Somehow the US election thread also became our Theranos thread, and it doesn't feel right to go back to that to post new updates, so here's a new one.
A doozy of an update for our favorite Silicon Valley disruptor:
A doozy of an update for our favorite Silicon Valley disruptor:
Theranos Inc. allegedly misled company directors about its laboratory-testing practices, used a shell company to “secretly” buy commercial-lab equipment, and improperly created rosy financial projections for investors, according to newly unsealed court filings in a suit by one of its investors.
The Silicon Valley company—which once promised to revolutionize the blood-testing industry using tiny samples from finger pricks—also allegedly ran “fake ‘demonstrations tests’ for prospective investors and business partners” using commercial devices while pretending to showcase its own technology, according to the filings.
The accusations are based in large part on testimony from 22 former Theranos employees or directors who were deposed by lawyers for Partner Fund Management LP, a hedge fund suing Theranos. The filings contain some of the first substantive details to emerge from several court proceedings against the company, though they include only short excerpts from the depositions.
The Silicon Valley company—which once promised to revolutionize the blood-testing industry using tiny samples from finger pricks—also allegedly ran “fake ‘demonstrations tests’ for prospective investors and business partners” using commercial devices while pretending to showcase its own technology, according to the filings.
The accusations are based in large part on testimony from 22 former Theranos employees or directors who were deposed by lawyers for Partner Fund Management LP, a hedge fund suing Theranos. The filings contain some of the first substantive details to emerge from several court proceedings against the company, though they include only short excerpts from the depositions.
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