Slash Boxes

SoylentNews is people

posted by mrpg on Thursday September 06 2018, @08:55AM   Printer-friendly
from the positive dept.

Theranos, Blood-Testing Company Plagued By Scandal, Says It Will Dissolve

Theranos — the Silicon Valley blood-testing startup whose former top executives are accused of carrying out a massive, years-long fraud — is shutting down.

David Taylor, who became CEO in June, said Theranos will dissolve after it attempts to pay creditors with its remaining cash. The news was first reported by The Wall Street Journal, which published the letter.

The letter explains that the company "intends to enter into an assignment for the benefit of creditors." This arrangement would allow for all of Theranos' assets, other than its intellectual property, to be assigned to a third party in trust for the company's creditors. The company says it has about $5 million remaining in cash.

Previously: Theranos Introduces New Product to Distract from Scandal
Theranos Lays Off 340, Closes Labs and "Wellness Centers"
Theranos Given Indirect Lifeline From Softbank
Blood Unicorn Fairy Tale: Theranos Founder Charged With Fraud
Elizabeth Holmes Steps Down as Theranos CEO as DoJ Levels Charges

Original Submission

This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 5, Informative) by takyon on Thursday September 06 2018, @01:28PM (1 child)

    by takyon (881) <> on Thursday September 06 2018, @01:28PM (#731286) Journal []

    The Theranos story combines a hyped up founder who became a billionaire (on paper), an absurd "unicorn" $10 billion valuation, a whistleblower, and outright fraud. It's not your normal tech startup story.

    journalists are not so good at their jobs that they report truth, they report the first thing they find

    That may be responsible for the founder and company being hyped up in the first place, although parts of the company were actively engaged in fraud against journalists AND individual investors. But we're long past that point and there have been federal indictments.

    What your confusion comes down to is ignorance.

    [SIG] 10/28/2017: Soylent Upgrade v14 []
    Starting Score:    1  point
    Moderation   +4  
       Insightful=2, Informative=2, Total=4
    Extra 'Informative' Modifier   0  
    Karma-Bonus Modifier   +1  

    Total Score:   5  
  • (Score: 0) by Anonymous Coward on Friday September 07 2018, @12:03AM

    by Anonymous Coward on Friday September 07 2018, @12:03AM (#731573)

    It's not your normal tech startup story.

    Alas, nowadays it is.