Just when you thought that the biggest ever "multi-billion" private company that also happens to be an utter fraud, would quietly disappear before it risked attracting even more unwarranted attention from regulators, enforcers, and criminal investigators which could potentially lead to prison time for "billionaire" Elizabeth Holmes, here she comes again reminding everyone of her fallen from grace presence, in this case with what should be the terminal news for this company, namely that as the WSJ reports (and as the company confirms) Theranos has told federal health regulators that the company voided and revised two years of results from its Edison blood-testing devices and has issued tens of thousands of corrected reports to doctors and patients.
As a reminder, the basis for Theranos ludicrous $9 billion valuation which it appears was achieved without anyone doing any actual due diligence, were the "Edison" machines which were touted as revolutionary - not just by Holmes but by the fawning media and even the Clintons. Theranos has now told regulators that it threw out all Edison test results from 2014 and 2015, effectively confirming it has no proprietary technology, and also validating that its valuation should be zero.
Thursday, May 19, 2016
Theranos Inc. tech doesn't work.
That's a $9 billion dollar valuation built of lies, spread by the media. How can anyone defend themselves against something like that?
What's of note is the very large list of news articles singing the praises of the company and it's founder. The Zerohedge story has many, many articles listed at the bottom, all glowing reports of awesomeness.
This is a story of simply amazing failure by the American journalistic community, both the general news side and particularly the business news side.Cutting to the chase, Therano is a company which claimed to have developed a blood testing system that could do multiple tests on a single drop of blood. It was lab-on-a-chip technology. But sadly, it seems they lied.