Sunrise appoints committee to look into possible wrongdoing

Share this article:

The Sunrise Assisted Living Inc. board has appointed a special independent committee to review recent insider sales of Sunrise stock, as well as the company's historical practices related to stock option grants, the company announced.

The move followed a request by an investor, the SEIU Master Trust, to investigate "concerns about insider stock sales, questionable accounting practices and improbably-timed stock option grants." The request said the company's failure to file financial statements for the first three quarters of 2006 prompted its concerns. Sunrise officials said they expect to be current in their filings with the Securities and Exchange Commission by March. 1.

Media reports after the SEIU Master Trust letter led the SEC to make inquiries, the company said. The special committee has retained independent outside legal counsel to assist in its review.
Share this article:

More in News

CMS expands therapy payment research

The government is expanding its research into alternative therapy payments, to consider more holistic changes to the way Medicare reimburses skilled nursing facilities, the Centers for Medicare & Medicaid Services announced Tuesday.

CDC tightens Ebola guidelines for healthcare workers

The Centers for Disease Control and Prevention has issued more stringent guidelines for how healthcare workers should interact with Ebola patients, following an outcry from nurses and other professionals.

Nonprofit providers face alarming market forces, must rally, LeadingAge chairman says

Nonprofit providers face alarming market forces, must rally, ...

Nonprofit long-term care providers must work together to address alarming trends, or their market share could plummet and the sector as a whole could falter, LeadingAge Chairman David Gehm told ...