Embattled blood-testing company Theranos will dissolve

Embattled blood-testing company Theranos will dissolve

Theranos, the company that claimed it could perform a vast array of tests from a single pinprick of blood, is officially dissolving.

It also added Theranos founder Elizabeth Holmes has settled a shareholder lawsuit in July that was created to recover whatever can be salvaged from the firm.

Theranos founder Elizabeth Holmes and former president Ramesh Balwani are facing criminal charges of wire fraud. Starting in a basement located a few blocks away from campus, Holmes transformed her company to be worth over $1 billion in seven years time.

Soon after she devoted herself full time to her company, Holmes attracted a number of key investors (including Larry Ellison and Draper Fisher Jurvetson) and high-profile board members (including former U.S. Secretaries of State Henry Kissinger and George Schultz, and former U.S. Senators William Frist and Sam Nunn).

Holmes and Balwani in March were also charged by the Securities and Exchange Commission with "massive fraud".

The Wall Street Journal, which reported the initial explosive allegations against Theranos, now reports that the firm will dissolve. As Carreyrou's reportage showed, Theranos's supposedly revolutionary blood-testing processes-which involved mere drops of blood rather than the traditional vials-were slow, inaccurate and unreliable. Theranos will begin its dissolution proceedings on September 10. It may take up to a year to have everything settled, but the company's employees worked for the last time on August 31. The story raised concerns about the accuracy of Theranos' blood-testing technology, which put patients at risk of having conditions either misdiagnosed or ignored. Her bold talk and black turtlenecks drew comparisons to Steve Jobs.

10 attacks Obama unleashed on Trump, GOP in midterm speech
Ambassador to Germany Richard Grenell to make Palij's deportation his number one priority when he got to Berlin". Obama is likely to be less helpful in some of the most competitive Senate races playing out in states Trump won.

Nadal looks within to find way past Thiem
By defeating Basilashvili, Nadal has reached the quarter-finals of all the grand slams for the first time since 2011. The Spaniard was able to bounce back and win the next two sets 6-4, 7-5, but not without a fight from Thiem.

US Open 2018: Japanese delight as Nishikori, Osaka advance
She won the Indian Wells Open and made it to the fourth round of the Australian Open. "I hate matches like this", said Tsurenko. Open. "I wouldn't like to go to five sets every time but I try to fight every point and stay focused one point at a time".

The Journal's investigation marked the beginning of the end of Theranos.

Holmes and the company settled the SEC's allegations. Balwani is fighting the charges.

Theranos is now negotiating with Fortress to keep part of its remaining cash to pay off other investors. Theranos didn't respond for a request to comment outside regular business hours.

Theranos, founded in 2003 by a then 19-year-old, wide-eyed Elizabeth Holmes, the Stanford drop-out who everyone believed could change the world.

Information for this article was contributed by staff members of The Associated Press, by Jeff Sutherland of Bloomberg News and by Reed Ableson of The New York Times.

Related news:

Hot News

isis-killer-beheading-video-story-top Serena Advances To 13th US Open Semi-Final
Sep 08, 2018 - 04:15
Still, it was Isner who struck first, closing the opening tiebreaker with a 132 miles per hour (212 kph) ace down the middle. Drop shots: the solution for rest of the tournament? "Quarters was my mental goal, every time I played a Grand Slam".

isis-killer-beheading-video-story-top Rapper Mac Miller dead at 26
Sep 08, 2018 - 03:45
After the two split, Miller got into a auto crash and was cited for DUI, which led to people blaming Grande for his troubles. TMZ reports authorities responding to a 911 call found Mac Miller in his home in the San Fernando Valley.

isis-killer-beheading-video-story-top BMW Championship: Tiger Woods & Rory McIlroy share lead in Philadelphia
Sep 08, 2018 - 02:57
McIlroy pared his 15th but three-putted for bogey both his seventh and eighth holes before a consolation birdie at the last. "It was nice to make one like that up the hill to get things going", Woods told Golf Channel after the round.

isis-killer-beheading-video-story-top North Korea’s Kim aims for denuclearization within Trump’s first term: Seoul
Sep 07, 2018 - 04:27
At his upcoming summit, Moon will now face the unenviable task of bringing the USA and North Korea back to the negotiating table. The nuclear talks may be at an impasse over the two parties' understanding of what was agreed to at the June summit.

isis-killer-beheading-video-story-top 12 passengers on two American Airlines flights report flu-like symptoms
Sep 07, 2018 - 04:23
She said: " Emirates can confirm that about 10 passengers on board flight EK203 from Dubai to NY were taken ill". Vanilla Ice , of "Ice Ice Baby" fame, was aboard an Emirates flight that was quarantined at New York's John F.

isis-killer-beheading-video-story-top Serena advances, Stephens sunk at US Open
Sep 07, 2018 - 04:02
Nishikori won the rematch of the 2014 final with a 2-6, 6-4, 7-6 (5), 4-6, 6-4 victory in a match that lasted 4 hours, 8 minutes. Until the fifth-set tiebreaker, the first contested so far this tournament, it was truly any man's game to win.

isis-killer-beheading-video-story-top What is the UEFA Nations League?
Sep 07, 2018 - 01:55
Regular qualifying for Euro 2020 has been pushed back to 2019 where the traditional campaign will be crammed into a year. In March 2020, each Nations League tier will have a four-team playoff bracket with the victor advancing to Euro 2020 .

isis-killer-beheading-video-story-top Tropical storm Gordon makes landfall overnight
Sep 07, 2018 - 01:40
The fatality came in Pensacola, Florida when a tree fell on a mobile home and killed a child, the National Weather Service said . Forecasters were urging people along the Gulf Coast from Louisiana to Florida to be wary of storm surge and flash floods.

isis-killer-beheading-video-story-top Jurgen Klopp Is 'Already Talking' With Exciting PSG Midfielder
Sep 06, 2018 - 14:14
Having spent part of his early career in the role, Gomez plays like a full back... So I'm excited for him because I know how good he can be.

isis-killer-beheading-video-story-top Highway overpass collapses in Kolkata; 1 killed, 23 hurt
Sep 06, 2018 - 14:03
A mini bus, four cars and a few motorcycles that were damaged in the bridge collapse were removed using cranes, the official said. She said there was a hut under the bridge and some labourers engaged in metro rail construction work used to stay.

isis-killer-beheading-video-story-top Kavanaugh Hearing Day 2: SCOTUS Nominee Defends Dissents On Abortion, Gun Control
Sep 06, 2018 - 13:28
The committee struggled to get through a raucous hearing that was frequently disrupted by people shouting from the audience. A steady stream of protesters interrupted often contentious opening statements from both sides of the aisle.

isis-killer-beheading-video-story-top Supreme Court decriminalises Section 377, declares homosexuality legal
Sep 06, 2018 - 13:01
Latest reports have said that the Supreme Court verdict will be delayed at least by 30 minutes. Justice Nariman said, "If you license prostitution, you control it".

isis-killer-beheading-video-story-top How will Tropical Storm Gordon impact North Texas? | Fort Worth Star-Telegram
Sep 05, 2018 - 06:58
Conditions will begin to deteriorate later this afternoon with the majority of the impacts this evening with landfall. A hurricane warning is in effect for the mouth of the Pearl River in MS to the Alabama-Florida border.

isis-killer-beheading-video-story-top Roger Federer exits US Open, denied Djokovic match-up
Sep 05, 2018 - 06:56
The result meant there would be no quarter-final showdown with old rival Novak Djokovic who will now face Millmann instead. Federer broke first on the way to a 5-3 lead in the set, but Millman won the last four games, breaking Federer twice.

isis-killer-beheading-video-story-top Pittsburgh Steelers' Le'Veon Bell misses first National Football League regular season practice
Sep 05, 2018 - 06:41
Although no one seems to know the answer to that question, Maurkice Pouncey does have a theory on how this is all going to play out.