Reports that EA president John Riccitiello has concerns about his future at EA because of the company's continued stock price dive are inaccurate, Wedbush analyst Michael Pachter has told GamesIndustry.

At the Develop Conference Pachter said that he and Riccitiello met for lunch last week, during which the EA boss expressed his concerns.

"He was asking me why no one wants to buy his stock," said Pachter. "He doesn't understand what's going wrong."

Riccitiello is reported to have said he believed that new consoles "were coming out in 2010-2011" but this hasn't happened. It's this lack of new hardware which has led to what Pachter calls "sequelitis" and it's bringing companies into decline.

However, the analyst has since told GamesIndustry that his comments have been misunderstood, stating he was "quoted 'accurately' but was kidding".