Status of Filing of 2006 Form 10-K
The Company continues to work diligently and plans to file its 2006 Form 10-K no later than the New York Stock Exchange ("NYSE") trading extension date of March 17, 2008. No assurance can be given that the Company will file its 2006 Form 10-K by that date. In the event the Company is not able to file its 2006 Form 10-K by March 17, 2008, the NYSE is expected to initiate de-listing of the Company's common stock from trading on the NYSE in accordance with its listing requirements.
Delay in Filing of 2007 Form 10-K
The Company is filing a Form 12b-25 today reporting that its filing of
its 2007 Form 10-K will be delayed.
Legal Proceedings Update
-- Trinity OIG Investigation and Related Qui Tam Action. On September
14, 2006, the Company acquired Trinity for $75 million with the
objective of entering the hospice care industry. On January 3, 2007,
Trinity received a subpoena from the Phoenix field office of the
Office of the Inspector General of the Department of Health and Human
Services ("OIG") requesting certain information regarding Trinity's
operations in three locations for the period January 1, 2000 through
June 30, 2006, a period that was prior to Sunrise's acquisition of
Trinity. On September 11, 2007, Trinity and the Company were served
with a qui tam complaint filed on September 5, 2007 in the United
States District Court for the District of Arizona. That filing
amended a complaint filed under seal on November 21, 2005 by four
former employees of Trinity under the qui tam provisions of the
Federal False Claims Act. On February 13, 2008, Trinity
|SOURCE Sunrise Senior Living, Inc.|
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