Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses of more than $50,000 in Sun Communities (NYSE:) to contact him directly to discuss their options
If you suffered losses of more than $50,000 Sun communities between February 28, 2019 and September 24, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi Partners Josh Wilson directly at 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – December 29, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Sun Communities, Inc. (“Sun Communities” or the “Company”) (NYSE: SUI) and reminds investors of this Deadline: February 10, 2025 to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As further discussed below, the complaint alleges that the Company and its officers violated federal securities laws by making false and/or misleading statements and/or by failing to disclose material adverse facts about the source of funds, viz said loans and a $4 million mortgage. Importantly, defendants concealed important information about insider trading by board members, loans taken out by CEO Shiffman on behalf of SUI, and the mortgage signed by CEO Shiffman on behalf of a company called DH Bingham Farms LLC. Such statements without these material facts caused plaintiff and other shareholders to purchase SUI’s securities at artificially inflated prices.
On September 25, 2024, Blue Orca Capital released a report alleging, among other things, that Sun Communities’ CEO “received an undisclosed $4 million loan from the family of a purportedly independent director who was in the business.” Sitting on the Audit Committee and chairing the Compensation Committee for almost a decade.
On this news, Sun Communities’ stock price fell $1.62, or 1.2%, to close at $137.48 per share on September 25, 2024, hurting investors.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, who is appropriate and typical of the class, and who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may request the Court to serve as lead plaintiff through counsel of their choice, or may elect to do nothing and remain an absent class member. Your ability to participate in any recovery will not be affected by the decision to serve as lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Sun Communities’ conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234825
