An audit investigation into former Oxygen Biotherapeutics (NASDAQ:OXBT) CEO Chris Stern concluded that Stern lied about his academic background and engaged in undisclosed securities deals with a vendor that he later tried to cover up. The audit report outlining the findings was included in the company’s quarterly report. Stern’s position as chairman and CEO of Oxygen Biotherapeutics was terminated on August 24. At the time, the company did not explain the reasons for Stern’s firing other than to say it was “for cause” and that he would therefore not be paid any severance. Michael Jebsen, CFO since 2009, was named interim CEO.
