(Fox Business) Well that was quick. No sooner had Theranos announced a major change in strategy, one of its biggest investors sued the embattled Silicon Valley startup and its infamous CEO, Elizabeth Holmes, alleging the company lied about the extent of its technology and committed securities fraud.
What’s interesting about the story, which was reported by the Wall Street Journal, is that the investor is not a venture capital firm but a Bay Area hedge fund: Partner Fund Management LP (PFM) invested $96 million in Theranos in February 2014, back when the company was valued at around $9 billion.
