September 22, 2018

Theranos: Scandal hit blood-testing firm to shut

06 September 2018, 02:00 | Rodolfo Wallace

Theranos is finally dead, company to wind down

Blood-testing startup Theranos reportedly to dissolve

They used advertising and solicitations to encourage doctors and patients to use Theranos's blood testing laboratory services despite knowing the company could not produce accurate and reliable results consistently, prosecutors had said.

His first expose on the company's technology ran in October 2015, and Theranos voided two years of its blood tests just seven months later.

Theranos has told its investors that the company will wrap up, paying "unsecured creditors its remaining cash", according to the Wall Street Journal.

The move comes after founder Elizabeth Holmes settled a shareholder lawsuit in July aimed at recovering whatever can be salvaged from the fallen blood testing startup.

Theranos founder Elizabeth Holmes was once lauded as the youngest self-made female billionaire.

Holmes and Balwani both pleaded not guilty at their arraignment.

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"For example, allegedly, Holmes and Balwani knew that the analyzer, in truth, had accuracy and reliability problems, performed a limited number of tests, was slower than some competing devices, and, in some respects, could not compete with existing, more conventional machines".

The SEC also alleged that claims the company would generate more than $100 million in revenue in 2014 were false, as it generated a little more than $100,000. The Journal reports that most of the company's remaining employees worked their last day on August 31, while Taylor and a few others have just a few more days on the payroll.

It was briefly one of the most celebrated companies in Silicon Valley - but Theranos, a company valued at $9bn (£7bn) at its peak, will soon be no more.

The Journal's investigation marked the beginning of the end of Theranos.

In March, US securities regulators accused the youthful entrepreneur of an "elaborate, years-long fraud". The SEC accused them of lying about the company's abilities, financial health and connections to the Department of Defense. Holmes agreed to pay a $US500,000 penalty in the civil case and is barred from serving as an officer or director of a public company for 10 years.

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