Partner Fund Management, a major investor in embattled consumer healthcare tech company, Theranos, is suing the start-up and its founder for allegedly lying to gain its close to $100m investment. The San Francisco hedge fund filed the suit alleging that the start-up’s working proprietary technologies do not work and that they are not close to regulatory approval as advertised. Theranos claimed to be able to perform tens of thousands of tests with only a few drops of blood, but a Wall Street Journal investigation found that its unique technology was only used on a few tests, relying on conventional devices and giving unreliable results to patients.
Partner Fund Management, a major investor in embattled consumer healthcare tech company, Theranos, is suing the start-up and its founder for allegedly lying to gain its close to $100m investment. The San Francisco hedge fund filed the suit alleging that the start-up’s working proprietary technologies do not work and that they are not close to regulatory approval as advertised. Theranos claimed to be able to perform dozens of tests with only a few drops of blood, but a Wall Street Journal investigation found that its unique technology was only used on a few tests, relying on conventional devices and giving unreliable results to patients.