Sunrise Senior Living Inc., the largest assisted living
chain in the United States, faces a delisting from the New York Stock Exchange
after missing a deadline to file an earnings report.
Sunrise said in a statement that if it is suspended from
trading it expects common stock to be traded on Pink Sheets, an electronic
quotation service for securities traded over-the-counter, with no interruption
of trading in its shares. It said it is working to complete its 2006 Form 10-K filing, which was due on Monday.
Accounting problems have dogged the McLean, VA-based
chain for several months. Paul Klaassen, founder and chief executive officer at
Sunrise, has voluntarily repaid to the company his bonus compensation that was
awarded between 2003 and 2005, and disclaimed any opportunity to receive bonuses
for 2006 and 2007, Tuesday's company statement said. He "is dedicated to
re-establishing the appropriate tone and culture necessary to restore an
effective control environment," the statement said.