CONSHOHOCKEN, Pa.- LAWFUEL – Class Action Lawsuit News, Law Jobs Network -Goldman Scarlato & Karon, P.C., a law firm with offices in Pennsylvania and Ohio, announces that a lawsuit has been filed in the United States District Court for the District of Columbia, on behalf of persons who purchased or otherwise acquired publicly traded securities of Sunrise Senior Living, Inc. (“Sunrise” or the “Company”) (NYSE:SRZ) between August 4, 2005 and June 15, 2006, inclusive, (the “Class Period”). The lawsuit was filed against Sunrise and certain officers and directors (“Defendants”).
If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at [email protected] and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than March 19, 2007 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that during the Class Period, Defendants issued a series of false and misleading statements regarding the Company’s business, its stock option plans, its compensation practices and its financial results.
On May 9, 2006, Sunrise disclosed that it would delay reporting its first quarter 2006 results to conduct a review of its financial results. On July 31, 2006, Sunrise revealed that it would be forced to restate its financial statements dating back to at least 1999. The Company also indicated that it could not file its current period financial results for the first, second and third quarters of 2006 and that when it restated its financial results, at least $100 million of previously reported profits would be eliminated. In reaction to these developments, Sunrise’s stock fell from $39.62 on May 8, 2006 to as low as $24.40 on July 31, 2006.
If you bought Sunrise securities between August 4, 2005 and June 15, 2006, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (888) 668-4130 to speak with an advisor.List your legal jobs on the LawFuel Network