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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
(Score: 2) by NotSanguine on Thursday September 06 2018, @09:05PM
Which people? Names please. I've read several articles (some fawning, some not) about Elizabeth Holmes. Apparently, she modeled herself as a startup entrepreneur and took the time (as a 20 year old) to find some rich older guy to fuck and fund her startups.
From a technical standpoint, she was in way too deep and really had no vision other than to sell her company. The problem was that the developed products didn't actually work [businessinsider.com].
What's more, apparently Holmes hid this from investors and customers. It's not clear if anyone died because of her deception, but there is ample evidence that she lied about the efficacy of her products and . Repeatedly. [sciencemag.org] To actual and potential investors, regulators and actual and potential customers.
The cock she was (not) sucking had nothing to do with bringing her down. If you have *evidence* showing something different, I'd love to see it. I won't hold my breath.
No, no, you're not thinking; you're just being logical. --Niels Bohr