Health Care

Theranos Set to Dissolve As Company Defaults On Fortress Loan

Theranos Set to Dissolve As Company Defaults On Fortress Loan

An email to shareholders says the company - which at one time had a valuation of almost $10 billion and whose board of directors included former secretaries of state and current Secretary of Defense James Mattis - can not find any buyers and will be dissolved. Most of the company's employees worked their last days on the previous Friday, August 31, with CEO David Taylor and a few support staff remaining on payroll for a few more days.

Blood-testing company Theranos plans to go out of business in the wake of one of the tech community's biggest frauds, the Wall Street Journal reported Tuesday night.

"I write with hard news about the future of the Company", the letter from CEO David Taylor began.

It is the latest twist in one of the most dramatic rise-and-fall stories U.S. business has ever seen and comes three months after Elizabeth Holmes, who founded the company at the age of 19, was charged with fraud along with Sunny Balwani, her former lover and the company's former chief operating officer.

Prosecutors say they engaged in a multi-million dollar scheme to defraud investors, doctors and patients. Balwani refused to settle with the SEC.

Woods had no prior knowledge of Nike's Kaepernick commercial
Like Kaepernick, Boyer is who I turn to when I want opinions on the bigger issues in this country and how they relate to sports. Kaepernick tweeted the video with the caption, "Believe in something.

The once-heralded blood-testing startup Theranos is now set to formally dissolve just weeks after its CEO was charged with criminal fraud. The company focused on developing a wearable patch that required only.1 to 1% of the amount of blood that would ordinarily be needed to conduct tests, at a much cheaper cost as well.

Investors who gave the company $100 million or more included the heirs to Walmart Inc. founder Sam Walton; Atlanta's Cox family; the family of Education Secretary Betsy DeVos; and Rupert Murdoch, executive chairman of 21st Century Fox and of News Corp., the The Wall Street Journal's parent company, the newspaper reported Wednesday. The company is doing this after breaching a covenant in a loan made by Fortress Investment Group to the diagnostics company.

Not so long ago, Elizabeth Holmes was featured in numerous magazine as an example of a success story. At one time, Holmes was the youngest self-made female billionaire. Soon, her net worth had dropped to virtually nothing and the company was on the verge of bankruptcy.

Theranos's founder and chairman, Ms. Holmes, and her ex-boyfriend, Ramesh "Sunny" Balwani were indicted on nine counts of wire fraud and two counts of conspiracy to commit wire fraud in June.


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