Theranos To Close Shop (cbsnews.com)

Posted by BeauHD on Wednesday September 5, 2018 @10:10AM from the case-closed dept.

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.

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Elizabeth Holmes should be in prison by Anonymous Coward · 2018-09-05 10:19 · Score: 5, Interesting

She knew she didn't have a viable product, and willingly defrauded investors. Whenever someone on her team approached her with concerns about their approach or strategy, she sidelined or fired them. She was not a leader, she was a charlatan and a crook.