Theranos Founder Must Face Fraud Charges Over Faulty Blood Test
A federal judge ruled Elizabeth Holmes, the disgraced former CEO of Theranos, will have to face the bulk of charges she defrauded customers, patients and investors.
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Biotech
Shareholders Claim Minnesota Timberwolves Owner Tanked Company
Glen Taylor is best known in Minnesota for owning basketball teams, but he may soon be seen at a different kind of court. Stockholders in Envoy Medical Corporation say that the billionaire went for the steal to acquire their biotech firm.
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Homeland Security Watchdog Details Wretched Conditions in Border Patrol Facilities
The overcrowded, unsanitary conditions inside detention facilities along the Rio Grande Valley in southwest Texas, where thousands of immigrants have been held past the maximum 72-hour holding period, are described as “ticking time bomb” in a report released Tuesday by the Department of Homeland Security’s independent watchdog.
Read moreSEC Slaps Theranos Founder With Massive Fraud Suit
The Securities and Exchange Commission on Wednesday slapped health tech company Theranos and its founder and CEO Elizabeth Holmes with a complaint accusing them of a $700 million investor-fraud scheme.
Read more$1.7 Billion Merger
Shareholders brought a federal class action against the cancer biotech firm Ignyta for its proposed acquisition by Roche Holding for $27 a share or $1.7 billion.
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Iovance Failed to Disclose Paid Shills Promoting its Stock, Class Claims
Investors claim they were misled when Iovance Biotherapeutics covertly paid a promoter to write articles and send emails pushing its stock until the Securities Exchange Commission stepped in with a cease-and-desist order.
Read moreSEC Claims Tech Firms Bilked Investors Out of Millions
The Securities and Exchange Commission claims in court that two bio- and nano-technology research firms bilked at least 77 investors out of total $2.5 million by selling them shares in patents the companies did not possess.
Read moreTheranos Disputes Class’ Investments in Securities Action
Blood-testing company Theranos attempted to skirt a federal lawsuit Wednesday by arguing people who claim to have invested in the company aren’t actually investors and have no standing to sue.
Read moreLawyer Hammers CEO in Whistleblower Retaliation Trial
On the second full day of a whistleblower retaliation trial, the CEO of a biotech company was asked why he typed up and backdated a negative job review for the general counsel he had fired the month before.
Read moreGene Sequencing
In a federal class action, shareholders claim directors of Illumina (gene sequencing) issued misleading earnings estimates, and when true earnings were reported the share price sank by 24.8% in one day, from $224.85 to $139.
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