Sunrise Senior Living Inc., the largest assisted livingchain in the United States, faces a delisting from the New York Stock Exchangeafter missing a deadline to file an earnings report.
Sunrise said in a statement that if it is suspended fromtrading it expects common stock to be traded on Pink Sheets, an electronicquotation service for securities traded over-the-counter, with no interruptionof 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-basedchain for several months. Paul Klaassen, founder and chief executive officer atSunrise, has voluntarily repaid to the company his bonus compensation that wasawarded between 2003 and 2005, and disclaimed any opportunity to receive bonusesfor 2006 and 2007, Tuesday’s company statement said. He “is dedicated tore-establishing the appropriate tone and culture necessary to restore aneffective control environment,” the statement said.
