Theranos, Embattled Blood-Testing Startup, To Shut Down: WSJ

[Eugene]

Source: Reuters

BUSINESS 09/05/2018 08:13 am ET

Theranos, Embattled Blood-Testing Startup, To Shut Down: WSJ

(Reuters) - Theranos Inc, the once-celebrated Silicon Valley blood-testing firm, is about to dissolve itself months after top executives were indicted for defrauding investors, the Wall Street Journal reported on Wednesday.

The move follows a failed attempt by Theranos to sell itself, during which it reached out to more than 80 potential buyers through Jefferies Group, the Journal reported, citing an email to shareholders from Chief Executive David Taylor.

“Unfortunately, none of those leads has materialized into a transaction. We are now out of time,” Taylor wrote in the letter, a copy of which was published by the WSJ.

The firm will attempt to pay unsecured creditors its remaining cash in the coming months, the Journal reported, adding that big name investors had lost about $1 billion.

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Read more: https://www.huffingtonpost.com/entry/theranos-shutting-down_us_5b8fc676e4b0cf7b003b6ca4

[maxsolomon]

1. That's what happens to frauds

That or they get elected POTUS.