Theranos Lawsuits
Theranos is facing a slew of legal troubles and the company has been accused of fraud. Two women have filed the first Theranos lawsuit, claiming that Theranos’ inaccurate results prompted them to visit a doctor. In June, they learned that they were suffering from an autoimmune disease, Hashimoto’s disease, and were told to undergo blood tests with another lab. Then, they discovered that the Theranos blood test was inaccurate.
Theranos is facing a criminal charge of misrepresenting investors.
According to the indictment, Holmes and her co-founder, Ramesh Balwani, raised $700 million from investors in 2013 and 2014. During this time, the pair lied about the company’s technology and finances. They also falsely claimed to have a government affiliation with the Department of Defense and federal regulators, which ultimately led to the lawsuit.
A lawsuit against Theranos alleged that the company deceived potential investors by marketing their product and service as “miracle technology” that could deliver accurate medical results with a finger prick. The lawsuit was filed in the US District Court for Northern California. Theranos is being sued as a class-action suit, which means that the company has already contacted “numerous” individuals.
In a related suit, the former Theranos employees shared their experiences with John.
The men, Erika Cheung and Tyler Schultz, the grandson of founder George Schultz, revealed the company’s secretive culture and false claims about its technology and finances. In addition, the company had an incompetent quality assurance system, which resulted in inaccurate results. As a result, people’s lives have been affected, and the Theranos lawsuit is a powerful way to demand justice.
Theranos has been in the news for several years, but recently the company has been hit with a series of bad blows. In addition to a federal criminal investigation, the company’s CEO faces a possible two-year ban from the blood-testing industry. The company has also canceled two years’ worth of test results from its signature blood-testing devices. A Theranos lawsuit is claiming that the signature devices have caused patient harm and the results of those tests have been misinterpreted.
In addition to the lawsuit against Theranos, two former defense secretaries James Mattis and a wealthy family of Betsy DeVos both testified in court.
The two men were arrested in May 2016 after receiving false results from Theranos. They were charged with conspiracy and false advertising. Their companies also failed to notify their customers of potentially damaging results, resulting in a slew of the companies’ shares.
In April, Theranos settled a class-action suit with two investors who purchased stakes in the company. The companies have settled with the attorneys general of several states and are now in the discovery phase of their lawsuits. Theranos is currently facing several lawsuits, and they are all proving their case against the company. The company is facing a slew of other legal cases involving the company, including the California Department of Justice.
The Theranos lawsuit has also resulted in criminal charges against Holmes and Ramesh Balwani.
They claim that Theranos was not honest and failed to notify customers of false test results. The company also failed to properly notify doctors and investors of false test results. Those who invested in Theranos have lost their investment in the company and many people are using the company. Theranos is reportedly not responsible for any of the tests.
The Theranos has already received a slew of bad blows. A federal investigation has been launched into the company, and the company’s CEO faces a two-year ban from the blood-testing business. The company has canceled two years’ worth of test results and has faced a slew of other bad publicity. Several investors have already withdrawn from the company. However, the companies’ shares have not. In response to this bad press, the stock market has also suffered a sharp drop in value.
The latest Theranos lawsuit is the second most popular in the United States.
In October, the Wall Street Journal published an article detailing the company’s failures. After a year of stalemate and controversy, Theranos’ valuation plummeted ninety-five percent and closed down all its blood-testing facilities. In addition, the company sacked 40% of its workforce and retired its board of counselors.
