The company, Aveo, is accused of exploiting vulnerable seniors by making them pay excessive fees and providing inadequate care.
The move follows a joint investigation between Fairfax Media and the ABC's 4 Corners program.
John Hayto is an 86 year-old resident of a retirement village in Melbourne run by Aveo.
He says last year he fell at his unit and was left there without food, water or his medication.
Finally, he was found by a cleaner five days later.
"I tried to get help, singing out and making noises and all that sort of thing, to no avail. And that was a Sunday."
Mr Hayto didn't know a friend had already rung the facility on the second day, asking for a staff member to check on him.
But no action was taken.
Another resident, Gwyneth Jones, says the company tried to deliberately evict her by alleging she was disruptive and difficult.
"I went to pieces when I read again what they had written about me. That 'Gwyneth stood naked in front of her window', so that she could be viewed from the street 'by the children walking to and fro from school.' 'Gwyneth urinated all over the lounge room furniture in our common room'. 'Gwyneth left faeces right along the hallway along to her unit.' 'Gwyneth stole the key from the office so she could open everybody's unit.' "
The Fairfax-ABC investigation also alleges Aveo charged excessive fees for basics like beverages, changing of light bulbs and unlocking doors.
It also charged residents up to 40 per cent when they tried to leave their contract.
Aveo in a statement said it has been standardising exit fees across the group and it did not profit from charging residents for random items and services.
It's also defended its treatment of Ms Jones, standing by its claims the 77 year-old had problems with other residents.
But it denies that it wanted her removed from the facility.
"Look, I think it is important to understand how retirement villages in Australia operate."
Ben Myers is the executive director of Retirement Living at the Property Council, of which Aveo is a member.
He says the industry is doing much work on ensuring retirees in villages get good value for money and are happy.
"I think the industry is working to make contracts simpler. We have legislation around the country that stipulates what goes into each contract but the important thing for anybody looking to go into a retirement village, anybody looking to buy any property, is to make sure they understand the contract and that is something that over the last couple of years, the industry has been very focused on achieving. There is a long way to go but I think big inroads have been made to improving the simplicity of contracts around the country."
The minister for aged care, Ken Wyatt, says the exploitation aired in the program made him uncomfortable.
He's promised to look back at an almost decade-old Senate report into aged care, and potentially take action through the Australian Competition and Consumer Commission.
"I'd certainly look at having a look at the regulatory body and then certainly talking about the level of fees and the abolition would have to be a factor I'd have to consider but I won't commit to that until I have read the report. I understand what you are saying and I understand what came through very clearly on Four Corners and what came through is unfair and we certainly have to prevent exploitation of senior Australians."
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