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Not quite dead but pretty close. Still some more cash to burn through while they try to reboot as a device manufacturer. With their bad reputation in the industry, I doubt very many people will be lining up to do business with them.
The politicians in Arizona look so stupid after this fiasco. Direct access testing is just more laboratory waste.
Hedge fund accuses embattled company of a “series of lies” to attract investment of nearly $100 million
One of Theranos Inc.’s biggest financial backers has sued the embattled startup and its founder for allegedly lying to attract its nearly $100 million investment, according to a fund document and people familiar with the matter.
Partner Fund Management LP, a San Francisco-based hedge fund, filed the suit in Delaware Court of Chancery Monday afternoon, a letter to the hedge-fund’s investors says.
Theranos shutting down it's labs. Sounds like they are wanting to now sell devices, like the one she brazenly showed off at AACC...Good luck with that.
Feel bad for all the employees losing their jobs, but then again supposedly some chanted "F**k you Carreyrou after the first wall street journal article came out.
http://www.wsj.com/articles/theranos-retreats-from-blood-tests-1475713848
Wall street journal will not rest until Theranos is gone. The remaining employees probably should think about finding another job. Doubt they are going to be successful selling lab equipment after this fiasco.
http://www.wsj.com/articles/the-patients-hurt-by-theranos-1476973026
Still waiting to hear something from CAP....
The CAP is too busy trying to extort pathologists and waste red tape on all the law abiding laboratory professionals
this is true. i am not a member of cap and do not use their services for lab accreditation. i do not believe they represent the best interests of our specialty.
The whistleblower is named. Good read. Kudos to him for exposing the fraud
http://www.wsj.com/articles/theranos-whistleblower-shook-the-companyand-his-family-1479335963
Sounds like Sunny Balwani is just as culpable if Tyler is telling the truth. He deserves the same fate as Eagle 1.
Now the law firm is cutting ties.
http://www.wsj.com/articles/theranos-and-david-boies-cut-legal-ties-1479514351
There is going to be no re-boot for Theranos. If I were one of their remaining employees, I would be leaving ASAP. This isn't going to end well.
Still waiting for CAP to say something.....
You couldn't just add it to existing thread?Two more articles from the past few weeks....
http://fortune.com/2017/02/09/theranos-blood-test-results/
http://fortune.com/2017/01/12/arizona-lawsuit-theranos/
I'm sure they will approve massive bonuses for the executives in the next few months, or find other ways to shelter the remaining cash from the lawsuits and investors.Theranos burning through cash fast...Fat lady getting ready to sing
http://www.forbes.com/sites/petercohan/2017/02/17/will-theranos-survive-until-2019/#143e01a7584b
This is from June 2016. In one year Forbes changed her net worth from 4.5 billion to zilch. That's gotta sting.Who would want shares of that company? It is done
Theranos has been headed toward disaster for a while through its questonable blood testing methods, but it might have just avoided the worst possible outcome. The biotech outfit has reached a settlement with the Centers for Medicare & Medicaid Services that should end the legal and regulatory fights between the two. In return for Theranos dropping appeals of both its 2-year lab ban and sanctions on its Newark lab, CMS has decided against revoking Theranos' Clinical Laboratory Improvement Amendments (CLIA) certificates and reducing the civil financial penalty to $30,000. Theranos is voluntarily giving up the certificates, as it's not running labs that would need them.
This doesn't put Theranos completely in the clear. It still has to worry about investigations, for a start. And even if it can put all its regulatory troubles behind it, there's still the matter of regaining the shaken confidence of investors and would-be customers as it pivots toward research and development. That's much, much harder. Nonetheless, Theranos is likely happy to relieve some legal pressure and raise the possibility of opening labs once its ban is over in 2019.
Even if the embattled, privately-held biotech company Theranos somehow manages to persuade all of its shareholders to participate in a tender offer that requires them to release litigation claims, it will still have to face a fraud class action by “indirect” investors and their lawyers at Hagens Berman Sobol Shapiro and Robbins Geller Rudman & Dowd.
On Tuesday, U.S. Magistrate Judge Nathanael Cousins of San Jose denied Theranos’ motion to dismiss the class action, which asserts claims under common law and California’s Corporations Code. Lead plaintiffs in the case are two investors in investment funds that held Theranos shares, which were not sold on the open market.
Theranos lawyers from Wilmer Cutler Pickering Hale & Dorr and Cooley had argued that the lead plaintiffs can’t hold the company and its officers liable for securities fraud because they didn’t actually buy Theranos shares. Judge Cousins agreed with the company that plaintiffs can’t bring claims under a section of the state code that allows rescission of shares sold fraudulently. But he allowed the class to move forward with allegations under a different section, which, according to the judge, is intended to prevent fraudulent manipulation of the market. “It focuses on the actions of the seller of the securities, not the relationship between seller and buyer,” Judge Cousins said. He also found the plaintiffs had met the heightened pleading standard for fraud claims in federal court.
Theranos HQ up for rent...
Elizabeth Holmes Just Put Theranos’s Palo Alto Headquarters Up for Rent
Probably on its way to BK...
Why Theranos Could Bleed Out By The End of 2017
I suspect that Tharanos will not meet "certain product and operational milestones" needed for the Fortress $100M investment.
YupI suspect that Tharanos will not meet "certain product and operational milestones" needed for the Fortress $100M investment.
Because Justice in the US is not blind....
Shkreli vs. Holmes: 2 Frauds, 2 Divergent Outcomes. Were They Fair?
Hope you’re correct. It is unusual though for the S.E.C. to settle a case while a criminal investigation is underway.Federal prosecutors generally move slowly in building cases, because they can. I would definitely not assume she will escape criminal prosecution.
Hope you’re correct. It is unusual though for the S.E.C. to settle a case while a criminal investigation is underway.