Two investors have filed class-action lawsuits against Theranos, accusing founder Elizabeth Holmes and former president Ramesh Balwani of making false promises "built on false statements and omissions" and falsely claiming their "revolutionary technology" had been vetted by experts and regulators to raise more investment. High-profile Silicon Valley investment banker Robert Colman and Hilary Taubman-Dye have engaged Hagens Berman Sobol Shapiro law firm, which is seeking additional investors and whistleblowers to provide more information with its investigation. and Theranos had to let most of its employees go. The company has also faced criticism for the way it handled a recent class action, in which plaintiffs alleged that they were misled about how much money was being invested into the company.
Two investors have filed class-action lawsuits against Theranos, accusing founder Elizabeth Holmes and former president Ramesh Balwani of making false promises "built on false statements and omissions" and falsely claiming their "revolutionary technology" had been vetted by experts and regulators to raise more investment. High-profile Silicon Valley investment banker Robert Colman and Hilary Taubman-Dye have engaged Hagens Berman Sobol Shapiro law firm, which is seeking additional investors and whistleblowers to provide more information with its investigation. The company has also faced criticism for the way it handled a recent class action, in which plaintiffs alleged that they were misled about how much money was being invested into the company.