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The drastic reduction in the workforce of Theranos from 800 to 130 employees was primarily due to costly litigations. These legal battles caused Theranos to start running out of money, leading to repeated layoffs.
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Theranos settled the case with Partner Fund for $43 million. Costly litigations meant that Theranos began to run out of money. Repeated layoffs reduced the workforce from 800 in 2015 to around 130 employees. In March 2018, the Securities Exchange Commission charged Theranos with fraud. Elizabeth was barred from being a director or officer in public companies for ten years. She had to relinquish voting control at Theranos, return a large portion of her stock and pay $500,000 in penalties.
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Learn why and how a $9 billion dollar company vanished in a few weeks. The story of Theranos is the Silicon Valley equivalent of the Enron scandal rep...
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