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In 2013, Theranos announced a partnership with the Walgreens pharmacy chain to offer in-store blood tests at Walgreens locations, touting the benefits of Theranos's "revolutionary" proprietary finger-prick blood-test technology. In 2015, journalists and government regulators began questioning the efficacy and commercial viability of Theranos's technology. In July 2016, Walgreens ended its relationship with Theranos, while federal regulators have shut down Theranos labs and banned certain of the Company's officers from running labs. The Company has admitted that almost all the tests it has conducted for the past three years have been on conventional equipment, rather than using the Company's much-hyped proprietary technology.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP