Level 5 files for bankruptcy.
The company declares that mismanagement of resources has caused the company to lose the majority of their savings in a short timespam.
Akihiro Hino, executive director of the multimedia company Level 5, has come out today and declared that the state of the company is uncertain due to some "questionable investments" made by some of the higher-ups of the company. Hino expressed his surprise and dissapointment of this sudden and obscure moves from inside the company, and call them "an extreme case of broken trust". The investments themselves are still unclear, but many sources claim that the company spent the company's savings on hookers, drugs, sushi and all manner of recreative activities. The suspects of this seem to have hidden from the law and they are now being investigated by Japan's tax office.
Level-5 was established in October 1998 by Akihiro Hino and his development team, and it was responsible for the creation of franchises like Proffesor Layton, Inazuma Eleven and Youkai Watch.
Holy shit, I didn't expected this. What is going on?
EDIT: It seems that the Nintendolife article went down for some reason. But you can still access to the info if you go to the link of the author.
You know it deserves the GOTY.