Theranos' Holmes, Balwani Slammed By SEC For 'Massive Fraud'
In another blow from the US government, securities regulators have severely penalized Theranos and its cofounder, Elizabeth Holmes, for allegedly lying to investors to raise funds.
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Babson recently raised $31m to accelerate commercialization of its blood testing “ecosystem,” developed with help from Siemens Healthineers and Becton Dickinson.
Two consumers have filed attempted class action suits against Theranos that claim the lab-testing company's advertising misled consumers as to the safety and reliability of its products. The company denies the allegations. Theranos is facing exclusion from CMS over repeated lab problems.
Beleaguered laboratory firm Theranos Inc. said late last month that it submitted a correction plan to the Center for Medicare and Medicaid Services to remedy the uncorrected testing deficiencies cited from an inspection by the Medicare agency. But the firm's actions so far have not been enough to stop CMS from proposing sanctions on the company in a March 18 letter, including the potential of barring its California location from operating as a clinical laboratory.