McLean-based adult housing company Sunrise Senior Living has suspended its chief financial officer as the result of a review into alleged insider stock sales.
Sunrise Senior Living suspended Bradley Rush with pay, effective April 23. The move came after an independent committee, which looks into insider stock sales, the company’s stock option practices and other matters, briefed the company’s board of directors.
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The suspension is indefinite until the committee completes its review, said Sunrise Senior Living Vice President of Investor Relations Lisa Mayr, adding she did not know when the investigation would be finished.
In a statement, Sunrise Senior Living described Rush’s actions as “not consistent with the document retention directives issued by the company,” but did not elaborate further.
Sunrise Senior Living has appointed its chief accounting officer, Julie Pangelinan, to acting chief financial officer in the interim.
The company said in March it will restate its financial statements for prior time periods pending the result of the committee’s review. The U.S. Securities and Exchange Commission previously had contacted the company with issues with a number of its filings, such as its yearly financial report for 2005.
Sunrise Senior Living operates 440 communities internationally, including around 25 in the D.C. area.
