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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


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  • (Score: 5, Informative) by takyon on Thursday September 06 2018, @01:29PM (7 children)

    by takyon (881) <takyonNO@SPAMsoylentnews.org> on Thursday September 06 2018, @01:29PM (#731287) Journal

    https://en.wikipedia.org/wiki/Theranos#Bad_Blood [wikipedia.org]

    Wall Street Journal investigative reporter John Carreyrou was responsible for uncovering and exposing "that the company was, in effect, a sham". For this he received the 67th annual George Polk Awards for Financial Reporting (2015). He published a book-length treatment in May 2018 titled Bad Blood: Secrets and Lies in a Silicon Valley Startup. A film version is in the works starring Jennifer Lawrence as Elizabeth Holmes, written by Vanessa Taylor and directed by Adam McKay.

    Jennifer Lawrence in a turtleneck.

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  • (Score: 4, Insightful) by zocalo on Thursday September 06 2018, @01:37PM (5 children)

    by zocalo (302) on Thursday September 06 2018, @01:37PM (#731292)

    Jennifer Lawrence in a turtleneck.

    A nice mental image to be sure, but you're going to have to do much better to beat Natalie Portman in hot grits.

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    • (Score: 2) by takyon on Thursday September 06 2018, @02:33PM (2 children)

      by takyon (881) <takyonNO@SPAMsoylentnews.org> on Thursday September 06 2018, @02:33PM (#731322) Journal

      If they add dream sequences, they could have Jennifer Lawrence in a black turtleneck sinking into a pool of blood.

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      • (Score: 0) by Anonymous Coward on Thursday September 06 2018, @04:32PM

        by Anonymous Coward on Thursday September 06 2018, @04:32PM (#731381)

        if there are dream sequences, I think we can just skip the theranos chick and just get straight to the hot grits.

      • (Score: 3, Insightful) by krishnoid on Thursday September 06 2018, @09:10PM

        by krishnoid (1156) on Thursday September 06 2018, @09:10PM (#731507)

        Ladies and gentlemen, start up your deepfakes engines! Finally, a proper use for them.

    • (Score: 0) by Anonymous Coward on Thursday September 06 2018, @02:42PM (1 child)

      by Anonymous Coward on Thursday September 06 2018, @02:42PM (#731327)

      Hi people. Jennifer Lawrence just poured a turtleneck down my naked and petrified pants.

      • (Score: 0) by Anonymous Coward on Thursday September 06 2018, @03:19PM

        by Anonymous Coward on Thursday September 06 2018, @03:19PM (#731344)

        If you keep repeating the old memes, you are in SERIOUS danger of summoning the ghost of goat.se
        DECIST IMMEDIATELY!

  • (Score: 2) by bob_super on Thursday September 06 2018, @10:01PM

    by bob_super (1357) on Thursday September 06 2018, @10:01PM (#731530)

    Jennifer Lawrence without ... turtleneck, was worth watching.