Well, in no particular order, since the high of ~12$ was reached there has been:
1) A proposal to abolish all grandfathered commissions.
2) A proposal to cap all account fees at 3% of the relevant funds.
3) A threat of abolishing the vertical integration model, potentially forcing a separation of the advice business.
4) A threat of a new shareholder class action in relation to the facts occurred up to 2014.
5) An aggressive cut in platform fees from a direct competitor.
6) Ongoing investigation from the Royal Commission into the Superannuation industry.
So, while the current SP is arguably already pricing in all of these risks (and then some, arguably), a price drop from that high is kind of understandable, wouldn’t you say?
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