Money Never Sleeps
Sunrise Senior Living has reached a settlement with the United States Securities and Exchange Commission (SEC) which should end ongoing discussions relating to allegations of incorrect company reporting dating back to 2003.
Following the company’s retreat from the German residential care market (CCMN June 2010), it has now revealed that there will be no civil penalties against the company over longstanding reporting problems which have rocked the reputation of Sunrise. On making the announcement, chief executive Mark Ordan commented: ‘We are very pleased to put this matter behind us. This is another very positive step in rebuilding the organisation.’ The company recently revealed that despite holding debts worth $424.2m (of which $241.3m is in default) it had paid early bonuses to its senior team. Mr Ordan was handed $325,000 while the chief financial advisor Julie Pangelinan and chief information officer Gregory Need were both given $133,333.