who have seen their investments flow down the drain faster than a barrel of Bud Light since the beer’s embrace of transgender activist Dylan Mulvaney led to a weeks-long boycott that shows no sign of stopping.
“ATTENTION: Are you a shareholder of @Target @Kohls @abinbev, or other companies that are promoting transgender, LGBTQ and PRIDE products and diminishing shareholder value? We want to hear from you,” the law firm posted.
Newsweek wrote that the strategy appears to be to sue the companies over decisions that led to massive stock declines.
Anheuser-Busch InBev, which makes Bud Light, has seen its stock price drop 9 percent this year, including a 5 percent drop May 30, according to MarketWatch.
The MarketWatch report cited figures from Bank of America based on Nielsen research covering four weeks that ended May 20.
Data shows Anheuser-Busch volume dropped 17 percent across multiple brands, with Bud Light leading the decline with a 28 percent sales drop while Budweiser was down 16 percent, Michelob Ultra down 10 percent and Busch down 12 percent.
Target has also paid a price for promoting “pride” merchandise. A backlash against it led to a 12.6 percent stock price drop in only a few days, according to Fox Business.
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