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Bragar Eagel & Squire, P.C. Is Investigating Winnebago, Visa, and Sun Communities and Encourages Investors to Contact the Firm
Globe Newswire 15-Oct-2024 9:00 PM
NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Winnebago Industries, Inc. (NYSE:WGO), Visa Inc. (NYSE:V), and Sun Communities (NYSE:SUI). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
On September 23, 2024, Hunterbrook Media published an article called "‘Grand Deception"- Winnebago Muzzles Outcry Over Major Problem That Owners Say Makes RVs Dangerous, Untowable, Worthless." The article stated that Winnebago's "best-selling Grand Design RVs" appear to be "experiencing frame failure, potentially affecting thousands of units sold for more than a billion dollars. This defect has led to costly damage and potential safety hazards, and rendered some RVs unroadworthy." The article continued to state that "Winnebago has used NDAs, buybacks, and online censorship to silence complaints about frame failure[.]" Following this news, Winnebago's stock dropped $1.35 per share, or 2.28%, to close at $57.76 on September 23, 2024.
On September 24, 2024, during market hours, The United States Department of Justice issued a release entitled "Justice Department Sues Visa for Monopolizing Debit Markets." In this release, the DOJ announced that it had "filed a civil antitrust lawsuit today against Visa for monopolization and other unlawful conduct in debit network markets[.]" The release further stated that the "complaint alleges that Visa illegally maintains a monopoly over debit network markets by using its dominance to thwart the growth of its existing competitors and prevent others from developing new and innovative alternatives."
The release quoted Attorney General Merrick Garland as stating that "[w]e allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market[.] Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa's unlawful conduct affects not just the price of one thing – but the price of nearly everything."
On this news, the price of Visa stock fell 5.4% on September 24, 2024.
On September 25, 2024, Blue Orca Capital published a report concerning Sun Communities. In this report, Blue Orca Capital stated that "Our diligence reveals that SUI's CEO received an undisclosed $4 million loan from the family of a purportedly independent Director who has sat on the Audit Committee and chaired the Compensation Committee for close to a decade. Put simply, undisclosed to investors, the family of a Board member overseeing the CEO's compensation and Company controls has been lending the CEO money to finance the purchase of luxury real estate. Stunningly, this is not the only undisclosed personal loan we uncovered from a SUI Board member to the CEO."
Following the release of this report, a decrease in the Company's share price was observed during the early morning trading on the same day, September 25, 2024.
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
