Tecmo Stock Takes 10% Hit After Itagaki Departure

By Aaron Linde, Jun 06, 2008 5:00pm PDT Within days of the sudden resignation of Team Ninja lead and Ninja Gaiden II (360) director Tomonobu Itagaki, shares of parent company Tecmo have tumbled more than ten percent in value.

According to GameSpot, Tecmo's shares were trading at 1,102 yen, or roughly $10.50, when the Tokyo Stock Exchange closed on Tuesday. Reports of Itagaki's departure surfaced the next morning, leading share prices to drop to 982 yen, or about $9.36, by the market's close on Wednesday.

Itagaki announced his resignation just before the launch of Ninja Gaiden II, also stating that he had filed a lawsuit against Tecmo over unpaid bonuses and "significant emotional distress" caused by company president Yoshimi Yasuda. The director claimed damages amounting to roughly $1.4M.

"I regret the circumstances that have forced me to leave Tecmo, where I had worked for so many years, and I regret the disappointment this will cause my fans," Itagaki said in a statement distributed Tuesday.

Tecmo has since assured fans that flagship franchises formerly helmed by Itagaki, Ninja Gaiden and the 3D fighter series Dead or Alive, will continue without Team Ninja's notorious director.

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