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Theranos, Elizabeth Holmes' startup, is shutting down for good

Theranos, Elizabeth Holmes' startup, is shutting down for good

They used advertising and solicitations to encourage doctors and patients to use Theranos's blood testing laboratory services despite knowing the company could not produce accurate and reliable results consistently, prosecutors had said.

Vaulted by failed promises for its simple and comprehensive finger-stick blood test technology, the decision to dissolve the company comes after former CEO Elizabeth Holmes and ex-COO Ramesh "Sunny" Balwani were indicted in June on federal criminal charges of wire fraud and conspiracy.

Ms Holmes herself became a business pin-up, wearing a black turtleneck jumper that drew comparisons with Steve Jobs, while profiles regularly pointed out that, like other successful tech entrepreneurs such as Bill Gates and Mark Zuckerberg, she was a college drop-out.

Theranos laid off most of its staff earlier this year. The Journal reports that most of the company's remaining employees worked their last day on August 31, while Taylor and a few others have just a few more days on the payroll. But that unraveled spectacularly under the scrutiny of Wall Street Journal investigative reporter John Carreyrou.

As Ars reported previously, in March 2018, the Securities and Exchange Commission filed civil charges against Holmes, Balwani, and Theranos, alleging that they had committed "massive fraud". "We are now out of time", Taylor wrote in the email, a copy of which was published by the WSJ (paywall).

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Theranos was once valued at $9 billion.

"Because the Company's cash is not almost sufficient to pay all of its creditors in full, there will be no distributions to shareholders", the letter states.

The once-heralded blood-testing startup Theranos is shutting down, according to a media report.

The indictment states that Holmes and Balwani falsely claimed that they had developed revolutionary technology that could quickly provide a range of clinical tests from a small drop of blood.

As part of the settlement, Ms Holmes had to return millions of shares to the privately held company and pay a $500,000 fine.

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