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Theranos Used Shell Company To Secretly Buy Outside Lab Equipment, Says Report (arstechnica.com)
An anonymous reader quotes a report from Ars Technica: On Friday, the Wall Street Journal reported that the company "allegedly misled company directors" regarding its lab tests and used a shell company to buy commercial lab gear. These are just a few of the new revelations made by the Journal, which also include fake demonstrations for potential investors. The new information came from unsealed depositions by 22 former Theranos employees or members of its board of directors. They were deposed by Partner Fund Management LP, a hedge fund currently suing Theranos in Delaware state court. Theranos is also facing multiple lawsuits in federal court in California and Arizona, among others. The Journal, which did not publish the new filings, quoted former Theranos director Admiral Gary Roughead (Ret.), as saying that he was not aware that the company was using "extensive commercial analyzers" until it was reported in the press. The Journal described the filings as "some of the first substantive details to emerge from several court proceedings against the company, though they include only short excerpts from the depositions."
She'll always have her beautiful voice.
I thought women made better CEOs: more honest, less greedy, less "old boy network."
Did the media lie to me?
The Feds have been investigating her and her company for a long time and here are details of obvious illegal activity (fraud) discovered by a civil investigation during the course of an investor lawsuit.
She'll always have her beautiful voice.
Nope, she traded that to Ursula for her legs.
What about all those creepy old national security types who were on the board? Will anyone dig and find out what their deal was?
What about all those creepy old national security types who were on the board? Will anyone dig and find out what their deal was?
Duh, with Kissinger on the Board everybody who pays attention knew it was an NWO front to collect DNA on the vast majority of Americans.
Now that it's actually proven that Theranos was nothing but a front sham company, we're waiting for all those who were defending it to come up with something else besides "massive scam populated with NWO types".
Give it a few more months and we'll find out that the CIA funded the thing. I want to hear the stories about how the Board was completely ignorant of the entire company's operations - the lulz are strong with this one.
Neither Holmes nor Kissinger will see the inside of a barred cell - that caste does not get imprisoned. It's actually far more likely that Holmes will suddenly shoot herself in the back of the head twice or her car's computerized steering will mysteriously wrap her car around a tree.
Modded -1 because it's much easier to suppress the question than to answer it.
Theranos used to be an editor here.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
...and we'll find out that the CIA funded the thing.
If they had, we'd never have heard a thing.
Thanos needs to use a shell company? Oh... er... no need to assemble, everyone. Back to whatever you were doing.
Don't forget the suicide of their chief scientist:
http://www.news.com.au/finance...
The goal genuinely was to build an all-in-one diagnostic system within a couple of years. But each and every competitors system has been built from decades of research. To look as if they had something working, they just used their competitors products to provide results.
Vintage computer adverts: http://www.vintageadbrowser.com/computers-and-software-ads
One wonders at the (lack of) common sense here. The premise is, "we will do blood testing on incredibly small vials of blood, because some people have difficulty with large specimen collection, and large specimen collection is inconvenient or impossible."
What gets me is this is NOT a "Eureka!" moment like Uber or AirBnB or something.
This is not a combination of old idea + do it better + better marketing, like Facebook.
This is something that requires non-trivial technical invention in an area that is already attempting to innovate. Somehow, no one thought "gee, I'll bet labs already try to get specimens with minimal fuss." It's instead like they thought "wow, no one thought of this! Once we had the idea, we just had to do that instead of this."
This meant once Theranos said "hey, we thought of this, so we decided to invent that" everyone went along... like a Kickstarter for a better travel pillow or boredom toy, rather than a complex set of scientific processes designed to support other scientific processes. This, in turn, almost requires that you accept that the VC realized this, and only hoped that it went far enough for them to cash out before imploding. I mean, there's practically no way to assume they were that naive.... is there?