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CEO controversy slashes IoT darling Telit’s share price

An incendiary report has emerged from Italian outlet il Fatto Quotidiano, alleging that RF module specialist Telit’s CEO is a fugitive defendant in a 1992 wire fraud case in Boston. The news has caused Telit’s share price to plummet by 40% (peaking at a 54% drop), and the board has approved CEO Oozi Cat’s request for a leave of absence while the lawyers investigate. The report alleges that CEO Oozi Cats is also the Uzi Katz that was indicted by Boston’s district court in 1992, on charges of wire fraud – later called a “fugitive defendant” in court documents that il Fatto Quotidiano claims to have seen. Telit has appointed a law firm to review the allegations. The apparent revelation…

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