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April 10, 2018 10:20 pm

Theranos Lays Off Almost All of Its Remaining Workers

A few months ago, Theranos laid off almost half of its workforce as it struggled to recover from the backlash generated when the company failed to provide accurate results to patients using its proprietary blood test technology. Now, according to people familiar with the matter, the company is laying off most of its remaining workforce in a last-ditch effort to preserve cash and avert or at least delay bankruptcy for a few more months. MarketWatch reports: Tuesday's layoffs take the company's head count from about 125 employees to two dozen or fewer, according to people familiar with the matter. As recently as late 2015, Theranos had about 800 employees. Elizabeth Holmes, the Silicon Valley firm's founder and chief executive officer, announced the layoffs at an all-employee meeting at Theranos's offices in Newark, Calif. on Tuesday, less than a month after settling civil fraud charges with the U.S. Securities and Exchange Commission. Under the SEC settlement, Holmes was forced to relinquish her voting control over the company she founded 15 years ago as a 19-year-old Stanford dropout, give back a big chunk of her stock, and pay a $500,000 penalty. She also agreed to be barred from being an officer or director in a public company for 10 years.

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