letter: Read:Theranos to lay of 40% of workers, focus on new testing machines Through a series of lies, material misstatements, and omissions, the defendants engaged in securities fraud and other violations by fraudulently inducing PFM to invest and maintain its investment in the company, says the letter, which was reviewed by The Wall Street Journal, according to Market Watch. The letter says Theranos, its founder Elizabeth Holmes and a former executive deceived the hedge fund by claiming it had developed proprietary technologies that worked, and was close to getting regulatory approvals. Partner Fund Management LP, a San Francisco-based hedge fund, filed the suit in Delaware Court of Chancery on Monday afternoon, a letter to the hedge-fund investors says. A spokesman for Theranos said the suit is without merit and Theranos will fight it vigorously. Popular on WSJ.com: Hillary Clinton lead jumped after lewd Trump video, before debate, in WSJ poll. An expanded version of this report appears on WSJ.com.
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