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Started By
Message
Theranos faces $240M worth of lawsuits and has $200M left in the bank
Posted on 2/17/17 at 1:34 am
Posted on 2/17/17 at 1:34 am
quote:
The Wall Street Journal is reporting that the blood-testing company had $200 million left in the bank at the end of 2016 and that the company did not have any material revenue in 2015 or 2016.
That's roughly a quarter of the more than $725 million the company raised since it was founded in 2003. It's notable because the company is facing major lawsuits totaling about $240 million.
Theranos declined to comment to Business Insider.
Theranos' saga came into the spotlight in October 2015 after The Wall Street Journal published an investigation that questioned the accuracy of Theranos' blood test. In 2016, Theranos' northern California location was shut down, and CEO Elizabeth Holmes was barred for two years from running a clinical lab. Theranos has since appealed.
Now the company is facing lawsuits from investors, patients, and its once-partner Walgreens, which ended its relationship with Theranos in June 2016 and is accusing Theranos of breaching its contract. Theranos has said the suits against it are without merit, and that it will "respond vigorously to Walgreens’ unfounded allegations."
Walgreens is seeking $140 million in damages, while one of its investors, Partner Fund, is suing after investing almost $100 million in the company.
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11
Posted on 2/17/17 at 1:35 am to Street Hawk
What'd they do?
Posted on 2/17/17 at 1:47 am to Street Hawk
How can this be. Elizabeth is a college dropout who dresses in black turtlenecks while prowling Silicon Valley, and she's a female to boot. She's got it all.
(Said every venture capitalist who gave her money.)
(Said every venture capitalist who gave her money.)
Posted on 2/17/17 at 1:50 am to StopLightObservation
Stoplight
She made up a blood test that didn't actually provide accurate readings at all and was propped up by her campaign of being a woman changing the world
The test was actually a sham and she swindled 4 billion dollars
She made up a blood test that didn't actually provide accurate readings at all and was propped up by her campaign of being a woman changing the world
The test was actually a sham and she swindled 4 billion dollars
Posted on 2/17/17 at 2:03 am to Mir
I see no problem with this, she trolled the world out of $4 Million.
^clearly a joke
Just read up on it, sounds like she fricked a lot of people over
^clearly a joke
Just read up on it, sounds like she fricked a lot of people over
This post was edited on 2/17/17 at 2:05 am
Posted on 2/17/17 at 2:16 am to StopLightObservation
She fricked a ton of people and potentially endangered their lives
Posted on 2/17/17 at 2:18 am to Street Hawk
good
I hope this bitch never has another opportunity to make another dime
should be in jail
I hope this bitch never has another opportunity to make another dime
should be in jail
Posted on 2/17/17 at 6:15 am to Street Hawk
But but she's a smart empowered female breaking the glass ceiling 
Posted on 2/17/17 at 6:27 am to Street Hawk
This story doesn't get the amount of coverage it deserves. The woman is such a sham.
Posted on 2/17/17 at 7:16 am to Street Hawk
Can't wait to see this episode of American Greed
Posted on 2/17/17 at 8:27 am to Street Hawk
Thought this was going to be about the purple guy from Guardians of the Galaxy.
Posted on 2/17/17 at 8:31 am to BOSCEAUX
What I don't understand is how the whole company faked this? It's one thing for a CEO or high level execs to falsify financial data or something like that, but how did they get low level techs across the board to give the public false data?
Furthermore, how is she not in jail? Is this not some kind of medical malpractice? Did Medicaid not pay for any of this?
Furthermore, how is she not in jail? Is this not some kind of medical malpractice? Did Medicaid not pay for any of this?
Posted on 2/17/17 at 8:37 am to LSUSoulja08
Easy Focker
Posted on 2/17/17 at 8:39 am to StopLightObservation
quote:
What'd they do?
Lied and falsified tests.
Posted on 2/17/17 at 8:40 am to BOSCEAUX
quote:
Thought this was going to be about the purple guy from Guardians of the Galaxy.
Now, that would've been cool, BOSCEAUX
Posted on 2/17/17 at 8:55 am to Street Hawk
I still don't understand how several established companirs dropped $100m+ without proper due diligence. "Hey, I know this ot6 and she needs a $1b for some blood test. You want in?"
Posted on 2/17/17 at 8:55 am to Spock's Eyebrow
I'm kind of happy she showed absolutely no interest in me whatsoever when I met her a few years ago and tried to flirt with her.
Who is laughing now, Elizabeth.
Who is laughing now, Elizabeth.
Posted on 2/17/17 at 8:57 am to BOSCEAUX
Offtopic: Bosceaux, is your name a reference to the dog from One Crazy Summer?
Posted on 2/17/17 at 8:58 am to Street Hawk
"Last year, Elizabeth Holmes topped the FORBES list of America's Richest Self-Made Women with a net worth of $4.5 billion. Today, FORBES is lowering our estimate of her net worth to nothing. Theranos had no comment"
Posted on 2/17/17 at 9:03 am to Street Hawk
I guess the turtleneck just couldn't help her with the underlying issue of bad tech.
She defrauded her investors and risked everyone that used her service for testing.
She defrauded her investors and risked everyone that used her service for testing.
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