Offbeat Theranos founder reportedly seeks investors for new company

20:53  11 june  2018
20:53  11 june  2018 Source:   businessinsider.com

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There’s a new surprise from the Wall Street Journal’s John Carreyrou (author of the Theranos expose Bad Blood: Secrets and Lies in a Silicon Valley Startup). But alas, the tech world doesn’t see Theranos as a tech company , but rather a biotech outlier…

3/WEZp4JRpu7o/ theranos - founder -elizabeth-holmes- seeks - investors - for - new - company There's a new surprise from the Wall Street There's a new surprise from the Wall Street Journal's John Carreyrou (author of the Theranos expose Bad Blood: Secrets and Lies in a Silicon Valley Startup).

The word is that Elizabeth Holmes is looking to raise money for a new startup.

The 34-year-old founder and CEO of the embattled blood-testing startup Theranos is courting Silicon Valley investors in hopes of forming a new company, according to a Vanity Fair interview with the author John Carreyrou.

Carreyrou, the Wall Street Journal reporter who first revealed Theranos had misled the public about its blood-testing product, didn't disclose what the new startup was or whom Holmes was meeting with.

Holmes, Theranos, and the company's former president Sunny Balwani were charged with massive fraud by the US Securities and Exchange Commission earlier this year. The SEC accused Theranos of making "numerous false and misleading statements in investor presentations, product demonstrations, and media articles" about the company's blood-testing technology while raising more than $700 million.

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In a letter to investors obtained by Buzzfeed News, Theranos founder Elizabeth Holmes explained how Theranos is falling behind on the development milestones it needs to hit. Theranos CEO Elizabeth Holmes is asking her investors for more money to keep the company afloat, according to

Founder & CEO of Theranos Elizabeth Holmes. This is the third lawsuit filed by Theranos investors against the company since Oct. 10, but the first to seek class-action status, the Journal said.

As part of the settlement, Holmes agreed to give up financial and voting control of the company, pay a $500,000 fine, and return 18.9 million shares of Theranos stock, and she cannot be a director or officer of a publicly traded company for 10 years. Theranos is a privately held company, however, which means Holmes has been allowed to stay on as CEO. The same rules would apply to a new startup venture.

Amid all the bad press, imploding business partnerships, and SEC charges, Theranos laid off most of its staff and is reportedly on the verge of bankruptcy.

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Source: http://us.pressfrom.com/news/offbeat/-153906-theranos-founder-reportedly-seeks-investors-for-new-company/

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