Theranos, the health technology and medical laboratory services company in Palo Alto, California, has already had a slew of problems this year. It’s currently under investigation by the Securities and Exchange Commission and has plans to lay off 340 employees after announcing that it will close laboratories and wellness centers in Arizona, California and Pennsylvania.
But now, Theranos and Elizabeth Holmes, its founder and CEO, are being sued by one of the company’s biggest financial backers, San Francisco-based Partner Fund Management (PFM).
PFM is accusing Theranos of lying and omitting information to keep PFM invested in the company. PFM is just one of many investors who have given about $800 million to the company.
To read more about the law suit, follow the link below: