After a long, slow fall, the blood-testing company is officially dissolving.
Some background: In 2014, Theranos rocketed to public attention with its claims of a revolutionary blood-testing system. The next year, a Wall Street Journal investigation raised concerns about the validity of Theranos’s finger-prick diagnostic technology, prompting us to name it one of the biggest technology failures of 2015. Later government investigations revealed numerous problems with the startup. Earlier this year, CEO Elizabeth Holmes was charged with massive fraud by the US Securities and Exchange Commission, resulting in her stepping down from her leadership role.
The news: An e-mail to shareholders released by the Journal yesterday revealed that the end has finally come for Theranos. It will be formally dissolving and distributing its remaining capital to unsecured creditors.
The final number: In total, the company’s investors will have lost almost $1 billion.
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