| COMPANY |
Sun Communities, Inc. |
| COURT |
United States District Court for the Eastern District of Michigan |
| CASE NUMBER |
24-cv-13314 |
| JUDGE |
The Hon. Mark A. Goldsmith |
| CLASS PERIOD |
February 28, 2019, through September 24, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS FEBRUARY 10, 2025.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
On September 24, 2024, after the markets closed, Blue Orca published a short-seller report (the “Blue Orca Report”) reporting that: (1) Defendant Gary A. Shiffman, SUI’s Chief Executive Officer, received an undisclosed $4 million mortgage from the family of independent, SUI Board member Brian Hermelin, who is the step-cousin of Shiffman and their families reportedly have a “close-knit bond”; (2) Shiffman also borrowed money from Arthur Weiss, an SUI Board member who also serves as SUI’s General Counsel; and (3) Weiss paid a doctor implicated in a life insurance fraud scheme $700,000 on behalf of Shiffman. The Blue Orca Report called into question the integrity of SUI’s Board and the integrity of the company’s governance, controls, and financial disclosures. On this news, the price of SUI common stock declined $1.62 per share, or approximately 1.16%, from a close of $139.10 per share on September 24, 2024, to close at $137.48 per share on September 25, 2024.
The complaint 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 misrepresented and/or failed to disclose that: (1) the company engaged in related party transactions between Defendant Shiffman, and independent SUI Board member Brian Hermelin; (2) Shiffman borrowed money from Weiss; and (3) Weiss paid a doctor implicated in a life insurance fraud scheme $700,000 on behalf of Shiffman; and (4) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.