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Billionaire Elizabeth Holmes, founder and chief executive officer of Theranos Inc., speaks during the 2015 Fortune Global Forum in San Francisco, California, U.S., on Monday, Nov. 2, 2015.
Embattled blood-testing company Theranos will soon formally dissolve, the Wall Street Journal reported on Tuesday, citing a shareholder email.
The Silicon Valley firm will attempt to pay unsecured creditors its remaining cash in the coming months, the report said, adding that big name investors had lost about $1 billion.
Prosecutors had said Holmes and Balwani used advertising and solicitations to encourage doctors and patients to use its blood testing laboratory services despite knowing the company could not produce accurate and reliable results consistently.
Theranos did not immediately respond to Reuters’ request for comment.