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Two weeks ago, we reported some shareholders at Sunrise Senior
Living, Inc. (NYSE: SRZ) were upset regarding the Company’s
internal investigation of the possible backdating of stock options.
Northern Virginia-based Sunrise Senior Living, Inc. provides senior
living services in the United States, Canada, the United Kingdom,
and Germany.
Now it appears that other shareholders want more than an
independent investigation of circumstances involving the granting
of options. They have brought shareholder litigation against Sunrise
Living to recover their losses for several reasons. First, not surprisingly,
they alleged that certain corporate officers manipulated the
Company’s stock options plans so as to enrich themselves by
“backdating” options.
Second, last year there were some delays and restatements
of the Company’s financial statements. Specifically, on
May 9, 2006, Sunrise disclosed a delay in reporting its first
quarter 2006 results to allow a review of its financial statements.
Subsequently, on July 31, 2006, Sunrise admitted that it would be
forced to restate its financial statements going back several years -
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.
Investors who purchased stock between August 4, 2005 and
June 15, 2007 are affected.
Celestica, Inc. (NYSE: CLS) Shareholders Take Action
Toronto, Canada-based Celestica, Inc. (NYSE: CLS) provides
electronic manufacturing services to original equipment
manufacturers in the computing, telecommunications, aerospace
and defense, automotive, consumer electronics, and industrial
sectors in Asia, the Americas, and Europe. Shareholder litigation
has been brought against the Company because of alleged
misrepresentations.
Allegedly, shareholders purchased Celestica at an artificially
inflated price because the Company issued numerous statements
describing its financial performance and future prospects attributed,
in part, to success its restructuring activities and improvements in
the Mexican and European operations. However, it is alleged that
these statements were misleading because the Company failed to
disclose or misrepresented adverse facts, such as the Company
was experiencing declining demand in its Mexican operations and
that division was carrying significant amounts of unneeded inventory
which would have to be written off. Another fact that was not
accurately disclosed was that the Company was experiencing
declining demand in its Information Technology and communications
market segments as its larger customers scaled back purchases.
When these facts became public, the shares of Celestica common
stock declined.
Investors who purchased stock between July 27, 2006 and
December 1, 2006 are affected.
We are investigating these cases and if you are an affected
Sunrise Senior Living or Celestica investor, you may wish to
contact us at info@securitiessleuth.com or 877.511.4717.
Now with respect to securities cases that have recently settled. If
you are an affected investor – you purchased any of these stocks
during the relevant class period, you may wish to contact the
claims administrator to obtain additional information. Remember,
if you don’t submit your claim form, you won’t receive your share
of any settlement.
Wilbros Group, Inc. (WG)
Class Period: May 6, 2002 to May 16, 2005
Claims Deadline: February 28, 2007
Claims Administrator: Garden City
Krispy Crème Doughnuts (KKD)
Class Period: March 8, 2001 to April 18, 2005
Claims Deadline: March 5, 2007
Claims Administrator: Gilardi
Information regarding other recent settled cases, including the cases
listed below can be found at www.securitiessleuth.com.
Adelphia Communications (ADELQ)
Advanced Neuromodulation Systems, Inc. (ANSI)
Amerigroup Corp. (AGP)
Philip Services Corp. (PHV)
Again you should contact the claims administrator (rather than us).
However, if you are an affected investor in any of the companies
under investigation, you many wish to contact us so that you can
consider your options.
Likewise, if you happen to be aware of corporate restatements or
other financial fraud -- especially if you're a victim -- you're
encouraged to contribute to the Sleuth by giving your own tip-offs at
www.securitiessleuth.com or by e-mailing
info@securitiessleuth.com. You can also call Mark McNair at
877-511-4717. If you have a friend or colleague you think would
benefit from The Sleuth, please pass along this issue and ask them to
sign up at www.cartville.com/app/join.asp?MerchantID=47994.
Warmest regards,
Mark McNair
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