Three days into his job, Florida Attorney General James Uthmeier on Thursday announced a class-action lawsuit that alleges Target Corp. did not properly disclose to investors the risks of a 2023 LGBTQ Pride campaign that drew a consumer backlash and caused a drop in the retailer’s stock price.

Shareholder lawsuits over corporate diversity initiatives have grown more common in recent years, but they're usually filed by activist investors or political groups. This is one of the first such cases from a U.