November 18, 2018

Theranos: Scandal hit blood-testing firm to shut

06 September 2018, 02:00 | Rodolfo Wallace

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.

Colin Kaepernick stars in new Nike ad campaign
On Tuesday, President Donald Trump says Nike is sending a "terrible message" by making Kaepernick part of a new campaign. Serena Williams has praised Nike's new Colin Kaepernick advertising campaign, calling it a "powerful statement".

New book details Trump's 'Crazytown' White House
McMaster and likened his former chief of staff Reince Priebus to "a little rat" who "scurries around". Almost four hours after his first tweet about the book, Trump tweeted again, this time at 11:01 p.m.

Flake slams Trump's Justice Department attack
Attorney, the judges unanimously voted to keep Berman as acting U.S. With the White House failing to name a permanent U.S. Attorney until a permanent replacement was selected.

"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.

Other News

Trending Now

Syrian and Russian warplanes pound Idlib before talks - monitor
The US State Department also warned that Washington would respond to any chemical attacks by the Syrian government or its allies. Iran, Russia , and Turkey are known as the three guarantors of a ceasefire in Syria's de-escalation zones.

Nike's Colin Kaepernick "Just Do It" ad just dropped early
It claimed Kaepernick has "sacrificed" - but the former quarterback has only become more famous since leaving the NFL . The ad concludes with Kaepernick saying: 'So don't just ask if your dreams are insane , ask if they're insane enough'.

New Orleans Braces for Tropical Storm Gordon
On the forecast track, the center of Gordon will move across the lower Mississippi Valley Wednesday . More than 4,000 Florida Power & Light customers lost power Monday due to weather conditions.

Eden Hazard: Chelsea happy to be in Liverpool Manchester City's shadow
They [Chelsea's title rivals] can drop points, we can win points. "I think at home we are a match for anyone", he said. They face newly promoted Cardiff City next as they look to continue their ideal start to the Premier League campaign.

India's top court legalises gay sex in landmark ruling
It also said that the section was in contravention to Articles 14 and 15, which guarantee equality and prohibit discrimination. The lone lady judge on the Bench, Justice Indu Malhotra had said that homosexuality is only a variation and not an aberration.

Trump praises Arizona governor's pick of Jon Kyl to succeed McCain
The next senator from Arizona , replacing the late Sen. "John Kyl is a dear friend of mine and John's", she tweeted. McCain , who died of brain cancer on August 25, was last re-elected in 2016; his term will expire in 2022.

Police Foil Bombing Near US Embassy in Cairo
Embassy in Egypt after chemicals in his backpack caught fire, an episode authorities labeled a botched attack. The area around the embassy has for decades been heavily policed, with concrete barriers blocking traffic.

Russian Federation says airstrikes targeted terrorists in Syria's Idlib
Seized from government forces in 2015, Idlib and surrounding areas form the last major swath of territory still in rebel hands. Secretary of Defense James Mattis attends a news conference at Libertador Building in Buenos Aires, Argentina, Aug. 15, 2018.

Hatch questions Kavanaugh about loyalty to Trump in Supreme Court confirmation hearing
Kavanaugh has produced more records to the committee than any other Supreme Court nominee in history, according to the chairman. Kavanaugh said his opinion was based on Supreme Court precedent that indicated semi-automatic weapons are in common use.

Twitter CEO Jack Dorsey tweets opening testimony during congressional hearing
In testimony released before that hearing, Dorsey denied that Twitter uses political ideology to make decisions. Only Dorsey was invited to the House hearing after specific Republican concerns about bias on Twitter.