Insider Stock Sales
Sunrise directors and executives "dodged a bullet" by selling $32 million worth of shares in the months leading up to the May 9, 2006 announcement of an accounting review, after which the share price fell by 34 percent, causing shareholders to lose $660 million.
- Ronald V. Aprahamian, chairman of the audit committee and member of the compensation committee, sold 20,000 shares for $757,040 on April 18, 2006, barely three weeks before the announcement.
- Chairman and CEO Paul Klaassen and his spouse, Teresa Klaassen, the founder, director, chief cultural officer, executive vice president, and secretary, disposed of 600,000 shares in 12 sales between December 19, 2005 and May 2, 2006, for total proceeds of $21,426,580. The last two sales, netting more than $3.6 million, took place just one week before the announcement.
- Thomas J. Donahue, a director since 1995 who sits on all four board committees and chairs the compensation committee, sold 102,666 shares for approximately $3.4 million on November 21, 2005.
- J. Douglas Holladay, chair of the nominating and corporate governance committee, sold 18,000 shares in four sales for $671,000 from November 7, 2005 to March 21, 2006.