Sunrise Senior Living finally filed its 2006 annual report that restated earning from $80 million dollars to approximately $20 million. With the filing, Sunrise avoided having its common stock listing suspended by the New York Stock Exchange.
The restatement of earnings dates back to 1996 corrects aggressive accounting practices with respect to its reimbursable contract services. Under the NYSE rules, the Company has until September 17, 2008, to file its 2007 Form 10-K or else it may face de-listing once again.
With the restatement of earnings now a thing of the past, maybe the prospects will be brighter for Sunrise’s stock price.
For the full 2006 10-K for Sunrise Senior Living, click here.