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Title    Theranos to Dissolve in a Pool of Blood
Date    Thursday September 06 2018, @08:55AM
Author    mrpg
Topic   
from the positive dept.
https://soylentnews.org/article.pl?sid=18/09/06/0135224

takyon writes:

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

Links

  1. "takyon" - https://soylentnews.org/~takyon/
  2. "Theranos, Blood-Testing Company Plagued By Scandal, Says It Will Dissolve" - https://www.npr.org/2018/09/05/644844174/theranos-blood-testing-company-accused-of-massive-fraud-says-it-will-dissolve
  3. "reported" - https://www.wsj.com/articles/blood-testing-firm-theranos-to-dissolve-1536115130
  4. "the letter" - http://online.wsj.com/public/resources/documents/Theranos_Stockholders_Letter_2018.pdf
  5. "Theranos Introduces New Product to Distract from Scandal" - https://soylentnews.org/article.pl?sid=16/08/03/1218251
  6. "Theranos Lays Off 340, Closes Labs and "Wellness Centers"" - https://soylentnews.org/article.pl?sid=16/10/06/0730206
  7. "Theranos Given Indirect Lifeline From Softbank" - https://soylentnews.org/article.pl?sid=17/12/24/2224257
  8. "Blood Unicorn Fairy Tale: Theranos Founder Charged With Fraud" - https://soylentnews.org/article.pl?sid=18/03/15/020221
  9. "Elizabeth Holmes Steps Down as Theranos CEO as DoJ Levels Charges" - https://soylentnews.org/article.pl?sid=18/06/17/1542200
  10. "Original Submission" - https://soylentnews.org/submit.pl?op=viewsub&subid=28854

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printed from SoylentNews, Theranos to Dissolve in a Pool of Blood on 2024-04-21 00:11:05