HARTFORD, Conn., Jan. 19, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Columbia on behalf of all persons who purchased or otherwise acquired the securities of Sunrise Senior Living, Inc. ("Sunrise" or the "Company") (NYSE:SRZ) between August 4, 2005 and June 15, 2006, inclusive, (the "Class Period"), including those who owned Sunrise common stock from 2000 through 2006 at the time Sunrise's 2000-2006 Proxy Statements were circulated to shareholders to solicit their votes on various matters.
The Complaint alleges that Sunrise and certain of its officers and directors violated Federal Securities laws. Specifically, defendants issued materially false statements regarding the Company's stock option plans, its compensation practices and its financial results. While Sunrise's common stock traded at artificially inflated levels, as a result of the misrepresentations, the individual defendants sold their shares for proceeds of over $34 million. It is also alleged that defendants had previously manipulated the Company's stock option plans so as to enrich themselves by "backdating" the stock options they were granted.
On May 9, 2006, Sunrise disclosed a delay in reporting its first quarter 2006 results and on July 31, 2006, Sunrise revealed it would restate its financials going back at least to 1999 and that its prior financial statements could no longer be relied upon. Sunrise also admitted it could not file current period financial statements 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 from its joint ventures and real estate sales would be eliminated.
If you are a member of the class, you may, no later than March 19, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard, P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard, P.C. toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.