Theranos sued by largest investor, amid other problems
Theranos, the health technology and medical laboratory services company in Palo Alto, California, has already had a slew of problems this year. It’s currently under investigation by the Securities and Exchange Commission and has plans to lay off 340 employees after announcing that it will close laboratories and wellness centers in Arizona, California and Pennsylvania.
But now, Theranos and Elizabeth Holmes, its founder and CEO, are being sued by one of the company’s biggest financial backers, San Francisco-based Partner Fund Management (PFM).
PFM is accusing Theranos of lying and omitting information to keep PFM invested in the company. PFM is just one of many investors who have given about $800 million to the company.
To read more about the law suit, follow the link below:
Senior Writer
As a Senior Writer for TriMed Media Group, Katherine primarily focuses on producing news stories, Q&As and features for Cardiovascular Business. She reports on several facets of the cardiology industry, including emerging technology, new clinical trials and findings, and quality initiatives among providers. She is based out of TriMed's Chicago office and holds a bachelor's degree in journalism from Columbia College Chicago. Her work has appeared in Modern Healthcare, Crain's Chicago Business and The Detroit News. She joined TriMed in 2016.