Tecmo statement regarding recent lawsuits:
June 18, 2008
On and around June 15, 2008, various websites in the US reported a rumor about "dozens" of development staff members resigning and filing a lawsuit against Tecmo, LTD., following Tomonobu Itagaki's departure from the company. The rumors are false and no such action is taking place at the company.
On June 16, 2008, two employees filed a lawsuit against Tecmo, LTD. with accusations of withholding overtime pay. Although a lawsuit was filed by the two employees, on April 1, 2008, Tecmo, LTD. did notify all affected employees that they would be appropriately compensated and is currently in the process of resolving the matter. There are several inaccurate reports stating that all 300 company employees are named in the lawsuit and the company would like to clarify that only two employees are involved in the suit.
In addition, there were reports that Tecmo, LTD., a publicly traded company on the Tokyo Stock Exchange, withheld information from its shareholders regarding the lawsuit filed in May 2008 by Tomonobu Itagaki. The company has observed the provisions defined by the Exchange and has released information accordingly and in a timely manner.
It is unfortunate that false and inaccurate reporting of our organization and employees' actions have caused some unrest among our development staff members. Tecmo, LTD. would like to assure its partners and loyal fans that its teams continue to focus and work on several projects to be released and announced in the future. The company is committed to providing high quality, entertaining products for our fans around the world.
Your continued support of Tecmo, LTD. is appreciated and it is kindly asked that you handle news reports concerning the above matters with care.