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Theranos’s president and COO steps down amid growing crisis of confidence

•This is merely the latest in a string of bad news for the Silicon Valley-based blood testing company, which has been in a free fall ever since the Wall Street Journal raised serious concerns about the accuracy of its tests.

•Then in January, things got even worse after the Centers of Medicare and Medicaid services alleged that the procedures carried out at its Northern California laboratory placed patients in “immediate jeopardy.”

•Today’s departure of president and chief operating officer Sunny Balwani comes after federal officials proposed that both he and CEO Elizabeth Holmes be barred from the health care industry for two years, according to the New York Times.

•For more on Theranos, Fast Company‘s Christina Farr has been covering the ongoing tale of woe closely. Most recently, Farr warned that “the influx of dumb money into health care” will create many more companies like Theranos which offer unreliable services and—in the very worst-case scenarios—put patients’ lives at risk.DH