This article from the WSJ reports that Theranos has reduced its numbers to two dozen or fewer employees. Unsurprisingly, the move was in an effort to preserve cash and fend off bankruptcy. In 2015, Theranos had about 800 employees. In a recent email to investors, CEO Holmes stated that Theranos was still having problems with the reliability of its tests. She is hoping that the layoffs will allow Theranos to maintain cash reserves of $3 million until July.

In class we discussed whether any criminal charges had been made against Holmes. According to the article, Holmes has yet to admit or deny any wrongdoing. Holmes and another Theranos executive, Sunny Balwani, remain under criminal investigation by the U.S. Attorney’s office in San Francisco.