Blood-testing firm Theranos to dissolve

08 September, 2018, 04:26 | Author: Denise Dawson
  • Forbes Under 30 Summit

Theranos will begin its dissolution proceedings on September 10.

CEO and General Counsel David Taylor spoke of "difficult news" about the California-based company's future to stockholders on Tuesday, in an email acquired by The Wall Street Journal. Taylor declined to comment further, saying the message spoke for itself. After this process, the company - which holds about $5 million (£3.9 million) in remaining cash - intends to dissolve. They could spend up to 20 years in prison if convicted, and would also face fines of $250,000 plus restitution.

Theranos founder Elizabeth Holmes, who started the company when she was 19, was celebrated as a rising Silicon Valley star until it became clear that numerous claims about the company's supposedly revolutionary blood test were bogus. Holmes said Theranos had discovered a new way of doing blood testing, one able to conduct dozens of tests with just a prick of a finger and few droplets of blood. Investors and the media hyped Theranos as a breakthrough in the large blood-testing market, where the United States diagnostic-lab industry posts annual sales of over $70 billion. Holmes founded the company in 2003 when she was only 19 and since had frequently been referred to as the "next Steve Jobs". The company grew at a rapid rate in the following ten years, backed by investors who fell in love with Holmes' idea. Inc Magazine described Holmes "as the world's youngest female self-made billionaire, she's stumbled into this rarefied position and is beginning to own it". "For example, allegedly, Holmes and Balwani knew that the analyzer, in truth, had accuracy and reliability problems, performed a limited number of tests, was slower than some competing devices, and, in some respects, could not compete with existing, more conventional machines".

The Journal's investigation marked the beginning of the end of Theranos. Walgreens ended its blood-testing partnership with the company, and the Department of Health and Human Services in 2016 effectively banned Theranos from doing any blood-testing work.

Police Respond to Active Shooter Situation in Downtown Cincinnati
John Kasich (R) in a tweet said he has spoken with the city's mayor and will provide any resources needed to local police. Michael Richardson was outside on a smoke break when he said he heard gunshots coming from the bank lobby.

Trump Calls NYT Op-Ed By Unnamed White House Official 'Gutless'
The piece says administration officials have discussed the possible use of the 25th Amendment. " Anonymous , meaning gutless . Now the even bigger challenge falls to Dao's colleagues in the Times newsroom, which is separate from the opinion section.

Cory Booker releases "Committee Confidential" documents during Kavanaugh hearing
Harris, wearing a stern expressing and speaking in the same kind of tone, urged him to "be sure about your answer, sir". Stay tuned for when Harris gets her second round of questions sometime Thursday night.

Holmes and the company settled the SEC's allegations.

Balwani continues to fight the SEC's charges against him.

There are many outstanding questions surrounding Theranos, not least the outcome of Ms Holmes and Mr Balwani's forthcoming fraud trial, as well as whether the remaining patents being acquired by Fortress will turn out to have any lasting value.

As for its business outlook rating - how employees believe the company will fare in the next six months - Theranos has been on a slow dive for over a year.


  • Dallas Cop Walks Into Wrong Apartment, Kills Man Inside

    Dallas Cop Walks Into Wrong Apartment, Kills Man Inside

    The police department is no longer handling it with their normal officer involved shooting procedures. They say she will be placed on administrative leave pending the outcome of the investigation.
    Cebu town mayor shot dead

    Cebu town mayor shot dead

    In an interview with radio station DWIZ past year , Blanco said he feared for his life having been linked to the drug trade. According to CNN Philippines , at least 15 mayors and vice-mayors have been assassinated since Duterte took office in 2016.
    British Airways hacked 'compromising' 380,000 card payments

    British Airways hacked 'compromising' 380,000 card payments

    British Airways says its website and app were compromised, allowing hackers to steal personal and financial details. The airline said it had notified police and relevant authorities, and was reaching out to affected customers.
  • Donald Trump tells supporters ‘it’s your fault’ if he gets impeached

    Donald Trump tells supporters ‘it’s your fault’ if he gets impeached

    It may not be easy to upstage President Trump , but one Montana high school student certainly did Thursday night. But now, they're taking heat from angry Trump supporters who think they were mocking the president.
    Nadal looks within to find way past Thiem

    Nadal looks within to find way past Thiem

    A tough match against a great opponent. "It's been a great battle, the conditions were tough, a lot of humidity". He's a top guy. "Well, I want to just be able to get past the semis here". "I think last three sets I improved".
    Trump, escalating trade war, threatens tariffs on all goods from China

    Trump, escalating trade war, threatens tariffs on all goods from China

    Some Chinese exporters say US orders have declined, but Chinese leaders express confidence the economic impact will be modest. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 31, 2018.
  • Rapper Mac Miller dies at 26

    Rapper Mac Miller dies at 26

    Miller was found Friday afternoon at his Studio City home and pronounced dead at the scene, according to Variety . Miller, whose real name is Malcolm James McCormick, was arrested in May for DUI and hit-and-run.
    Brazil far-right presidential candidate Bolsonaro in grave condition after stabbing

    Brazil far-right presidential candidate Bolsonaro in grave condition after stabbing

    Brazil's president Michel Temer said the attack was a "sad episode" and spoke out against intolerance in Brazilian society. The man, police said, was jumped by Bolsonaro's supporters after the stabbing and badly beaten.
    Samsung Galaxy X launch confirmed for this year

    Samsung Galaxy X launch confirmed for this year

    Koh says they are working on providing an experience different from what you get from a tablet when the device is unfolded. Unlike the ZTE Axon M , Samsung's own phone is expected to have a flexible screen and not a hinge connecting two screens.
  • Serena says still 'long way to go' at US Open

    Serena says still 'long way to go' at US Open

    Pliskova broke back with Williams double faulting at 30-40 down. "I don't think there's any change with her game", Pliskova said. She missed a chance earlier this summer when she fell to Angelique Kerber in the Wimbledon final.
    California's Delta Fire Engulfs Vehicles on Interstate 5

    California's Delta Fire Engulfs Vehicles on Interstate 5

    Interstate 5 has been closed for about 10 miles around Redding, about 130 miles northwest of Sacramento in Shasta County. The Hirz Fire northeast of Redding is the largest fire still burning in California. "It isn't a lot of people", he said.
    I Have 100 Pictures of Mueller and Comey Hugging and Kissing

    I Have 100 Pictures of Mueller and Comey Hugging and Kissing

    The president believes that he has done nothing wrong and that he can prove that and bring an end to the investigation. Trump: "There were, I mean tremendous conflicts here, you know the conflicts, you've heard the conflicts".


Isco Reveals Why Madrid Don't Miss Ronaldo
Ronaldo enjoyed a remarkable and unprecedented career at the Bernabeu, scoring 450 goals in 438 matches, as well as winning the Champions League four times.

Ryder Cup 2018: Contenders for Jim Furyk's final captain's pick
Jim Furyk will pick the last of his wildcards after the BMW Championship, which gets underway in Pennsylvania today. Mickelson, meanwhile, has played a record 11 consecutive Ryder Cups, and has qualified automatically every time.

Maurizio Sarri says he found out about his Napoli sacking on TV
The Italy global has impressed to begin his career in England, helping Maurizio Sarri's men win their opening four league games. We turned on the TV and we saw Ancelotti entering Filmauro (the headquarters of Napoli owner Aurelio De Laurentiis).

Papadopoulos Sentenced To 14 Days In Prison
One individual was a Russian woman who Papadopoulos believed had connections to the Russian government. All I can say is, my memory is telling me that I never shared it with anyone on the campaign".

Cher bringing her tour to Indianapolis on Valentine’s Day in 2019
Regardless, she'll perform in Raleigh on January 27, followed by January 29 at Charlotte's Spectrum Center. Cher first played a "farewell tour" show at PNC in 2000, when it was the Entertainment & Sports Arena.

Trump says NYT op-ed is 'treason'
Rand Paul (R-Ky.), meanwhile, advised President Trump to start giving lie detector tests throughout the administration. However, the writer says no one wants to cause a constitutional crisis.

Trump Swipes at Obama Speech: ‘I Fell Asleep’
Midterms are often low turnout affairs, and the political party that drives the most voters to the polls usually wins. Obama has spent much of 2018 writing a book and raising money for his post-presidency foundation, according to CNN .

Tiger Woods off to insane start with season on the line
McIlroy pared his 15th but three-putted for bogey both his seventh and eighth holes before a consolation birdie at the last. He had to wait to see if it was the best score Thursday on a soft course in scorching conditions at the BMW Championship .

Nurse Realizes She Cared For Pediatric Resident 28 Years Ago In NICU
The encounter between the two was shared on Facebook last August 16 by the Lucile Packard Children's Hospital Stanford. The story of their reunion at Lucile Packard Children's Hospital in Palo Alto has gone viral on social media.

Russian Federation says air leak at space station caused by drill hole
It may be small, but if it was left unfixed, all the air in the ISS would have escaped in only 18 days. While he said it was too early to come to a conclusion, "it seems to be done by a faltering hand".