Independent review comes up clean, Sunrise says

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An independent review panel charged with investigating allegations of financial wrongdoing at Sunrise Senior Living Inc. failed to find any illegal activity, the company disclosed.

A special independent committee appointed by the company's board of directors said it found no evidence of misconduct with respect to stock sales or timing of stock options grants. The Securities & Exchange Commission is also conducting an investigation into these activities and the company's historical accounting practices. The special independent committee is expected to continue its investigative work through Dec. 15.

Meanwhile, the SEIU Master Trust filed a corporate governance lawsuit in Delaware Chancery Court against Sunrise. The Master Trust, a pension fund sponsored by the SEIU, alleges the company is disregarding its corporate bylaws in connection with an annual shareholder meeting scheduled for October 16.