Faruqi & Faruqi, LLP is investigating the claims on behalf of investor Sun Communities by Investing.com
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses greater than $50,000 in Sun Communities (NYSE: ) to contact him directly to discuss their options
If you have suffered losses greater than $50,000 Sun of the community between February 28, 2019 and September 24, 2024 and want to discuss your legal rights, call a Faruqi & Faruqi partner Josh Wilson direct on 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 to February 10, 2025 deadline to seek the role of lead plaintiff in a federal securities class action brought 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 inception 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 regarding where the money came from, namely undisclosed loans and mortgage of 4 million dollars. Importantly, the defendants withheld key information about insider trading by board members, loans taken out by CEO Shiffman on behalf of SUI, and a mortgage signed by CEO Shiffman on behalf of an entity called DH Bingham Farms LLC. Such statements without these material facts induced plaintiff and other shareholders to purchase SUI’s securities at artificially inflated prices.
On September 25, 2024, Blue Orca Capital released a report stating, among other things, that Sun Communities’ CEO “received an undisclosed $4 million loan from the family of a purportedly independent director who sat on the Audit Committee and chaired the Committee for fees for almost a decade.”
Following the news, Sun Communities’ share price fell $1.62, or 1.2%, to $137.48 per share on September 25, 2024, hurting investors.
A 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 the class members and who directs and oversees the litigation on behalf of the putative class. Any putative class member may propose to the Court to serve as lead plaintiff through counsel of his or her choosing, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by the decision whether or not you will be the lead plaintiff.
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 original version of this press release, visit https://www.newsfilecorp.com/release/234825
