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Theranos Withdraws Two Years of Blood Test Results (cnbc.com)

Posted by msmash on from the 'house-of-cards' dept.

Reader Major Blud writes: Theranos, the company valued at $9 billion that promised to revolutionize the way blood testing is done, has just announced that it has withdrawn all of the test done using its Edison machine performed in 2014 and 2015. The company recently come under fire from the Centers for Medicare and Medicaid Services for the inaccuracy and unreliability of the machine, and threatened to revoke the company's license as well as ban CEO and founder Elizabeth Holmes, and its president and COO, Sunny Balwani, from blood testing.

3 of 100 comments (clear)

  1. So, somebody will go to prison for fraud, right? by realmolo · · Score: 4, Informative

    Ha ha. Just kidding. Rich people don't go to prison!

  2. Re:Only $9B valuation... by Anonymous Coward · · Score: 4, Insightful

    More evidence that the geniuses in silicon valley know exactly what they are doing and clearly have earned their vast wealth because they are so f-in smart

  3. Timing will be interesting for SEC investigation by JoeyRox · · Score: 4, Informative

    The SEC is currently investigating the company for potentially misleading their investors in 2014. With yesterday's article we now know that Theranos was supposedly using traditional blood testing machines instead of their 'Einstein' technology for commercial testing starting in 2014. In that year Theranos was still raising money from investors and approached a $9B evaluation based on claims of efficacy for their 'Einstein' technology. Will be interesting to see what the results of the SEC's investigation will be.