Theranos Lays Off Almost All of Its Remaining Workers (marketwatch.com)

A few months ago, Theranos laid off almost half of its workforce as it struggled to recover from the backlash generated when the company failed to provide accurate results to patients using its proprietary blood test technology. Now, according to people familiar with the matter, the company is laying off most of its remaining workforce in a last-ditch effort to preserve cash and avert or at least delay bankruptcy for a few more months. MarketWatch reports: Tuesday's layoffs take the company's head count from about 125 employees to two dozen or fewer, according to people familiar with the matter. As recently as late 2015, Theranos had about 800 employees. Elizabeth Holmes, the Silicon Valley firm's founder and chief executive officer, announced the layoffs at an all-employee meeting at Theranos's offices in Newark, Calif. on Tuesday, less than a month after settling civil fraud charges with the U.S. Securities and Exchange Commission. Under the SEC settlement, Holmes was forced to relinquish her voting control over the company she founded 15 years ago as a 19-year-old Stanford dropout, give back a big chunk of her stock, and pay a $500,000 penalty. She also agreed to be barred from being an officer or director in a public company for 10 years.

Comments

When does she go to jail?

[Anonymous Coward]

She lied about everything and committed numerous levels of fraud. She needs to be put on trial immediately.

blah, blah, blah

[rmdingler]

She will: relinquish voting control, give back a big chunk of her stock, pay a $500k penalty, and agree to be barred from holding an officer or director position with a public company for 10 years.

A relatively small private contractor would go to jail next Wednesday for a hot check to float the Easter Party.

Re:blah, blah, blah

[sd4f]

I think this is one of those instances where gender politics has really favoured her, and she did more than just fool her investors. Not only has an ignorant media, oblivious to the technicalities, promoted her and gave publicity because she was a 'woman in tech', they're certainly not covering the mess now, when they clearly got it so wrong.

I think the media that covered her should apologise. In certain sectors, their fervour of covering all things related to culture wars, such as gender and minorities, they promoted and gave publicity to a charlatan.