The once-heralded blood-testing startup Theranos is shutting down, according to a report by the newspaper responsible for exposing the company as an elaborate fraud. Founder and former CEO Elizabeth Holmes is facing criminal charges.
Holmes and Balwani are accused of faking demonstrations of the technology, lying to investors about the anticipated returns, lying to the media, lying about the deployment of the technology on the battlefield, using third-party equipment to conduct tests while claiming to use Theranos's own gear, and misrepresenting the progress of a partnership with Walgreens (wba).
Big name investors had reportedly lost about $1 billion.
Holmes advertised the company as a cheaper and more efficient way for patients to test for life-threatening conditions, like cancer and diabetes, with just a few drops of blood from their fingers.
But Theranos' blood-testing machines weren't reliable, and the company itself relied on other companies' devices to run blood tests.
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She carefully crafted her image as well, wearing nearly entirely black turtleneck sweaters that earned her the moniker in Silicon Valley as "the next Steve Jobs".
Investors bought what Holmes was selling and invested hundreds of millions of dollars in the company.
It was briefly one of the most celebrated companies in Silicon Valley - but Theranos, a company valued at $9bn (£7bn) at its peak, will soon be no more.
In a new Wall Street Journal piece, John Carreyrou-the journalist who exposed Theranos' misleading claims about the efficacy of its tests-reported that the company will next week begin to formally dissolve.
Ms Holmes reached a settlement with the US Securities & Exchange Commission in March this year in which she paid a $500,000 fine, returned her shares to the company and was banned from serving as an officer or director of a public company for 10 years.