Quite apart from the crushing losses for investors, this secrecy and cult-like nature had other real-world consequences, with many patients likely to have received erroneous blood test results.
Investors poured almost $1 billion into Theranos and three former U.S. cabinet secretaries, two former United States senators, a retired admiral and a retired Marine Corps general joined its board.
Taylor, who took over from her as CEO in June, said in the email cited by The Journal that Theranos was in default for a loan from Fortress Investment Group, which now has the right to take ownership of all of its assets.
The company will be liquidated over the next six to 12 months, and plans to dole out its estimated $5 million in remaining cash to its unsecured creditors, according to the email sent out by Theranos General Counsel and CEO David Taylor.
Taylor said investment bank Jefferies "reached out on our behalf to over 80 potential sale counter-parties", but came away with no buyers. At its peak, the privately held company was valued at $9 billion.
Other high profile investors included Australian media mogul (and owner of news.com.au) Rupert Murdoch, former US Education Secretary Betsy DeVos, the founders of Walmart and the owner of the New England Patriots.
The Wall Street Journal, which reported the initial explosive allegations against Theranos, now reports that the firm will dissolve. She also assembled a board of directors that included the elite of political and corporate America, including Jim Mattis, the current USA defence secretary, two former secretaries of state - Henry Kissinger and George Shultz - and David Boies, the high-profile lawyer.
"She wowed them. I don't necessarily think that it was a sexual thing by any means ..." She touted the invention as an innovation that would change the health industry. She was also banned from serving as an officer or director of a public company for 10 years.
Instead, in a criminal indictment, the Justice Department says that Holmes and her then-boyfriend, former President and COO Ramesh "Sunny" Balwani, perpetrated "a multi-million dollar scheme to defraud investors, and a separate scheme to defraud doctors and patients".
Djokovic to face Nishikori in 11th US Open semi-final
The last Japanese woman to achieve a Grand Slam semi-final was Kimiko Date at Wimbledon in 1996 - a year before Osaka was born. The No. 21 seed continued his strong season after returning from a wrist injury that forced him to miss the U.S.
BA hacked: 380,000 payment cards 'compromised' in breach
The airline said the hack continued for nearly two weeks, between August 21 and September 5, with 380,000 payments compromised. Customers who made bookings through ba.com or the airline's app are being urged to contact banks and credit card providers.
Christopher Kennedy Lawford dead at 63
He was also a correspondent on EXTRA and worked with the Special Olympics, which his aunt Eunice Shriver helped create. Lawford leaves behind three children and his widow Mercedes Miller , a yoga teacher who the actor married in 2014.
Samsung says "time to deliver" on folding smartphone
It can be used as a tablet in its unfolded form, but it can also be used as a dual-screened smartphone once the device is bent. Earlier we have seen many prototypes of foldable smartphones, but this time around Samsung will come up with an actual unit.
Truck intentionally crashes into Dallas TV station
A few staff members kept reporting from a secure location as the incident unfolded about 6 a.m., the station said. FOX 4 reports that the man repeatedly drove into a side of the building with floor-to-ceiling windows.
Trump, Trudeau dig in as NAFTA talks resume
Congress must approve any rewrite of the deal and could refuse to endorse an agreement that excludes Canada. It originated in the Canada-U.S. "Congress will support Canada throughout September", he said.