Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Sun Communities To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $50,000 in Sun Communities between February 28, 2019 and September 24, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Dec. 20, 2024 (GLOBE NEWSWIRE) — 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 the February 10, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose material adverse facts concerning where money was coming from, namely, undisclosed loans and a $4 million mortgage. Importantly, Defendants concealed key information regarding Board members’ insider trading, loans taken on behalf of SUI by CEO Shiffman, and the mortgage signed by CEO Shiffman on behalf of an entity called DH Bingham Farms LLC. Such statements absent these material facts caused Plaintiff and other shareholders to purchase SUI’s securities at artificially inflated prices.
On September 25, 2024, Blue Orca Capital published 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 has sat on the Audit Committee and chaired the Compensation Committee for close to 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, thereby injuring investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Sun Communities’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Sun Communities class action, go to www.faruqilaw.com/SUI or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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