What is the product of the following sequence of reactions? 
Definitions:
Directors
Persons chosen by the corporation's shareholders to supervise management and make important strategic choices for the company.
Due Diligence Defense
A legal defense used in securities law, asserting that all required investigations and disclosures were made appropriately.
Audited Financial Statements
Financial reports that have been reviewed and verified by an independent auditor for accuracy and compliance with accounting standards.
Material Fact
A fact that, if known, would influence a party's decision to enter into a contract or transaction.
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