Take content= instead of text=
For me it works. Only the disc-bullet (list-style-type: disc;) isn’t shown.
[su_tooltip title="Learn More About MaxMyBrand" content="<ul>
<li>Lorem ipsum dolor sit amet, consectetur adipiscing elit.</li>
<li>Phasellus nunc lectus, placerat vitae efficitur fringilla, gravida et libero.</li>
<li>Vivamus in eros sed enim lobortis congue. Interdum et malesuada fames ac ante ipsum primis in faucibus. Etiam eu tempor nisi.</li>
<li>Donec in tellus congue augue tristique fermentum sed dictum est. Donec pharetra placerat odio, quis placerat est.</li>
<li>Phasellus convallis tempor odio ac elementum. Nam ex enim, maximus a dignissim laoreet, euismod sed ex. Aenean elementum dignissim sapien non pellentesque. Phasellus eget ipsum dui.</li>
</ul>" position="top" background="#222222" color="#FFFFFF" font_size="16" text_align="left" max_width="300" radius="5" shadow="no" behavior="hover" class="" outline="yes" tabindex="yes" reference_tag="span" hide_delay="0"]Learn More[/su_tooltip]