Telit says FCA probe over, no action will be taken

9th Jun 2020 09:07

(Sharecast News) - Telit Communications said on Tuesday that the Financial Conduct authority has completed its investigation into the enabler of the Internet of Things and has decided not to take any action.
Chairman 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 FCA's investigation and Telit's corporate governance has improved significantly."

AIM-listed Telit announced in March 2018 that the FCA was investigating a major profit warning made by the company in 2017. It said at the time that the FCA was looking into the "timeliness of announcing certain matters" contained within its interim results in August 2017.

In December 2018, Telit said the FCA was expanding the scope of its investigation into the accuracy of previous statements.