Xybernaut faces woes as CEO/President resign
As corporate collapses go, Xybernaut's plummeting fortunes don't rank anywhere near the implosions of giants like Worldcom and Enron. Nevertheless, the company's ills are a reminder the bubble mentality didn't disappear with the dot-com bust. This week, the company's CEO and President, brothers Edward and Steven Newman, were forced out amid charges that they spent company money on themselves, hired family members without disclosing it to the SEC and hid info from board members. The company's stock has slid from close to $30 to 27 cents. As of now, though, the company is still in business with new management, and if they can get a few more customers for their specialized thin-client tablets, they could still come back.
