Thursday, 20 September, 2018

Theranos Set to Dissolve As Company Defaults On Fortress Loan

Article intro image Blood-testing startup Theranos reportedly to dissolve
Ben Pena | 06 September, 2018, 09:52

Federal prosecutors had filed criminal charges against Theranos founder Elizabeth Holmes and the company's former No. 2 executive. But that unraveled spectacularly under the scrutiny of Wall Street Journal investigative reporter John Carreyrou.

Theranos founder Elizabeth Holmes was once lauded as the youngest self-made female billionaire.

But as the Journal revealed in a series of articles beginning in October 2015, Theranos's blood-testing device was unreliable and the company used it for just a fraction of the more than 240 tests it offered to consumers.

Holmes, who was once considered a wunderkind of Silicon Valley, and Balwani were charged with conspiracy to commit wire fraud and nine counts of wire fraud each.

According to the email, Theranos said it plans to spend the next few months repaying creditors with its remaining resources.

Mr Taylor, who also serves as general counsel to the firm, said that Theranos had engaged the services of investment bank Jeffries to try to "maximise the value of the company" for shareholders. Her bold talk and black turtlenecks drew comparisons to Steve Jobs.

Samsung Mobile Chief Says Foldable Phone Coming This Year
Overall Samsung is looking for the use-case which says "wow, this is the reason Samsung made it", simplified Koh. Unlike the traditional flip phones that require a hinge, Samsung is reportedly making a screen that bends.

Theranos attracted more than $700m worth of backing from a glittering line-up of investors and recruited some of America's most powerful statesmen, including former secretaries of state Henry Kissinger and George Shultz and the current defence secretary James Mattis, to its board. "We are now out of time", Taylor wrote.

The regulator alleged that Theranos, Ms Holmes and Mr Balwani made a series of false and misleading statements in investor presentations, product demonstrations and interviews.

The Securities and Exchange Commission brought civil fraud charges against Holmes and Balwani earlier this year.

But an investigation by The Wall Street Journal two years ago found that Theranos' technology was inaccurate at best, and that the company was using routine blood-testing equipment for the vast majority of its tests.

It was briefly one of the most celebrated companies in Silicon Valley - but Theranos, a company valued at $9bn (£7bn) at its peak, will soon be no more.

Recommended

'American Horror Story: Apocalypse' Trailer Is Here and It Looks Weird AF 'American Horror Story: Apocalypse' Trailer Is Here and It Looks Weird AF Watch (above) to see all your favorites come together in the madness before the FX season premiere September 12! It's the end of the world, but at least the Murder House and Coven crossover is happening on AHS: Apocalypse .

Naomi Osaka storms past Lesia Tsurenko into the final four Naomi Osaka storms past Lesia Tsurenko into the final four Though Osaka can be shy or sarcastic in front of the media, on tennis's biggest stages she operates with confidence. The 20-year-old said she was nervous, claiming to be "freaking out inside" - though it certainly never showed.

Russia resumes Idlib air strikes Russia resumes Idlib air strikes But Israeli Defense Minister Avigdor Lieberman on Monday signalled strikes could be extended to Iraq if necessary. Further Iranian engagement in Syria meanwhile risks drawing Israel deeper into the conflict.

Philippines' Duterte shops for arms on controversial Israel trip Philippines' Duterte shops for arms on controversial Israel trip I shall seek to reaffirm the ties between our peoples made more significant by a meaningful shared history ", he said. Duterte thanked Israel for hosting some 28,000 Filipino workers and for assisting his country in its times of need.

Kim Kardashian visits Donald Trump's White House for prison reform meeting Kim Kardashian visits Donald Trump's White House for prison reform meeting For more on Young's case, listen to Kardashian talking all about it on the Wrongful Conviction podcast earlier this week. His second, at 19, was for less than 0.5 gram of cocaine. "Drugs, $10,000, and a gun were found in the man's auto ".

Facebook, Twitter pledge to defend against foreign intrusion Facebook, Twitter pledge to defend against foreign intrusion The House hearing was interrupted by Laura Loomer, a conspiracy theorist who has been banned from major social media sites. This interference was completely unacceptable.

Tropical Storm Gordon threatens Gulf Coast, hurricane warning in place Tropical Storm Gordon threatens Gulf Coast, hurricane warning in place The Mississippi cities of Gulfport, Biloxi and Long Beach ordered mandatory evacuations of their harbors and marinas, and the U.S. After moving northwest, the next landfall for Gordon will likely be somewhere in southeastern Louisiana or southern Mississippi.

Sharapova beaten by birthday girl Suarez Navarro in New York Sharapova beaten by birthday girl Suarez Navarro in New York That is more durable than to be a 31-yr-previous and be capable of do no matter he needs. "I'm happy with the way I play tonight". She also made the quarterfinals of the US Open in 2016 and 2017, beating Garbine Muguruza and Maria Sharapova in the process.

'Mob rule' rocks US Senate hearing for judge 'Mob rule' rocks US Senate hearing for judge Kavanaugh said that when the allegations became public, they were a "gut punch" for him and for the federal judiciary. If all goes as Republicans plan, Kavanaugh could be on the bench when the court begins its new term on October 1.

Oil Prices Jump As Gulf Of Mexico Rigs Evacuated Oil Prices Jump As Gulf Of Mexico Rigs Evacuated The price of Brent went up by about 60 cents to sell at $78.24 a barrel, while USA crude went up by 15 cents to trade at $69.95. Oil could gain support if weekly reports on US inventories show a drop in crude inventories, as expected.

New Captain Marvel Photos Reveal Starforce and the Skrulls New Captain Marvel Photos Reveal Starforce and the Skrulls In the film, we'll see Danvers caught in a conflict between two alien worlds and will likely learn how Samuel L. Jackson's Nick Fury ends up with the pager he beeps Danvers on at the end of Infinity War .

BBC presenter Rachael Bland dies 2 days after tweeting on her death BBC presenter Rachael Bland dies 2 days after tweeting on her death As well as appearing on 5 live, she worked as a news presenter on the BBC News Channel, BBC World and BBC North West Tonight. BBC weather presenter Simon King, responded to her husband Steve: "Devastating news Steve, I'm so so sorry".

Donald Trump Talk Turns Stephen Colbert’s Beard White With Fright Donald Trump Talk Turns Stephen Colbert’s Beard White With Fright The Washington Post also released audio of Trump and Woodward discussing the failure to arrange an interview at some length. White House aides on Tuesday coordinated with other officials quoted in the book to dispute troublesome passages.

Turkey says it told U.S. that Kurdish militants must leave Syria Turkey says it told U.S.  that Kurdish militants must leave Syria Idlib is one of the "de-escalation" zones set up as a result of talks by Russia, Turkey and Iran previous year as Damascus regained control of more of the country.

Britain Charges 2 Russians Over Nerve Agent Novichok Poisoning In Salisbury Britain Charges 2 Russians Over Nerve Agent Novichok Poisoning In Salisbury The Skripals were found collapsed on a bench in the cathedral city of Salisbury, 90 miles (140 kilometers) southwest of London . May said the attack "was not a rogue operation" and was nearly certainly approved at a "senior level of the Russian state".