«Breaking Pic News» Blood-testing company Theranos is set to dissolve

The once-heralded blood-testing startup Theranos is now set to formally dissolve just weeks after its CEO was charged with criminal fraud.

Theranos told its shareholders via email on Tuesday that it plans to dissolve and pay out remaining cash to creditors, the Wall Street Journal reports. 

Elizabeth Holmes, the founder of the scandal-plagued company, was indicted by federal prosecutors in June for allegedly defrauding investors, doctors and the public in a multi-million dollar scheme.

The company's former second-in-command, Ramesh 'Sunny' Balwani, was also charged.

Blood-testing startup Theranos is now set to formally dissolve just weeks after its CEO Elizabeth Holmes was charged with criminal fraud for allegedly defrauding investors, doctors and the public in a multi-million dollar scheme

Holmes, who was once considered a wunderkind of Silicon Valley, and Balwani were charged with conspiracy to commit wire fraud and nine counts of wire fraud each. 

She launched Theranos in 2003 in Palo Alto, California, pitching its technology as a cheaper way to run dozens of blood tests.

Holmes advertised the company as a cheaper and more efficient way for patients to test for life-threatening conditions, like cancer and diabetes, with just a few drops of blood from their fingers.

But prosecutors allege that Holmes and Balwani deliberately misled investors, policymakers and the public about the accuracy of Theranos' blood-testing technologies going back to at least 2013. 

A notoriously secretive company, Theranos shared very little about its blood-testing machine, nicknamed Edison, with the public or medical community. 

Holmes said she was inspired to start the company in response to her fear of needles. 

Holmes, who was once considered a wunderkind of Silicon Valley, launched Theranos in 2003 in Palo Alto, California, pitching its technology as a cheaper way to run dozens of blood tests

Prosecutors allege that Holmes and Balwani deliberately misled investors, policymakers and the public about the accuracy of Theranos' blood-testing technologies

She carefully crafted her image as well, wearing almost entirely black turtleneck sweaters that earned her the moniker in Silicon Valley as 'the next Steve Jobs.'

Investors bought what Holmes was selling and invested hundreds of millions of dollars in the company. At one time, Theranos was worth more than $10 billion and Holmes the youngest self-made female billionaire.

But an investigation by The Wall Street Journal two years ago found that Theranos' technology was inaccurate at best, and that the company was using routine blood-testing equipment for the vast majority of its tests. 

The story raised concerns about the accuracy of Theranos' blood testing technology, which put patients at risk of having conditions either misdiagnosed or ignored.

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

Walgreens ended its blood-testing partnership with the company, and the Department of Health and Human Services effectively banned Theranos in 2016 from doing any blood testing work at all.

The Securities and Exchange Commission brought civil fraud charges against Holmes and Balwani earlier this year. Holmes settled with the SEC by agreeing to pay $500,000 in fines and penalties, while Balwani is fighting the charges.

 

 

Link hienalouca.com

https://hienalouca.com/2018/09/05/blood-testing-company-theranos-is-set-to-dissolve/
Main photo article The once-heralded blood-testing startup Theranos is now set to formally dissolve just weeks after its CEO was charged with criminal fraud.
Theranos told its shareholders via email on Tuesday that it plans to dissolve and pay out remaining cash to creditors, the Wall Street Journal...

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Dianne Reeves US News HienaLouca





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