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Sunrise Provides Status Report on Special Independent Committee Investigation; Provides Updates on Management's Internal Control Review Efforts and on Legal Proceedings
Date:9/28/2007

pport, and transaction review.

The Special Independent Committee has now concluded the fact-finding portion of its investigation with respect to three issues. The first involves the timing of certain stock option grants. The second involves the facts and circumstances with respect to two significant categories of errors in the pending restatement relating to real estate accounting: accounting for the effect of certain Sunrise guarantees and commitments on timing of sale accounting and recognition of income upon sale of real estate; and accounting for allocation of profits and losses in those ventures in which Sunrise's partners received a preference on cash flow. The third involves whether directors and executive officers had non-public knowledge of possible accounting errors related to these real estate transactions prior to Sunrise's May 2006 announcement of its accounting review.

As described in greater detail below, the Special Independent Committee found:

-- no evidence of backdating or other intentional misconduct with respect

to the grants on the 38 grant dates examined, including those

specifically questioned by the SEIU, or the possible errors identified

by the Special Independent Committee in the accounting for stock

options;

-- no evidence of an intention to reach an inappropriate accounting result

with respect to the two categories of real estate accounting errors

reviewed, no knowledge that these accounting errors were incorrect at

the time they were made, and no evidence that information was concealed

from review by the external auditors at the time the accounting

judgments were made; and

-- no evidence that any director or officer who traded in the months prior

to the announcement of the accounting review had material non-public

information relating to either of these two categories of real estate

accounting errors.
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SOURCE Sunrise Senior Living, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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