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Theranos

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Anyone else following this?  If not yet, you should be.  I would be interested in other's POV.

 

Thanks, Scott

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Why he secrecy about the methodology. They are a running laboratory in California, so why is there no I for yet? They are opening in Walgreens soon, so I still think it's odd with all the secrecy in the company!

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Form the Financial News today, 3-1-16, Walgrens is looking at ways to get out of their arrangement with Theranos.  It includes this paragraph, which pretty much sums it all up:

Theranos emerged as an exciting startup with a promise to use just a single drop of blood to conduct medical testing. Unfortunately, these claims began to unravel when the science was questioned and regulators began to pay attention. When the US Center for Medicare and Medicaid Services got involved, it found that the firm wasn't following basic procedures for blood tests. In fact, the agency claimed that Theranos' "deficient practices" were so bad that the company posed an "immediate jeopardy to patient health."

Its the old adage: If it seems too good to be true, it probably is.

What I don't understand (about the world of finance), is how Theranos became valued at  $9 billion in the first place. Apparently financial media reports about valuations are meaningless.

Scott

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On June 15, 2018, following an investigation by the U.S. Attorney's Office in San Francisco that lasted more than two years, a federal grand jury indicted Holmes and former Theranos chief operating officer and president Ramesh "Sunny" Balwani on nine counts of wire fraud and two counts of conspiracy to commit wire fraud. Prosecutors allege that Holmes and Balwani engaged in two criminal schemes, one to defraud investors, the other to defraud doctors and patients.[7][56] After the indictment was issued, Holmes stepped down as CEO of Theranos but remained chairperson of the board.[8]

The case is proceeding in the U.S. District Court in San Jose. Holmes and Balwani have pleaded not guilty.[57] They face up to 20 years in prison.[58]

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