Aim-listed Telit denies it's under formal investigation by the FCA

 
Courtney Goldsmith
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The company denied it was under formal investigation
The company denied it was under formal investigation (Source: FCA)

Aim-listed technology firm Telit Communications has denied that it is under formal investigation by the Financial Conduct Authority (FCA) following media reports.

The company, which makes technology for Internet of Things devices, issued a statement after Sky News reported the FCA had launched an inquiry into Telit on the back of the departure of its chief executive, Oozi Cats.

Cats resigned in August, after he was accused of being Boston-based businessman Uzi Katz, who fled the US in 1992 after he was accused of wire fraud.

Sky reported the FCA's investigation included examining the timing and disclosures relating to a share sale in May by Cats.

Telit today said it had requested the FCA look into "various matters" which were of concern to the company in August.

"Subsequently, Telit received a letter from the FCA in response and raising preliminary enquiries. Telit has been informed by the FCA that it is not under formal investigation.

"Telit will cooperate fully with the FCA with regard to its confidential enquiries and is currently addressing the matters which the FCA raised," Telit said.

Shares in the company closed down more than two per cent at 170p.

Read more: Telit boss Oozi Cats has stepped down after fraud allegations

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