Telit Communications PLC (LON:TCM) has denied reports that the UK’s financial watchdog has launched a formal investigation into the technology firm.
Sky News reported that the Financial Conduct Authority was looking into the Internet of Things (IoT) company weeks after its chief executive Oozi Cats departed amid doubts about his true identity.
READ: Telit shares rise as boss Oozi Cats resigns after investigation into historical indictments
The report said details of the investigation were unclear but was expected to look into the timing and disclosures relating to a share sale in May by Cats.
In response to the claims, Telit said it had written the FCA in August requesting an investigation into certain matters. However, the regulator responded in a letter to say that the company was not under formal investigation.
“Telit will co-operate fully with the FCA with regard to its confidential enquiries and is currently addressing the matters which the FCA raised.”
Cats resigned in August after internal investigation revealed alleged historical indictments that the company said he had "knowingly withheld".
He had allegedly been on the run from US law enforcement since the early ‘90s after skipping a plea hearing. Telit hired a law firm to investigate whether Oozi and his wife were connected to the Uzi and Ruth Katz named in court papers.