Sunrise to increase capacity by 12% in 18 months
Despite "frustrations" surrounding its lengthy accounting review, Sunrise Senior Living Inc. expects to increase capacity by more than 6,300 residents, or 12%, within the next 18 months, Chairman and CEO Paul Klaassen said Tuesday.The company, which released preliminary financial data for the 2007 first quarter, said it has not yet finalized its restatement of financial statements for the years ended 2003, 2004 and 2005. It also plans to file quarterly data for 2006 and the first quarter of 2007. That will happen after it files a restated 2005 statement with the Securities and Exchange Commission.
Sunrise, which has been under fire for possible insider trading and other financial problems, said the independent committee's review of certain insider sales and other financial issues is ongoing. Last week, Sunrise officials said they had fired Chief Financial Officer Bradley B. Rush.