The Breaking News Blog

All the latest news from the District, Maryland and Virginia

Local Digest

McLean's Sunrise Senior Living settles with SEC over investigation of finances

Sunrise Senior Living, a McLean-based retirement community operator, had faced an SEC probe into its financial reporting.
Sunrise Senior Living, a McLean-based retirement community operator, had faced an SEC probe into its financial reporting. (Kevin Clark/the Washington Post)
Buy Photo

Network News

X Profile
View More Activity
Saturday, July 24, 2010

REGULATORS

Sunrise settles SEC investigation

Sunrise Senior Living said Friday that it has agreed to settle with the Securities and Exchange Commission over an investigation into the McLean company's financial reporting from 2003 to 2005.

The SEC is not fining the residential living facilities operator but is entering a judgment that prohibits the company from violating certain financial reporting acts. Sunrise neither admits nor denies the SEC's allegations.

Two former company executives, Larry E. Hulse and Kenneth J. Abod, agreed to settle with the SEC without admitting or denying the allegations against them. Sunrise does not expect the SEC to take action against any other directors, officers or employees.

Shares of Sunrise rose 10 cents, to 3.8 percent, to close at $2.75.

-- Associated Press

STOCKS

Capital One slides on revenue concerns

Shares of Capital One Financial fell Friday after the McLean-based credit card issuer warned that revenue could decline in the next few quarters.

The bleak outlook came despite a quarterly profit that easily beat Wall Street expectations. But the strong performance came because the company had to set aside far less money for loan losses than it did a year ago. Charge-offs across the industry remain near record levels, and credit card companies are also adjusting to new regulations that limit their ability to charge fees and raise interest rates.


CONTINUED     1        >

More from Virginia

[The Presidential Field]

Blog: Virginia Politics

Here's a place to help you keep up with Virginia's overcaffeinated political culture.

Local Blog Directory

Find a Local Blog

Plug into the region's blogs, by location or area of interest.

FOLLOW METRO ON:
Facebook Twitter RSS
|
GET LOCAL ALERTS:
© 2010 The Washington Post Company

Network News

X My Profile
View More Activity