Sunrise Senior Living, Inc. faces outside investigation
Contemporary Long-Term Care Weekly, December 20, 2006
Sunrise Senior Living, Inc., the nation's second largest operator of assisted living facilities, is facing allegations of insider stock sales, questionable accounting practices, and improbably timed stock option grants, according to a Services Employees International Union (SEIU) Master Trust press release. The McLean, VA-based Sunrise Senior Living, Inc., failed to file its financial statements for the past three quarters tipping off SEIU Master Trust, a shareholder of Sunrise Senior Living, Inc. SEIU Master Trust is requesting that the company conduct an independent investigation. The outside investigation team will research why the company failed to file its financial statements, the timing of CEO Paul Klaassen's stock option grants, and the selling of $32 million worth of shares by Sunrise executives prior to share prices falling 34%, stated the press release. To read more, visit www.sunriseshareholders.org.
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