Target was sued on Thursday by the state of Florida for allegedly concealing the risks of diversity and social initiatives that led to a customer backlash and wiped billions of dollars from the retailer's market value.

The lawsuit is part of a broader trend of conservative activism against businesses using diversity policies in their operations.

The suit claims the retailer knowingly “misled investors” by promoting diversity, equity and inclusion initiatives that prompted a backlash and hurt sales, ultimately costing shareholders.