(Alliance News) - Telit Communications PLC said Tuesday UK regulators have completed its review into the company and has decided not to take enforcement action.
Chair Simon Duffy said: "We are very pleased that this matter has now been resolved. The composition of the board has changed completely since the events that were the subject of the Financial Conduct Authority's investigation and Telit's corporate governance has improved significantly."
Shares in Telit were 0.5% higher in London on Tuesday at 126.99 pence each.
In March 2018, the FCA launched an investigation into "the timeliness of announcing certain matters included in Telit's interim results", which were published in August 2017. The investigation was then expanded to cover the "accuracy" of a trading update and a share placing announced in 2017.
The wireless services provider has previously stated it has changed the entirety of its board since the events in question.
The company has been fighting scandal for years, after its former chief executive, Oozi Cats, resigned in August 2017, following reports over his alleged links to US fugitive Uzi Kats.
In May 2017, Cats sold a 5.5% stake in the company, or around 7.1 million shares at a price of 340 pence each, through controlled entities Boost BV and Mariselia Ltd. At that time, it was stated he was selling the shares in order to repay a loan.
He was then forced to resign after questions were raised about his true identity, with Italian media reporting that Cats might be the same Uzi Katz that was on the run from US authorities over allegations of wire fraud in the US state of Massachusetts in 1992.
By Paul McGowan; paulmcgowan@alliancenews.com
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