Post-acute provider Sunrise Senior Living, McLean, Va., said it informed the New York Stock Exchange that it did not meet the scheduled March 17 trading extension deadline to file its 2006 form 10-K. A Sunrise spokesman would not comment beyond a corporate new release, which said the company continues to work diligently to complete its 2006 form 10-K, and is awaiting NYSEs determination with respect to the companys listing status. If the companys common stock is delisted, Sunrise said it expects shares to be traded over the counter on the pink sheets.
In December 2007, Sunrise said a special independent committee had concluded the fact-finding portion of a previously announced investigation related to accounting errors, and also announced the separation from the company of three of its executives. 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 an opportunity to receive bonuses for 2006 and 2007, in an effort to re-establish the appropriate tone and culture necessary to restore an effective control environment, Sunrise said in its March 18 news release.
As of Dec. 31, 2007, Sunrise operated 457 communities in Canada, Germany the U.K. and the U.S., and had 45 communities under construction in these countries. -- by Jessica Zigmond