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Walgreens sues Theranos for $140M for 'breaking every promise'
Posted on 1/7/17 at 11:18 am
Posted on 1/7/17 at 11:18 am
quote:
Theranos, the disgraced blood testing startup once valued at $9 billion, broke all of its promises and “failed to meet the most basic quality standards and legal requirements” in its contract with Walgreen Co. That’s according to a scathing lawsuit (PDF) from the US drugstore giant, which owns neighborhood Walgreens.
The two companies had teamed up in 2012 to offer Theranos’ low-cost, finger prick-based blood tests to Walgreens’ customers in “Wellness Centers” that would be set up within Walgreens’ drugstores. According to the court documents, Theranos had spent two years wooing Walgreens into the deal, promising “disruptive” proprietary technology that would be of the highest quality and receive regulatory approval.
But the deal imploded and the relationship soured after media reports in late 2015 revealed problems with Theranos’ technology, testing standards and accuracy, and its dealings with regulators. In July of 2016, federal regulators levied hefty and unprecedented sanctions on Theranos after inspections found deficiencies that posed “immediate jeopardy” to patient health and safety. Regulators revoked the certification of one of Theranos’ labs and banned the company’s founder and CEO, Elizabeth Holmes, from the laboratory business for at least two years.
LINK
Posted on 1/7/17 at 11:22 am to Street Hawk
That girl better have cashed out a bit and stashed that money in Switzerland. A whole lot of people will be suing here soon.
Posted on 1/7/17 at 11:22 am to Street Hawk
She put a lot of people's health at risk and knew it was a lie all along. Bitch should be in jail for a long time over fraud.
This post was edited on 1/7/17 at 11:23 am
Posted on 1/7/17 at 11:25 am to stout
Isn't her stake in the company now essentially worth squat? I feel like after they paid back preferred shares for investors she's in for dick now.
Posted on 1/7/17 at 11:27 am to BraveTiger225
Forbe's dropped the estimated value of the company from Billions to zero when the scandal broke. So unless she cashed some shares out here and there, she isn't worth squat. I don't think investors got their money back either and many will probably sue.
Posted on 1/7/17 at 11:29 am to knight_ryder
The lesson learned here is that cosplaying as Steve Jobs can cause your fake company to be valued at over a billion dollars.
Posted on 1/7/17 at 11:30 am to stout
Even worse, her OT rating dropped a solid 6 points from threads about her in 2015.
Posted on 1/7/17 at 11:33 am to knight_ryder
IWHI...with a sledgehammer.
Posted on 1/7/17 at 11:35 am to Street Hawk
I still find it funny when an Elizabeth Holmes' quote meme shows up on my LinkedIn feed by someone who has apparently been living under a rock for the last two years.
Posted on 1/7/17 at 11:36 am to Street Hawk
quote:
Regulators revoked the certification of one of Theranos’ labs and banned the company’s founder and CEO, Elizabeth Holmes, from the laboratory business for at least two years.
Damn. There must have been some highjinks that even 60 Minutes didn't report.
ETA: somebody refresh my memory, wasn't her company supposedly developing a blood test that would accurately detect STDs instantly? I feel like I'm wrong or am partially right.
This post was edited on 1/7/17 at 11:38 am
Posted on 1/7/17 at 11:38 am to stout
quote:
She put a lot of people's health at risk and knew it was a lie all along. Bitch should be in jail for a long time over fraud
It's not about that. It's about getting rich quick. That's how silicon Valley works, it's what they encourage.
Posted on 1/7/17 at 11:42 am to Walking the Earth
Compare the pic above with this one from 2014 and you're exactly right.
Posted on 1/7/17 at 11:42 am to stout
Crazy that Walgreens changed their entire corporate strategy and based it around this company. Seems unreal they didn't do more due diligence. I have to believe some people will be losing their jobs over this.
Posted on 1/7/17 at 12:07 pm to jbgleason
People were going so apeshit over the woman tech founder/CEO angle (helped by being young and sort-of-cute) that everybody from venture capitalists to media to business partners lost their minds.
At one point, she had a stacked, all star board of directors before the company even took off. IIRC, Jim Mattis was a board member.
At one point, she had a stacked, all star board of directors before the company even took off. IIRC, Jim Mattis was a board member.
Posted on 1/7/17 at 12:09 pm to Street Hawk
This is why I only go to the doctor's office or the hospital to do any kind of blood work.
Posted on 1/7/17 at 12:10 pm to SCLibertarian
Holy shite that doesn't look like the same person
Posted on 1/7/17 at 12:11 pm to stout
quote:
She put a lot of people's health at risk and knew it was a lie all along. Bitch should be in jail for a long time over fraud.
But she is a darling of them Dems and as such will never even be pursued criminally. Now civilly she is fricked.
Posted on 1/7/17 at 12:15 pm to LesMiles BFF
That's the media for you. When she was hot shite, they only used posed or set up pictures and may have even touched them up a little.
Now that she's a lying bitch, they search for the pics that make her look the craziest.
Now that she's a lying bitch, they search for the pics that make her look the craziest.
Posted on 1/7/17 at 12:20 pm to Walking the Earth
quote:
At one point, she had a stacked, all star board of directors before the company even took off. IIRC, Jim Mattis was a board member.
At one point almost the entire board at Theranos was made up of Ex-Military General types, with not one person having any kind of medical background.
The famous Vanity Fair article that disgraced Holmes, said that her board was more suited to come up with a military plan to attack Iraq, than to act as board members for a medical device startup.
Exclusive: How Elizabeth Holmes’s House of Cards Came Tumbling Down
This post was edited on 1/7/17 at 12:32 pm
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