Tecmo shares nosedive on Itagaki exit

Publisher Tecmo's share price has plummeted more than 10 percent sinc🃏e news broke that Tomonobu Itagaki had both sued the company and handed in his resignation.

Earlier this week it emerged that Itagaki had filed a complaint with the Tokyo District Court against his employer Tecmo for unpaid completion bonuses, and against the company's president ♎for "unreasonable and disingenuous statements" made towards him.

He annou♔nced that he was claiming 148 million yen ($1.4 million) in damages and leaving his po🅘st on July 1.

Itagaki's comments were met with a swift rebuke from Tecmo, which denied the Ninja Gaiden II crea🎐tor's claims, in turn 🌄accusing him of "distortions."

The firm released a 🉐statement apologizing to customers, stockholders and bu🅰siness partners for Itagaki's decision to take public what it deemed to be a sensitive internal matter.

As reported by GameSpot, the whole affair has led to a sharp drop in the publisher's share price, fro⛦m 1,102🐲 yen ($10.40) at market close on Tuesday, June 3, to 982 yen ($9.27) at the time of writing - a drop of more than ten percent.

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Jun 5, 2008