SUI INVESTOR ALERT: Kirby McInerney LLP Notifies Sun Communities, Inc. Investors of Upcoming Lead Plaintiff Deadline in Class Action Lawsuit

/EIN News/ -- NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors of the February 10, 2025, deadline to seek the role of lead plaintiff in a federal securities class action filed on behalf of investors who acquired Sun Communities, Inc. (“SUI” or the “Company”) (NYSE:SUI) securities during the period from February 28, 2019, to September 24, 2024 (“the Class Period”).

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On September 24, 2024, Blue Orca Capital published a report that SUI’s CEO, Gary Shiffman, received an undisclosed $4 million mortgage from the family of independent SUI Board member Brian Hermelin. Blue Orca reports that Hermelin, who has been the 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 found that CEO Shiffman borrowed money from Arhtur Weiss, a SUI Board member and partner of law firm that serves as SUI’s General Counsel. Blue Orca’s investigation concluded that CEO Shiffman and his undisclosed loans from purported independent Board members greatly “compromises the independent of the Board as a whole, the Compensation Committee and, critically, the Audit Committee.” It also raised “questions as to the integrity of the Company’s governance, controls and financial disclosures.” On this news, the price of SUI stock fell $1.62 per share, from $139.10 per share on September 24, 2024, to close at $137.48 on September 25, 2024.

The lawsuit alleges that defendants provided investors with material information concerning SUI’s accounting practices and internal control over financial reporting.

If you purchased or otherwise acquired SUI securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the form below, to discuss your rights or interests with respect to these matters without any cost to you.

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Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com