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Theranos To Close Shop (cbsnews.com)
Major Blud writes: Multiple news outlets are reporting that Theranos, the company that promised to revolutionize healthcare with new blood-testing devices, is closing shop. The company "was unable to sell itself and is now looking to pay unsecured creditors its remaining cash of about $5 million in the upcoming months," reports CBS News. The CEO, Elizabeth Holmes, and President/COO Ramesh Balwani recently settled a civil suit with the SEC, which charged them with massive fraud related to them seeking investment based on misleading information regarding the accuracy of their "Edison" diagnostic equipment. According to The Wall Street Journal, investors lost almost $1 billion in the company. At one point, it was valued at almost $10 billion.
There were a lot of people whose blood work went through this scam and may have had all sorts of false negatives that caused them harm or death.
While I sympathize with the investors, its the patients that I feel far more sorry for. You can work another day to make another dollar. You can't undo the type of harm that false blood tests can create.
Yeah, but IIRC weren't some of her big investors also of that royal class? Defrauding us peasants is one thing, but she committed the cardinal sin of screwing over the wealthy as well. That'll count for something in the American justice system.