Sunrise board mulls company sale
Assisted living giant Sunrise Senior Living Inc. said Wednesday its board is exploring strategic alternatives, which include a possible company sale.Sunrise, which is based in McLean, VA, has been contending with a sluggish stock price in recent months. Contributing challenges include accounting problems and insider-trading allegations. The Securities and Exchange Commission in May launched a formal investigation into questionable financial practices.
In its announcement Wednesday, the company said it has not yet finalized its restatement of earnings for the years 2003, 2004 and 2005. It disclosed that the updated figures likely will reduce net income from 1999 through 2005 by more than $100 million.