Investigation spurs Xybernaut resignations
Edward G. Newman and Steven A. Newman separately submitted letters of resignation from board of directors.
Two directors of the board of mobile-computing hardware company Xybernaut have resigned, the company announced late on Monday.
Edward G. Newman and Steven A. Newman separately submitted letters of resignation early last week. The board of directors had previously requested their resignations after an audit committee investigation found that Edward G. Newman had improperly used company funds.
The investigation report also indicated that members of Edward G. Newman's family were hired in direct violation of the company's anti-nepotism policy and the employment of the family members was not disclosed in SEC filings as required by SEC disclosure regulations.