Theranos Set to Dissolve As Company Defaults On Fortress Loan
Theranos Set to Dissolve As Company Defaults On Fortress Loan
Blood-testing startup Theranos reportedly to dissolve
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.
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.
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