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The Tokyo Stock Exchange said Monday it has started looking into Fujitsu Ltd. explanation for the resignation of its former president.

It is normal for the exchange to launch an investigation if a listed company corrects previously disclosed information, a TSE spokeswoman said.

The bourse could take action if it judges that Fujitsu's earlier disclosure was problematic, depending on whether it was possible to fully provide correct information at the time of the disclosure, or whether it intentionally gave inaccurate or insufficient information, the spokeswoman added.

On March 5, Tokyo-based Fujitsu said Nozoe, 62, was contesting his resignation and it had received a letter from his lawyer asking for it to be reversed.

Nozoe asked for reinstatement because the reasons given for his resignation were false, the Asahi newspaper reported March 5. Executives at the company including senior adviser and former Chairman Naoyuki Akikusa pressed Nozoe to step down, saying that he wasn’t “appropriate” for the president’s job, Asahi said.

Fujitsu fell 4.3 percent to 559 yen as of 12:42 p.m. on the Tokyo Stock Exchange, the biggest decline since Sept. 25. The stock was the worst performer on the benchmark Nikkei 225 Stock Average, which added 1.7 percent.

Nozoe, who was sick at the time of his resignation, agreed to cite health reasons to avoid damaging the reputation of the company he headed, Fujitsu said on March 6. Nozoe agreed to step down as chief executive because he understood his actions put the company’s reputation at risk, not because of malpractice or illegal actions, according to the statement.

Nozoe became president in June 2008. In January, Fujitsu named Masami Yamamoto president. He will take over on April 1 from Chairman Michiyoshi Mazuka who temporarily assumed the role after Nozoe’s resignation.
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