Embattled Biotech Company Theranos Is Closing Up Shop

Embattled Biotech Company Theranos Is Closing Up Shop

Embattled Biotech Company Theranos Is Closing Up Shop

Theranos founder Elizabeth Holmes, who started the company when she was 19, was celebrated as a rising Silicon Valley star until it became clear that numerous claims about the company's supposedly revolutionary blood test were bogus.

The company plans to formally dissolve itself and pay unsecured creditors its remaining cash in coming months, the newspaper reported, citing an email sent to shareholders.

The American private health technology corporation, Theranos has planned to close down after its two top executives, the founder and ex-CEO Elizabeth Holmes and former president Ramesh "Sunny " Balwani were prosecuted for criminal wire fraud. According to the charges from the U.S. Attorney in San Francisco, Balwani and Holmes lied to investors about their technology while they raised $700 million for the startup.

Holmes said she was inspired to start the company in response to her fear of needles. They could spend up to 20 years in prison if convicted, and would also face fines of $250,000 plus restitution.

Thai boys trapped in cave meet divers at event recounting ordeal
He shocked Wall Street last month by announcing on Twitter that he had "funding secured" to take Tesla private for $420 a share. In a statement released this week, the diver's lawyer said: 'Elon Musk can tweet his vindictive and vicious lie about Mr.

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

Theranos, most widely known for its fake blood testing devices which could run batteries of tests in mere moments, is now officially shutting it all down. Former CEO Elizabeth Holmes' black turtleneck and lofty goals drew comparisons with Apple's Steve Jobs.

Among the charges with which they have been indicted is claiming to investors that Theranos would enjoy sales of $1bn in 2015 when, in fact, it made just a few hundred thousand dollars.

It took the better part of a decade for the fraud perpetrated by Theranos to be uncovered, in large part because Holmes was able to cultivate relationships with some of the world's most powerful, influential and wealthy people.

Four dead, including gunman, in USA bank shooting
Leonard Cain tells The Cincinnati Enquirer that he was about to walk into the bank until someone told him about the shooting. Witnesses said they heard volleys of gunfire and one said that a woman was shot as she entered the bank building's lobby.

Theranos laid off most of its staff earlier this year.

Balwani issued a statement through a representative: "As an investor who put millions of dollars of his own money and almost seven years of his life into Theranos, Mr. Balwani was saddened to see the letter from Theranos to investors [Tuesday]".

At one time, Theranos was worth more than US$10 billion. In July 2016, the Centers for Medicare and Medicaid Services (CMS) revoked Theranos' CLIA license and prohibited Holmes from owning and operating a laboratory for two years.

Neither Taylor nor representatives for Palo Alto, California-based Theranos immediately responded to Reuters' requests for comment.

Cory Booker Says He’ll Violate Senate Rules to Release Kavanaugh Email
In his opening statement Tuesday, Kavanaugh told them his philosophy is that judges should interpret the law and not make the law. A newly disclosed email shows Supreme Court nominee Brett Kavanaugh has questioned whether the 1973 Roe v.

Related news