Theranos Agrees To Full Refunds For All Of Its Arizona Customers
The settlement, the second in two days to hit the troubled blood-testing startup, will cost the company about $4.65 million.
The Associated Press:
Theranos Agrees To Pay $4.65 Million In Arizona Refunds
Embattled blood testing company Theranos, Inc. has agreed to pay $4.65 million to cover full refunds for every Arizona customer who used the company's testing services, Arizona Attorney General Mark Brnovich announced Tuesday. The settlement with the Palo Alto, California-based company covers more than 175,000 Arizonans who paid for blood tests between 2013 and the suspension of Theranos services last year, Brnovich said. (4/18)
The Wall Street Journal:
Arizona Attorney General Reaches Settlement With Theranos
The pact is the second legal settlement in two days involving claims that Theranos had faulty blood-testing technology or lab practices. On Monday, Theranos resolved regulatory and legal matters with federal health regulators after the company and its founder Elizabeth Holmes agreed to stay out of the medical-lab business for two years. Theranos has said it has shifted its focus to developing lab equipment to sell to other companies rather than doing tests itself. (Weaver, 4/18)
San Francisco Business Times:
Theranos Settles With Government
Theranos’ value has fallen to almost nothing from a high of $9 billion after a series of Wall Street Journal articles in 2016 detailed how its blood testing equipment — touted to work with just a prick of a finger — was unreliable and produced inaccurate results. (4/18)