Tecmo denies Team Ninja exodus, extent of lawsuit [update]

Tecmo has issued a pair of press releases discounting certain "foreign media" reports (um, like, this one and that one), which allege that dozens of Team Ninja developers are leaving in the wake of Itagaki's resignation and that a lawsuit has been filed against the company on behalf of all employees. Tecmo called the rumors of a mass exodus "groundless" and claimed details about the lawsuit are "inaccurate." Tecmo pleaded with the media to be "fair" about the developing reports, as its employees have grown noticeably anxious. We'll keep you updated as we tiptoe toward a better understanding of the situation.

Update: Tecmo's sent along an English language version of the statement. Peep it after the break.

[Thanks Ittousai!]

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.

Tecmo, LTD.

This article was originally published on Joystiq.