Well, it has finally come to pass. After months of “damage control”, hiring hotshot lawyer David Boies to be both corporate counsel and board member (a situation rife with conflict of interest), and hiring superstar communications VP Brooke Buchanan the company finally will receive a audit report from CMS . According to the WSJ today, the report will include major sanctions against the company, including the removal of the CEO and head of Clinical Operations.
In addition to their major defensive legal and PR blitz over the last six months, the company did take some positive steps and assembled a panel of diagnostics experts – which hasn’t actually met together physically but is in the process of reviewing data.
It is conceivable that out of the rubble that some real technology could emerge that actually works but I think that you can say bu-bye to the $9B valuation and likely to the value of Elizabeth Holmes stock…
All of this is summarized quite well by Tyler Durden over at Zerohedge
As always, stay tuned….