SAN DIEGO, Dec. 17, 2024 /PRNewswire/ -- Robbins LLP announces that a shareholder filed a class action on behalf of all investors who purchased or otherwise acquired Sun Communities, Inc. (NYSE: SUI) securities between February 28, 2019 and September 24, 2024. Sun Communities is a real estate investment company that focuses its investments on manufactured housing communities, recreational vehicle communities, and marinas.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Sun Communities, Inc. (SUI) Misled Investors Regarding Conflicts of Interest
According to the complaint, during the class period, defendants failed to disclose to investors that the Company was receiving money through undisclosed loans and a $4 million mortgage. Specifically, defendants concealed key information regarding board members' insider trading, loans taken on behalf of the Company by the CEO, and the mortgage signed by the CEO on behalf of an entity called DH Bingham Farms LLC.
Plaintiff alleges that the truth emerged on September 24, 2024, when Blue Orca published a report detailing that Sun Communities' CEO Shiffman received an undisclosed $4 million mortgage from the family of independent board member Brian Hermelin. Blue Orca reports that Hermelin, who has been Chair of the Compensation Committee and a member of the Audit Committee since 2015, is also a stepcousin of CEO Shiffman and their families reportedly have a "close-knit bond." Additionally, the report finds that CEO Shiffman has borrowed money from Arthur Weiss, a board member and partner of law firm that serves as Sun Communities' general counsel, according to the Company's 10-K. Weiss paid the doctor implicated in a life insurance fraud scheme $700,000 on behalf of Shiffman. Blue Orca's report called into the question the integrity of Sun Communities' board and the integrity of the Company's governance, controls, and financial disclosures. On this news, the price of Sun Communities' stock fell harming investors.
What Now: You may be eligible to participate in the class action against Sun Communities, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 10, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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SOURCE Robbins LLP
