Australian Over-50s Village Operator’s Stock Drops on Fee Ruling

Lifestyle Communities Ltd. shares tumbled the most in 16 years after an Australian state tribunal ruled that some of the retirement village operator’s exit fee agreements should be scrapped.

The stock plunged as much as 42%, the most since January 2009, after the Victorian Civil and Administrative Tribunal found that some of the company’s deferred management fees, also known as exit fees, should be declared void. The company plans to appeal the decision, it said in an exchange statement Tuesday.