Sunrise Senior LivingCohen Milstein is court-appointed liason counsel in this lawsuit seeking class action status which 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. (NYSE:SRZ) between August 4, 2005 and June 15, 2006, 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 initial Complaints allege 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 29, 2007, the Company announced that the Securities and Exchange Commission had commenced a formal investigation and that the Company would restate its financial statements for the years ended December 31, 2003, 2004 and 2005. The Company further revealed that its board of directors appointed a special independent committee to review certain insider sales of Sunrise stock, the Company’s historical practices related to stock option grants and its historical accounting practices. The special independent committee has retained independent outside legal counsel to assist in its review. On July 31, 2007, the court appointed the City of Miami General Employees’ and Sanitation Employees Retirement Trust and the Oklahoma Firefighters Pension and Retirement System, as Co-Lead Plaintiffs. Lead Plaintiffs will file a Consolidated Amended Complaint within 45 days of the date the Company restates its financials.
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