SAN DIEGO, Nov. 30, 2016 /PRNewswire/ -- Johnson & Weaver, LLP, is investigating potential violations of federal and state laws by Theranos, a startup founded by Elizabeth Holmes.
On November 28, 2016, a class action suit was filed against Theranos. Theranos' had raised over $9 billion claiming its proprietary technology could take a pinprick's worth of blood, extracted from the tip of a finger instead of intravenously, and test for hundreds of diseases. As alleged in the complaint, Theranos also maintained that this technology had been vetted or was being vouched for by clinics, pharmaceutical companies and other experts. Indeed, according to an article in Business Insider, Theranos had been conducting tests for GlaxoSmithKline and Pfizer and several hospital systems. Theranos also announced that the technology was immediately being rolled-out by one of the nation's largest drug store chains, Walgreens.
On October 15, 2015, the Wall Street Journal published a story that Theranos was "struggling" with turning this technology into a reality. According to the report, Theranos' employees were "leery about the machine's accuracy". The article also stated that some doctors didn't trust the test results they were receiving. Furthermore, it has been reported that Theranos is under investigation by the United States Department of Justice and the Securities and Exchange Commission and regulators have forced Theranos to void tens of thousands of customers' blood test results, raising the concern over patient harm.
If you invested in Theranos and are interested in learning more about your legal rights and remedies, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. If emailing, please include a phone number where you can be reached.
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