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Sunrise Senior Living settles with SEC

Fri, 07/23/2010 - 10:45am
The Associated Press

Sunrise Senior Living Inc. said Friday that it has agreed to settle with the Securities and Exchange Commission over a previously disclosed investigation.

The SEC is not fining the residential living facilities operator but is entering a judgment that prohibits Sunrise from violating certain financial reporting acts. The company neither admits nor denies the SEC's allegations.

The complaint relates to the company's financial reporting from 2003 through 2005.

Two former company executives, Larry E. Hulse and Kenneth J. Abod, agreed to settle with the SEC without admitting or denying the allegations against them.

Sunrise believes the SEC will not take action against any other directors, officers or employees.

Shares of the company rose 16 cents, or 6 percent, to $2.81 in afternoon trading.

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