Telit Communications PLC (LON:TCM) told investors that it has received formal notification from the Financial Conduct Authority (FCA) that it has completed its investigation into Telit and has decided not to take enforcement action.
“We are very pleased that this matter has now been resolved,” said chairman Simon Duffy.
“The composition of the Board has changed completely since the events that were the subject of the FCA's investigation and Telit's corporate governance has improved significantly."
In March 2018, Telit revealed it was being investigated by Britain’s financial watchdog around the timeliness of the company’s reporting.
Separately, almost a year ago, in July, the firm agreed settlement terms with the London Stock Exchange for a public censure and a fine of £350,000, which has been waived in full, relating to breaches of rules 3 and 31 of the AIM Rules for Companies.
The AIM-listed global enabler of the Internet of Things (IoT) pointed out that the events leading up to the censure related to the actions of Oozi Cats, who was the CEO at the time of the company's Admission to AIM up until his resignation in August 2017.
At that time, it explained that the censure related specifically to the company's failures of disclosure regarding his indictment in the US or previous variations of his name. Telit said it has subsequently entirely reconstituted its board and as noted in the London Stock Exchange's statement, has fully cooperated in its investigation.