Theranos, the biotech company started by a 19-year-old Stanford dropout, has another hurdle to cross in its whole "we're totally a legit blood-testing company" campaign. This time, it turns out that tens of thousands of blood tests were voided, making them totally invalid. Whoops!
Update 11/29: A group of investors, including Robertson Stephens & Co. and Hilary Taubman-Dye, filed a new lawsuit against Theranos, hoping to turn it into a class action suit.
To refresh your memory, Vanity Fair and The Wall Street Journal published shocking exposés on just how many (alleged) secrets and lies Theranos founder Elizabeth Holmes, who raised hundreds of millions of investment money, was hiding. The biggest of those was that the company's blood-testing technology didn't work at all like she said it did, a pretty neat trick for a CEO to pull. Theranos claimed to deliver full blood diagnostic testing results from a single pinprick rather than drawing blood intravenously, but the top-secret technology didn't live up to its lofty promises. Instead, the tests were administered the old-fashioned way, using competitors' technology.