Sunrise suspends CFO amid financial probe
Contemporary Long-Term Care Weekly, April 26, 2007
Sunrise Senior Living, Inc., announced yesterday it had suspended its chief financial officer (CFO), according to a company press release. The company remains under investigation for alleged insider stock sales and financial restatements. Explaining the the suspension of CFO Bradley Rush, with pay, Sunrise's board of directors said Rush's stewardship was "not consistent with the document-retention directives issued by the company." Sunrise has appointed chief accounting officer Julie Pangelinan as interim CFO.
The announcement sent Sunrise shares down about 11%, reported Reuters. Based in McLean, VA, Sunrise is the oldest and largest provider of seniors housing in the United States, with 440 properties both here and abroad. The company has also said it will announce its Q1 financial data during a conference call on May 8.
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