Published: Thu, September 06, 2018
Medical | By Vicki Mclaughlin

Blood-testing startup Theranos is said to be shutting down

Blood-testing startup Theranos is said to be shutting down

The company told shareholders in an email that it will dissolve and pay out the remaining cash to creditors, according to the Journal.

Holmes, once considered a wunderkind in Silicon Valley, had pitched Theranos' technology as a cheaper way to run dozens of blood tests.

The move comes after founder Elizabeth Holmes settled a shareholder lawsuit in July aimed at recovering whatever can be salvaged from the fallen blood testing startup. As the former CEO Elizabeth Holmes is facing fraud charges, the company has been mired in a myriad of scandals.

Holmes and Balwani are accused of faking demonstrations of the technology, lying to investors about the anticipated returns, lying to the media, lying about the deployment of the technology on the battlefield, using third-party equipment to conduct tests while claiming to use Theranos's own gear, and misrepresenting the progress of a partnership with Walgreens (wba).

Holmes and Balwani are also accused of lying to investors about the company's technological abilities.

According to the indictment, the company gave doctors - and through them, their patients - "materially false and misleading information concerning the accuracy and reliability of Theranos's blood testing services".

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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.

Prosecutors alleged that they defrauded investors out of hundreds of millions of dollars and defrauded doctors and patients.

However, in October 2015, the Wall Street Journal published a front-page story that claimed the technology was flawed and that the company's former chief scientist had taken his own life two years earlier after telling his wife the technology did not work.

As Ars reported previously, in March 2018, the Securities and Exchange Commission filed civil charges against Holmes, Balwani, and Theranos, alleging that they had committed "massive fraud".

Theranos Chief Executive Officer Elizabeth Holmes speaks on stage at the Glamour Women of the Year Awards where she receives an award, in the Manhattan borough of NY, U.S., November 9, 2015.

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