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Finance

Tecmo suffers stock hit on Itakagi comments

Thu 05 Jun 2008 8:15am GMT / 4:15am EDT / 1:15am PDT
Finance

Company sees 10 per cent of its value wiped following developer's resignation and threat to sue

Tecmo Ltd, the company behind the Ninja Gaiden and Dead or Alive titles, has lost around 10 per cent of its stock exchange value after its share price dropped following an outburst from influential developer Tomonobu Itagaki.

Itagaki resigned from developer Team Ninja earlier this week and filed for JPY 148 million (USD 1.42 million) in damages over unpaid bonuses and "disingenuous" statements.

Parent company Tecmo hit back denying responsibility for the bonus payment, branding comments about the Tecmo president, Yoshimi Yasuda, as "distortions" and criticising Itagaki for taking the credit for titles away from the rest of Team Ninja.

However, that response didn't prevent the company's share price from falling from JPY 1102 (USD 10.4) at close on Tuesday to JPY 985 (USD 9.29) by 9:30am the following morning - a total drop of 10.6 per cent.

The price currently stands at JPY 982 (USD 9.26).

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