I had a similar problem with a F355 a while back. It turned out to be caused a fouled spark plug. Other potential casues are a burned out cat or a faulty sensor. Before getting into more complicated analysis, suggest you:
- check all fuses
- reset the engine management system
Does the exhaust have any odd smell like sulfur or rotten eggs? This would be a catalytic convertor going bad or clogging up. Do you hear any misfires out of the tail pipes? Is one side's exhaust gas hotter than the other? If the cat seems fine, then the problem is in the area of fuel/ignition as "Boxer" alluded to. Verify plug wires are okay, and maybe change spark plugs. Lastly it could be a bad thermo-couple. These are sensors that read exhaust temps and trigger the warning light when there's a poblem. Maybe try swapping them and see if the warning light does the same.
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