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WSJ Report: Theranos used shell company to secretly buy outside lab equipment
Posted on 4/22/17 at 1:31 am
Posted on 4/22/17 at 1:31 am
quote:
If it’s not one thing, it’s another in the dizzying downward spiral of Theranos, the once-darling of Silicon Valley biotech.
On Friday, the Wall Street Journal reported that the company "allegedly misled company directors" regarding its lab tests and used a shell company to buy commercial lab gear. These are just a few of the new revelations made by the Journal, which also include fake demonstrations for potential investors.
The new information came from unsealed depositions by 22 former Theranos employees or members of its board of directors. They were deposed by Partner Fund Management LP, a hedge fund currently suing Theranos in Delaware state court. Theranos is also facing multiple lawsuits in federal court in California and Arizona, among others.
Last year, federal regulators shut down Theranos' labs and banned Holmes from the industry after problems with its technology and the company's practices were revealed. Theranos is appealing the sanctions.
Theranos did not immediately respond to Ars' request for comment, but it told the Journal that the documents "reflected a 'one-sided filing by one party to litigation.'"
In a related case currently underway in federal court in Arizona, lawyers representing Walgreens fired back on Thursday against Theranos' attempt to get the case tossed. They called Theranos' products at Walgreens stores "dangerously unreliable."
On April 18, a federal judge in San Jose, California, allowed yet another lawsuit filed by yet another investor to largely move forward. That same day, Theranos came to an agreement with the Arizona Attorney General's office: The company will reimburse state residents "for all amounts they paid for Theranos blood testing services between 2013 and 2016." This amount totals $4.65 million.
LINK
Posted on 4/22/17 at 1:37 am to Street Hawk
That's what she gets for fricking with big pharma
Posted on 4/22/17 at 1:41 am to lsu480
quote:
That's what she gets for fricking with big pharma
And just being a crazy attention whore. She was trying to play dress up as Steve Jobs and forgot she needed an actual product.
Posted on 4/22/17 at 1:43 am to Street Hawk
quote:
On Friday, the Wall Street Journal reported that the company "allegedly misled company directors" regarding its lab tests and used a shell company to buy commercial lab gear
What are the chances that anyone goes to jail over this?
Elizabeth Holmes is so dishonest and corrupt about her work that if she were black, she could be Chief Administrative Officer of Baton Rouge.
This post was edited on 4/22/17 at 1:44 am
Posted on 4/22/17 at 6:53 am to Street Hawk
Does this mean she can't still be on the attention train because she empowers little girls?
Maybe she and clock boy should do a reality show for fallen progressive approved sensations.
Maybe she and clock boy should do a reality show for fallen progressive approved sensations.
Posted on 4/22/17 at 7:27 am to BowlJackson
From what I have read, she is basically a con artist. Did they ever have a product that worked as planned? On Walgreens side, how does a large successful company so completely fall for something like this? Didn't someone there check this whole thing out before jumping into business with this lady?
Posted on 4/22/17 at 8:31 am to member12
quote:
Elizabeth Holmes is so dishonest and corrupt about her work that if she were black, she could be Chief Administrative Officer of Baton Rouge.
Posted on 4/22/17 at 9:29 am to GetBackToWork
quote:
Does this mean she can't still be on the attention train because she empowers little girls?
Once you are on you can never leave or be criticized.
Posted on 4/22/17 at 9:31 am to Street Hawk
So was this chick just some useful idiot frontwoman that others used to bleed investors or does she actually need to be in cuffs herself?
I know the company was nominally her idea but was she too stupid to not know that this shite wasn't viable?
I know the company was nominally her idea but was she too stupid to not know that this shite wasn't viable?
This post was edited on 4/22/17 at 9:33 am
Posted on 4/22/17 at 9:36 am to Walking the Earth
Even Juicero has a brighter future than Theranos.
Posted on 4/22/17 at 9:36 am to Street Hawk
Wouldn't mind a conjugal visit when that crazy lady ends up in a Federal penetentiary.
Posted on 4/22/17 at 10:04 am to GaryMyMan
I think they were making fun of her black turtleneck on Silicone Valley.
As if a black turtleneck will make her seem more like Steve Jobs.
As if a black turtleneck will make her seem more like Steve Jobs.
Posted on 4/22/17 at 10:17 am to jbgleason
quote:
From what I have read, she is basically a con artist. Did they ever have a product that worked as planned? On Walgreens side, how does a large successful company so completely fall for something like this? Didn't someone there check this whole thing out before jumping into business with this lady?
Smart rich white girl from Stanford. You think they ever double check that?
Posted on 4/22/17 at 10:29 am to GetBackToWork
You just need to say "STEM" over and over again while hiring gals and minorities so that you seem stylish. Never mind finding men to actually do something or solve the problem. Competent well educated men are a cost center.
This post was edited on 4/22/17 at 10:29 am
Posted on 4/22/17 at 10:30 am to member12
quote:
From $4.5 billion to $0: Forbes revalues Elizabeth Holmes' worth
Wow.
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