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American Aires (CSE: WIFI), a nanotechnology company selling health and wellness devices, announced an investigation into the company’s Founder, President and Chief Product Officer, Dimitry Serov. According to preliminary findings, the board determined that Dimitry diverted company funds for his benefit, made false or misleading disclosures regarding the company’s intellectual property, misappropriated intellectual property, and concealed that his wife held a 50% ownership in the company’s exclusive manufacturer. The board is seeking remedies and Dimitry’s immediate resignation. Of course, the news was published late on Friday night before the Labour Day weekend. That didn’t prevent the stock from declining 20% on the following trading day.
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