Tecmo shares plummet after Itagaki departure
Friday, 06 Jun 2008 09:20
Tecmo's share price has been rocked by the Tomonobi incident
Publisher Tecmo has seen its share price fall by more than ten per cent since the news of Tomonobu Itagaki's resignation from, and lawsuit against, the company became public knowledge.
Mr Itagaki has filed a complaint with the Tokyo district court against Tecmo for unpaid completion bonuses, as well as against the company's president for "unreasonable and disingenuous statements" made towards him.
It has been revealed that Mr Itagaki is seeking £700,000 in damages and is leaving his post on July 1st.
Tecmo swiftly repudiated the comments made by Mr Itagaki, denying the acclaimed developer's claims and accusing him of distorting the facts to suit his own ends.
It also released a statement apologizing to customers, stockholders and business partners for Mr Itagaki's decision to make public what it thought was an internal matter.
The publisher's share price has dropped 1,102 yen (£5.20) at market close on Tuesday, June 3rd, to 982 yen (£4.60) at the time of writing.