Orlando, FL 5/4/12 (StreetBeat) -- Assisted Living Concepts (NYSE: ALC) is retreating, after the company announced in an SEC filing that it was being sued by one of its landlords because two states have decided to revoke its licenses to operate three assisted living facilities.The landlord, Ventas Realty (NYSE: VTR), is the landlord for eight of the assisted living facilities operated by Assisted Living Concepts, and alleges that the revocation of the latter's licenses constitutes a violation of its lease. Ventas is seeking to have Assisted Living evicted from the facilities it's leasing to the company. Meanwhile, Assisted Living's board has decided to investigate possible irregularities in the lease. In early trading, Assisted Living tumbled $2.17, or 11.32%, to $17.00.
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