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Theranos To Investors: Please Don't Sue! Here, Have Some More Shares (siliconbeat.com)
Theranos "plans to give additional shares to investors who pledge not to sue," reports the Wall Street Journal. An anonymous reader quotes Silicon Beat:
The deal, which hasn't been disclosed publicly, was approved by the Palo Alto-based company's board last month, The Wall Street Journal reported, citing anonymous "people familiar with the matter." They said most investors have tentatively agreed to the deal. Those extra shares are coming from none other than founder and CEO Elizabeth Holmes' personal cache, the Journal reported. That means the beleaguered founder, who has remained stubbornly at the helm of her struggling startup even though federal regulators have barred her from running a medical lab for two years, would give up her majority ownership in the company.
how badly investors were harmed? How about the people who had fake blood tests from Elizabeth Holmes run on them with fake results? She should be in prison.
This scam has gone on long enough. Holmes has never subjected her tests to government scrutiny, nor allowed anyone to try and replicate the results. And there's a good reason for that. Her tests don't work. Her own labs don't even use the tests. They use standard, verified, tests to do their work.
Holmes has done nothing over the years to show she has any intention of providing a real service. All she's done is bleed investors of their money.
Anyone who thinks getting shares of this scam company will somehow make the problems go away is delusional.
Elizabeth Holmes seems like an actress fronting a ponzi scheme.
"Tempers are wearing thin. Let's just hope some robot doesn't kill everybody." --Bender
we'll give you millions of zero dollars. Feel better?
If you post it, they will read.
Women aren't liars and thieves like men are. She's probably just been scammed herself by her employees who lied to her about their results, and now she is trying to set that right.
Haven't you seen her picture? See how pretty, friendly, and trustworthy she looks? Honestly, does she look like a liar and a thief to you?
"The chef burned the fries, so we gave you extra"
theranos: for the love of god and all thats holy, please do not litigate.
Uber: every week we get a new lawsuit, cities are outlawing us, countries have banned us or taxed our business model, workers have united and are forming unions, we actively thwarted regulatory attempts with greyball, our drivers have turned out to be serial killers and rapists, and our president just quit...but uh...i guess we're still worth ten billion dollars ya know!?
Good people go to bed earlier.
She isn't in jail yet? It seems like textbook case of fraud.
"First they came for the slanderers and i said nothing."
She's "paying" them with worthless shares.
"Transparent" is a shit show that trades on every stereotype going. A man in drag is NOT a transsexual.
Right because women have a monopoly on fuckin up companies. /sarcasm
Well, men certainly have a pretty strong record of f*cking up countries. Though the UK's May is going for the silver (Trump has a lock on the gold).
"Transparent" is a shit show that trades on every stereotype going. A man in drag is NOT a transsexual.
Here / Hear...
If you want news from today, you have to come back tomorrow.
https://www.youtube.com/watch?v=arENYYkYBts
A dotcom company paying Lisa and Bart in shares...
He's doing exactly what I figured he'd do - wrecking the republican tea-party by trying to give them exactly what they want. Just goes to show - be careful what you wish for.
"Transparent" is a shit show that trades on every stereotype going. A man in drag is NOT a transsexual.
in America. We pretend to. We've been attacking 'useless bureaucracy' for 30+ years. Mostly because we don't like waiting in line t the DMV. But instead of shorter lines for our kids' drivers license we get phony medicine and lead in our water.
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Looks like he might trash the US' healthcare system, but from what I hear, that was never really available to most people in the first place.
The vast majority of Americans have access to healthcare. The vast majority of poor people can/do get medicaid. There's just a small sliver of people in the space between "poor enough for medicaid" and "rich enough to get employer paid insurance" where people have trouble.
The other difficulty is when you quit your job (while looking for a new one, or taking a break, or whatever), insurance can lapse.
"First they came for the slanderers and i said nothing."
The investors see that now they would only have to take the loss, since there is currently nothing to fetch. The company would immediately be bankrupt, the founder would be bancrupt, but it would not help the investors much. From their perspective the likeliness that the value of the company rises again is not zero and the current value is probably negligible.
The problem becomes if they are suing a company with no value then the lawsuit is also worthless, Shares while probably worth the same perhaps has some "gambling" value if a miracle occurs and one of her scientists comes up with some amazing product or even creates the test (unlikely but then so is getting money from a lawsuit of a worthless company)
Once again the conservative sandwich-heavy portfolio pays off for the hungry investor!
As one of the 50% percent who never goes to the dentist, I can assure you it has nothing to do with cost. The percentage without healthcare is at 9%.
"First they came for the slanderers and i said nothing."
This is...quite something. She's still in charge (and collecting a paycheck, presumably). She'll get rid of some of her shares, AND drop being majority stakeholder, so she can get fired by the board, instead of quitting, thus triggering whatever golden parachute she's got. If she's smart she'll sell off the rest of her shares before the whole things winds down.
From the investor's side, I guess it makes sense - if they start suing, the lawyers probably end up with all the money, so just letting it play out might be their best hope for a return.
Sigh. For all the problems it has (and the FDA has many), this kind of nonsense is why it exists in the first place.
A thousand pounds of wood moving at 300 feet per minute. Don't get in the way.
Theranos is a PRIVATELY held company. There are only a handful of shareholders, and they already control the board. So they would just be suing themselves.
They apparently have in the order of $200 million in cash on hand. Plenty to settle those lawsuits.
Theranos is a PRIVATELY held company. There are only a handful of shareholders, and they already control the board. So they would just be suing themselves.
Huh? the people who had fake blood tests from Elizabeth Holmes run on them with fake results were shareholders who control the board?
For balance, remember Ann Wojcicki, semi-detached from a Google founder through no fault of her own, who co-founded cheery '23andMe' for web-friendly genetic testing, got hit by the full might of the US's 'FDA' and came out smiling with a new-style offering that is compliant. As one North American school says in its motto 'Girls CAN do anything' (maybe only some of them).
What you're missing here is that a huge part of the "success" of Theranos hinged on the Cinderella story of a brilliant young woman creating her own company from scratch. We now know that it was all bullshit, but she took that narrative to the bank. People seem to be reluctant to call out attractive women on their bullshit #include
A "honest question" you do not intend to hear the answer to? Talk about being a liar and stupid.
Most ACs are not even worth the keystrokes to insult them. Be generically insulted by this and ignored otherwise.