Sunrise NYSE delisting may be imminent
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.