The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Sun Communities, Inc. (“Sun Communities” or the “Company”) (NYSE: SUI) securities between February 28, 2019 and September 24, 2024, inclusive (the “Class Period”). Sun Communities investors have until February 10, 2025 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On September 24, 2024, after market hours, 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 complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) Board members’ insider trading, loans taken on behalf of Sun Communities by CEO Shiffman, and the mortgage signed by CEO Shiffman on behalf of an entity called DH Bingham Farms LLC; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Sun Communities securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com.
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