Investors Sue Real Estate Trust Over Securities Fraud Claims

Investors claim Sun Communities Inc., a Michigan-based real estate investment company provided “overwhelmingly positive” statements to investors while hiding insider trading by board members, undisclosed loans, and a $4 million mortgage taken out by the CEO .

Named plaintiff Michelle Nelson alleges that she and other shareholders purchased Sun Communities’ securities at artificially inflated prices, according to her complaint filed Thursday on behalf of herself and a proposed class against the company, CEO Gary Shiffman, and three other top executives. Sun Communities and its executives provided investors with false financial statements, Nelson says in her complaint filed with US ...