Company News 

Seven days: 11 August

Seven days: 11 August

Torrid Telit's trouble

To say Telit Communications (TCM) has had a bad news week would perhaps be an understatement. After announcing a pre-tax loss and scrapping its dividend for the first half, there is also trouble at the top. The self-described enabler of the ‘internet of things’ issued a statement in response to speculation around historical indictments in the US of Telit’s chief executive Oozi Cats. The Israel-based group said the allegations were unrelated to Telit and significantly pre-dated its establishment. Telit’s board has appointed independent solicitors to conduct a review and approved Mr Cats’ request for a leave of absence from Telit, pending the outcome. Finance director and president Yosi Fait will serve as interim chief executive. The shares fell by a further 30 per cent on the day of the latest announcement.

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