According to the Complaint, Sun Communities, Inc. is a real estate investment company that focuses its investments on manufactured housing communities, recreational vehicle communities, and marinas. This lawsuit was filed against the Company and four of its Officers.

During the Class Period, Defendants provided investors with material information concerning SUI’s accounting practices and internal control over financial reporting. The Complaint alleges that Defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning where money was coming from, namely, undisclosed loans and a $4 million mortgage.

On September 24, 2024, after market close, Blue Orca Capital published a report that the Company's CEO received an undisclosed $4 million mortgage from the family of a Company Board member. In addition, the report found that the CEO borrowed money from another Board member. Blue Orca's investigation concluded that the CEO and his undisclosed loans from purported independent Board members greatly “compromises the independence of the Board as a whole, the Compensation Committee and, critically, the Audit Committee.” It also raises “questions as to the integrity of the Company’s governance, controls and financial disclosures.” Following the report's revelations, the Company's stock price declined dramatically. This lawsuit seeks to recover damages caused by Defendants' alleged violations of federal securities laws.

On July 17, 2025, the Court issued an Order appointing Lead Plaintiff and Counsel.