Wall Street Journal, 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 Partner Fund Management 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.