Theranos Inc., the blood-testing company accused of perpetrating Silicon Valley’s biggest fraud, will soon cease to exist.
In the wake of a high-profile scandal, the company will formally dissolve, according to a shareholder email. Theranos will seek to pay unsecured creditors its remaining cash in coming months, the letter said.
The move comes after federal prosecutors filed criminal charges against Theranos founder Elizabeth Holmes and the blood-testing company’s former No. 2 executive, alleging that they defrauded investors out of hundreds of millions of dollars and defrauded doctors and patients.
The executives have denied the charges and face a coming criminal trial.
READ THE JOURNAL’S PAST COVERAGE
- U.S. Files Criminal Charges Against Holmes, Balwani
- Essay: Theranos Inc.’s Partners in Blood
- Whistleblower Shook the Company—and His Family
- Theranos Voids Two Years of Edison Blood-Test Results
- At Theranos, Many Strategies and Snags
- Theranos Dials Back Lab Tests at FDA’s Behest
- Theranos Has Struggled With Its Blood-Test Technology
Write to John Carreyrou at [email protected]