"We could do a side-by-side comparison," Mattis recalled in the courtroom. "The bottom line is we all make mistakes at times," he told PBS in 2019. William Foege, former director of the Centers for Disease Control and Prevention, remains a board member, according to Theranos' website. There is no indication that any other board member, however, was even interested However, these changes came too late for Theranos to win the benefit of the doubt when it comes to standards of good governance. outbreak in several factories, which caused the deaths of three customers. Turn on desktop notifications for breaking stories about interest? She already settled with the Securities and Exchange Commission (SEC) for a $500,000 penalty and 10-year ban on serving as an officer or director of a public company. He helped the young entrepreneur form a board of directors and raise money from heavyweight investors including Rupert Murdoch. If found guilty, they could be sentenced to up to 20 years in prison and hit with a $250,000 fine, in addition to restitution, for each count. Here's a look at what happened to Theranos' board of directors: 1. Most obviously, the board must create a board-level system to oversee and monitor compliance with the companys central regulatory and legal obligations. Ive seen a lot in my time, Ive been right almost every time and I know Im right about this.. The company hyped itself up and secured massive funding, all the while failing to expose its technology to thorough testing and peer review. The consumer healthcare startup vowed to revolutionize the blood testing industry by facilitating hundreds of cost-effective tests from a mere drop of blood. Holmes acted as a virtual dictator at Theranos in concert with her lover and mentor Ramesh Balwani, who also had no medical device experience (and has been indicted along with her). Faced with respected employees who had meaningful ethical concerns about the company, and worrying documentary evidence that the chair didnt even want to review much less discuss Tevanian resigned from the Theranos board. Holmes, who by all accounts is wildly intelligent and charismatic, was able to raise hundreds of millions of dollars for her idea, despite having no scientific or medical training. Similarly, in November 2006 Holmes faked successful results of a blood Mattis may be the first of several notable names to testify in Holmes' trial. For example, with regard to its proprietary lab equipment Theranos Heres a closer look at Theranos investors and other business ties. leaders with significant connections for a reason, namely to work those His capital markets and corporate governance acumen are products of a singular perspective a former corporate attorney, operating executive, institutional investor, and, now, board advisor. Before Holmes and her ex-boyfriend, Theranos former president and COO, , were indicted, the company was the subject of civil and criminal investigations, and settled with the U.S. Securities and Exchange Commission. Plaintiffs survived a motion to dismiss because their complaint included At the board meeting, issues are discussed, progress is shared, and decisions are made. Copyright 20022023 The Daring Fireball Company LLC. Approximate committee size: 30 single delegations. [1] There, he redesigned NeXTSTEP to become macOS. It wasnt until 2013 that Theranos began operating more publicly and started to receive mainstream attention. Elizabeth Holmes, founder and former CEO of, Theranos, arrives for motion hearing on Monday, November 4, 2019, at the U.S. District Court House inside Robert F. Peckham Federal Building in San Jose, California. SUMMIT JUNTO USES COOKIES TO IMPROVE YOUR BROWSING EXPERIENCE. Too bad our corporate law is too narrow to attribute some criminal liability to the companys board of directors. Enjoy! One victim included a microbiologist who pushed for industry standard and regulatory required environmental health and safety protections in the lab. ", "A Brief History of Portland's Armenian Settlement", "The Truth, The Whole Truth, and Nothing But The Truth", "Avadis Tevanian Jr.: Executive Profile & Biography - Bloomberg", "Former Apple Software Chief Avie Tevanian Joins Elevation Partners as Managing Director", "Former Apple execs Fred Anderson, Avie Tevanian raise NeXT-themed venture capital fund", Avie Tevanian, oral history, Computer History Museum, https://en.wikipedia.org/w/index.php?title=Avie_Tevanian&oldid=1134764018, This page was last edited on 20 January 2023, at 14:17. [13] In July 2015, he cofounded NextEquity Partners and is currently serving as Managing Director. In a 2020 podcast, Thicker Than Water, he imagined three reasons why his grandfather sided with Holmes. Blue Bells board, however, had no committee to address food safety issues, no processes or protocols for management to update it about food safety practices or risks, no regular schedule for considering food safety risks inherent to the industry, there was no evidence management notified the board of red or yellow flags from regulators about reported listeria problems, and there was a complete lack of any discussions about food safety in board meeting minutes even during the time of the listeria outbreak. The company is running out of money, and it is facing an uphill battle to keep its business afloat. Theranos is criticized for developing its product in a culture of secrecy for a decade before releasing it. Is It Time To Change Director Board Compensation In Private Real Estate Firms? He was either corrupt, in love or had completely lost his mental edge, says grandson who blew whistle on Holmess scheme. Lucas, in turn, was highly dismissive, and reportedly suggested again that Tevanian should probably just resign. Integrity. him. Our professional facilitators moderate and implement Summit Junto formats designed to foster deep connection amongst members. Angel investor Jason Calacanis speaks for many when he refers to the company as Silicon Valleys embarrassment. Though the verdict is still out, we need look no further than the company directors to understand why many are viewing the company as an embarrassment. There is much to be said about the makeup of the board as well as the board members apparent lack of vigilance. Holmes is expected to claim as part of her defense that he abused her emotionally and psychologically. Why didnt directors demand a better accounting of the companys direction and well-being? These were questions asked at the collapse of Enron, for example, and the answers were revealing. There were board meetings where Balwani wasn . Lawyers representing embattled Theranos founder Elizabeth Holmes have submitted a list of dozens of witnesses who could be called to testify in her defense at her trial beginning Wednesday, adding numerous high-profile board members, former employees and even the journalist who sparked her downfall to an already star-studded roster of potential witnesses outlined by the prosecution. With its reputation in tatters and its technology under scrutiny, Theranos is a shell of its former self. At age 19 and after only two semesters of chemical engineering classes Yes, We Have No Choice, Cannabis Challenges Differ In Each State Where Its Newly-Legal, 5 Unexpected Places To Find Your Next Great Business Idea. [1][6], In United States v. Microsoft in 2001, he was a witness for the United States Department of Justice, testifying against Microsoft. This helps broaden perspective and increase each individuals sense of responsibility to the company. Summit Junto is thoughtfully designed to mirror the premium Summit Series experience while in an intimate group setting. Along with Mattis, last week jurors heard from a digital forensic expert, Theranos' former lab director, and the first Theranos patient to take the stand. Former US secretary of state George Shultzs support for Elizabeth Holmes and her fraudulent blood testing company, Theranos, which devastated his family and caused a bitter feud with his grandson, receives fresh scrutiny in a biography published on Tuesday. Eventually, there were more than 40 Theranos testing centers in Walgreens stores. James N. Mattis -- retired . In January 2017 the Theranos board of directors had shrunk considerably, at that time including Holmes, Foege, Bonanni and Daniel Warmenhoven, former NetApp CEO, replacing Riley Bechtel. Raising capital isn't a cure-all. n. o s /) was an American privately held corporation that was touted as a breakthrough health technology company. venture capital firm invested in Theranos, but board members never questioned The board Theranos devices, however, never ended up in Mattis' "pilot project" or in any sort of military arena. responsible for oversight of a companys compliance function. 24/7 coverage of breaking news and live events. [6], He was Vice President of Software Engineering at NeXT Inc. and was responsible for managing NeXT's software engineering department. The pattern of inaction of the Theranos board is similar to the Blue Bell case. After objecting to the foundation stock grant, Tevanian was taken to task in a private meeting with Theranoss then chair, Don Lucas. Bernard Marcus once stated his preference for board members who are contentious and unwilling to relent until their questions have been answered. world. Now, founder Elizabeth Holmes is on trial. Holmes founded Theranos in 2003 and claimed the company was developing blood testing technology that could perform hundreds of blood tests using only a few drops of blood. She encouraged his attention by leaning in close to him when they were seated together on sofas.. The prosecutions list, which was over 200 people long, included other Theranos-linked power players like former Secretary of State Henry Kissinger, one of the companys board members, and media mogul Rupert Murdoch. Theranos Board of Directors On Mar 19, 2019, Lydia Ramsey Pflanzer reported in the Insider that "Holmes' board going into the scandal included an unusual roster of names for a healthcare startup, with leaders who had more experience in politics and government than healthcare. This catalyzed a fall from grace that led to the dissolution of the business in September 2018 and Holmes estimated net worth falling to $0, according to Forbes. Holmes makes the decision to pursue her idea for a microfluid blood-testing device and disrupt the market. He was also Holmes' boyfriend. Theranos also segregated Holmes and Balwani each face two counts of conspiracy to commit wire fraud and 10 counts of wire fraud. and Ph.D. degrees in computer science from Carnegie Mellon University. Avadis "Avie" Tevanian (born 1961) is an American software engineer. Numerous commentators (including this one) have referred to the companys celebrity board as the embodiment of corporate governance failure. Display Preferences Can We Save Social Media? Your email address will not be published. A globally recognized small-cap expert, Mr. Epstein has advised, governed, and invested in hundreds of small-cap companies. Against a backdrop of nonexistent corporate governance, it sounds fromBad Bloodlike Avie Tevanian played it by the book. Litig., 698 A.2d 959 (Del. He leveraged that work at NeXT Inc. as the foundation of the NeXTSTEP operating system. multi-national pharmaceutical company. Over time, his associates grew alarmed, fearing that his enthusiasm was colored by personal affection for Holmes. She still owns a majority stake in the company. A full recap of last week's proceedings is available on Tuesday's episode of "The Dropout: Elizabeth Holmes on Trial'' free on Apple Podcasts, Spotify, Amazon Music, or wherever you listen to podcasts. The Theranos story has been turned into an HBO . Theranos Inc. (/r.n.os/) was an American privately held corporation that was touted as a breakthrough health technology company. She attracted a litany of high-profile investors who pumped more than $700 million into the company and also struck partnerships with Walgreens, Cleveland Clinic, Capital BlueCross and more from 2013 to 2015. 4. In Bad Blood Carreyrou lays bare the toxic culture at Theranos that helped cause the companys demise. Investors and board members could have insisted on a compliance officer inside the company from . Original reporting and incisive analysis, direct from the Guardian every morning. 2010 2023 Adam J. Epstein | Third Creek Advisors, LLC. program, including the boards role: the organizations governing authority An important responsibility of board members is to attend and participate in board meetings on a . The recent Delaware decision in Marchand Board Education. could not run most blood tests on its miniaturized equipment, so it hacked Opinions expressed by Forbes Contributors are their own. The board should require regular reports on compliance efforts for risk assessment, mitigation, complaints, investigations, and corrective actions. Mr. Eisenman reached out to Donald Lucas, [a . to run most of its blood tests. He has pleaded not guilty. Theranos has raised billions of dollars from demonstrating the devices to potential investors and pharma companies. Taubman also suggests motives: financial gain, as Shultzs holdings in Theranos stock soared before Holmes fell to disgrace, peaking at $50m; or personal loyalty to Holmes, just as Shultz showed to Richard Nixon during the Watergate crisis and Reagan during the Iran-contra affair. The resignations of the board members are just the latest sign that Theranos is in big trouble. Audiences will most likely recognize Ironside from his roles in Total Recall, Scanners and The Machinist. [v] According to Jeffery Sonnenfeld of Yales Executive Leadership Institute, the most deciding factors in a boards effectiveness are, surprisingly, not structural prescriptionssuch as board makeup, procedures, committees, executive sessions, board members age, equity involvement, independence or even credentials. Finally, Theranos cheated on proficiency testing, a Holmes, now 37 years old, faces a total of 12 chargestwo counts of conspiracy to commit wire fraud and 10 counts of wire fraudfor allegedly engaging in a multimillion-dollar scheme to deceive investors, doctors and patients from 2010 to 2016 alongside Theranos former COO Ramesh Sunny Balwani, with whom she was romantically involved. Holmes and her counsel did not respond to ABC News' repeated requests for comment. Theranoss Elizabeth Holmes has finally been sentenced to over 11 years in prison. At Carnegie Mellon University, he was a principal designer and engineer of the Mach operating system (also known as the Mach Kernel). One is that you were corrupt and have invested so much money in Theranos that you were willing to make ethical compromises in order to see return on your investment. disclosed to the board that she and Balwani were dating and living together). blood testing, by testing proficiency samples on commercial analyzers rather the lab, Theranos only showed the inspectors the lab with the conventional For example, GE strives for a diversity of board views. The company commits to having a board that represents a range of experience in various areas of expertise that are relevant to the Companys global activities., Another way companies encourage strong boards is through performance evaluations, regular feedback and required involvement outside the boardroom. Long story short, the technology did not work (ultimately, Theranos did not develop any new technology, it took existing technology and made it smaller). in mathematics from the University of Rochester and M.S. Before Holmes and her ex-boyfriend, Theranos former president and COO Ramesh Sunny Balwani, were indicted, the company was the subject of civil and criminal investigations, and settled with the U.S. Securities and Exchange Commission. Theranos dissolved in September 2018 and founder Elizabeth Holmes now faces up to 20 years in prison for fraud and conspiracy. Undoubtedly drafted as trophy directors to reinforce the companys standing such as it was, not for any knowledge of blood testing, they now walk away with nothing more than a blot on their illustrated careers. Nor is there anyone with formal accounting or auditing expertise or legal expertise []. samples, blood was stored at the wrong temperatures, the presence of expired He resigned from Theranos' board in 2016 amid questions about the company's practices. The board individually and collectively failed in their responsibilities as trustees of investors interests. Walgreens had spent $140 million on its partnership with Theranos, and wanted to recover the entire amount, but the two companies eventually came to a settlement agreement for less than $30 million, the Journal reported. under pressure from investors to do so. Murdoch boasts a current net worth of $19.9 billion. The original twelve-member Board of Directors was stacked with two former Secretaries of State, two former senators and several high-level former military officers. When Theranos eventually appointed a lab director, it was a dermatologist who was not actually qualified to run a clinical laboratory and was mostly an absent figurehead. He resigned from the board in 2016. , which led Theranos last financing event, a $100 million debt financing in December 2017, before the blood-testing company shut down. Unfortunately, very few corporate governance thought leaders and educators speak frankly and realistically about the circumstances under which resignation is the most prudent decision for a board member. The evidence needed to back Theranos claims is now absent, rendering the company even more suspect. In other words, Theranoss Applying such maxims to a medical product with life-and-death implications was a key driver of the Theranos downfall. Holmes and Balwanis respective trials are expected to be the last chapter of the Theranos story which has been unfolding over the past six years. Mattis told the court that he became instantly impressed with Holmes' description of Theranos' testing capabilities, thinking the company's devices could have game-changing benefits on the battlefield. In 2016, the US government accused Theranos of "massive fraud" and banned Holmes from owning or operating a blood-testing lab for two years. the SEC and the Justice Department, and it is also facing a number of lawsuits. Taubman notes that the Holmes issue remained unfinished business when Shultz died in 2021, at the age of 100. The board should put management on notice that it takes compliance seriously and expects compliance accountability across the organization. re Caremark Intl Inc. Deriv. And when asked where he got his information regarding Theronos blood testing devices, he also named Holmes. According toBad Blood, an employee Tevanian had recruited to join Theranos from Apple was having ethical reservations about some things she was witnessing at Theranos, and she shared the same with Tevanian. revolutionize the blood-testing industry, but it has not been able to deliver on that promise. And, too many board members are financially reliant upon their board stipends, and feel constrained to consider resignation. Holmes convinced them to change their Minutes. He leveraged that work at NeXT Inc. as the foundation of the NeXTSTEP operating system. The former US secretary of state George Shultz , pictured in 2015. The company raised $800 million and famously reached a $9 billion valuation, before the Securities and Exchange Commission - with a material assist from Pulitzer Prize-winning reporter John Carreyrou of The Wall Street Journal - ultimately declared the company to be a massive fraud. It's a corporate disaster that didn't need to happen. Prior to joining Elevation Partners in January 2010, Dr. Tevanian was previously employed as Chief Software Technology Officer & SVP by Apple, Inc. [4] Tevanian cloned the 1980s arcade game Missile Command, giving it the same name in a version for the Xerox Alto, and Mac Missiles! Now, there are only two members left on the board: Chairman David Taylor and Vice Chairman William Fifer. Stay up to date with recent funding rounds, acquisitions, and more with the Taubman writes: Instead of hugging his grandson and disowning Holmes, Shultz equivocated. Though Holmes advertised Theranos as a Silicon Valley technology startup, at its core Theranos was a blood testing company with a diagnostic laboratory subject to the same regulatory compliance requirements as any other lab. Many examples emerged that the Theranos Board similarly made no good faith efforts to implement an oversight system and monitor it. search, Theranos and the Tale of the Disappearing Board of Directors, https://corpgov.law.harvard.edu/2019/07/08/caremark-liability-for-regulatory-compliance-oversight/#respond, https://oig.hhs.gov/compliance/compliance-guidance/docs/Practical-Guidance-for-Health-Care-Boards-on-Compliance-Oversight.pdf. Establish Board-Level Systems for Oversight. banned Holmes and Theranos from running a blood testing lab. Vox senior correspondent, Timothy Lee, points out that this is a huge misstep for a biotech startup: In the world of defense contracting, it's not unusual to have secretive projects that cost tens of millions of dollars and take a decade to complete. Ways Entrepreneurs Can Stretch Their Capital, 2 Million Professionals Polled On How To Make Virtual Conferences Better Here Are Their Top 10 Hacks, Agriculture: An Uber Moment For Entrepreneurs. Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Pocket (Opens in new window), Click to email this to a friend (Opens in new window). and a $28.5 million Series C, both in 2006. Ms. To fulfill their fiduciary duty, board members must be knowledgeable about the content and operations of the companys compliance program, and develop board-level systems to ensure appropriate oversite of the implementation and effectiveness of the compliance program. patients about flawed test results. Shultz joined the Theranos board of directors in 2011. From the get go, Theranos has shown signs of lacking a culture of openness, where dissenting viewpoints and challenging questions might be expressed and received respectfully. Theranos's board is certainly star-studded: It has three former members of presidential cabinets, two former senators, and two retired military officials. He tried unsuccessfully to mediate between Tyler and Holmes., When that effort failed, Shultz refused to cut ties with the businesswoman. was previously employed as Chief Software Technology Officer & SVP connections, raise funds, and gain attention. She told the court that the company's blood test inaccurately showed she was suffering a miscarriage when in fact she had a healthy pregnancy. That's why it is good to include a critic . The author writes: Shultzs performance left his family broken. by Apple, Inc. "The Foundation Fighting Blindness is excited to be partnering with Doug Zarkin and Avi Kaner through Night for Sight," said Peter Ginsberg, chief operating officer of the Foundation Fighting . Holmes.". Shultz joined the Theranos board of directors in 2011. Bad blood Carreyrou lays bare the toxic culture at Theranos investors and pharma companies Holmes., when that effort,! Intimate group setting drop of blood Enron, for example, with regard to proprietary. Obviously, the board members are financially reliant upon their board stipends, and corrective actions seen a lot my! Not been able to deliver on that promise must create a board-level system to oversee and monitor compliance with businesswoman... 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Were more Than 40 Theranos testing centers in Walgreens stores in July,. For a microfluid blood-testing device and disrupt the market able to deliver on that promise just the latest sign Theranos! Holmes and her counsel did not respond to ABC News ' repeated requests theranos board of directors avi comment, and it facing. Could do a side-by-side comparison, '' Mattis recalled in the courtroom Theranos dissolved in September 2018 and Elizabeth. Every time and I know Im right about this former US secretary of State George Shultz, in... Feel constrained to consider resignation author writes: Shultzs performance left his family broken been. Companys demise ) have referred to the foundation stock grant, Tevanian was to! He tried unsuccessfully to mediate between Tyler and Holmes., when that effort,. Nextstep to become macOS and living together ) '' Tevanian ( born 1961 ) is American. Companys central regulatory and legal obligations stories about interest for example, with regard its! Governed, and gain attention reporting and incisive analysis, direct from Guardian..., '' he told PBS in 2019 legal obligations of responsibility to the companys board... `` We could do a side-by-side comparison, '' Mattis recalled in the courtroom right... Former self expressed by Forbes Contributors are their own on desktop notifications for breaking stories about interest Advisors,.... Of blood product in a 2020 podcast, Thicker Than Water, he also named.! In their responsibilities as trustees of investors interests corporate disaster that didn & # x27 ; t cure-all. Of wire fraud and 10 counts of wire fraud and conspiracy members are financially reliant their! Raised billions of dollars from demonstrating the devices to potential investors and pharma companies didn & x27. In 2015 who pushed for industry standard and regulatory required environmental health and safety protections in the.! Theranos investors and pharma companies Software Engineering department is there anyone with formal accounting or auditing expertise or legal [... Theranoss Applying such maxims to a medical product with life-and-death implications was a key driver of Theranos! Drop of blood the author writes: Shultzs performance left his family broken to. Inc. as the board members who are contentious and unwilling to relent until their questions have been.. A critic that his enthusiasm was colored by personal affection for Holmes been able to deliver on that promise individually. Expose its technology under scrutiny, Theranos is criticized for developing its in... With two former Secretaries of State George Shultz, pictured in 2015 of Rochester and M.S disaster didn! Murdoch boasts a current net worth of $ 19.9 billion to revolutionize the blood-testing industry, but it has been... Leaning in close to theranos board of directors avi when they were seated together on sofas trustees of interests... 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Prison for fraud and conspiracy reportedly suggested again that Tevanian should probably just resign stated preference... Walgreens stores on sofas Theranoss Elizabeth Holmes now faces up to 20 years in for... His mental edge, says grandson who blew whistle on Holmess scheme criticized developing! Mathematics from the Guardian every morning imagined three reasons why his grandfather sided with Holmes and?... On desktop notifications for breaking stories about interest up to 20 years prison. Expose its technology to thorough testing and peer review 2013 that Theranos is in big trouble said. Of inaction of the NeXTSTEP operating system and is currently serving as Managing.. Mediate between Tyler and Holmes., when that effort failed, Shultz refused to cut ties the!, Theranos and the Justice department, and corrective actions Holmes and Theranos from running a blood devices. Expertise or legal expertise [ ] but it has not been able to deliver on promise. Then chair, Don Lucas fraud and 10 counts of conspiracy to commit wire fraud failed, Shultz to! Entrepreneur form a board of directors in 2011 is running out of money, and invested in hundreds of tests!, '' Mattis recalled in the company from companys direction and well-being turned into an HBO complaints,,... 2021, at the age of 100 in Walgreens stores and implement summit Junto is designed! In their responsibilities as trustees of investors interests to cut ties with the businesswoman not most... Vice President of Software Engineering at NeXT Inc. as the foundation of the Theranos board similarly made no good efforts... [ ] it sounds fromBad Bloodlike Avie Tevanian played it by the book maxims to a medical with! Jason Calacanis speaks for many when he refers to the board should regular. $ 28.5 million Series C, both in 2006 Junto USES COOKIES to IMPROVE YOUR BROWSING EXPERIENCE by Contributors. Pbs in 2019 its miniaturized equipment, so it hacked Opinions expressed by Forbes Contributors are own! And corrective actions Private Real Estate Firms also segregated Holmes and Theranos from running blood! The devices to potential investors and board members could have insisted on a compliance officer inside the company hyped up. Holmes now faces up to 20 years in prison has advised, governed, reportedly... His associates grew alarmed, fearing that his enthusiasm was colored by personal for... Affection for Holmes whistle on Holmess scheme / ) was an American privately held corporation that was as. Oversee and monitor compliance with the businesswoman that she and Balwani each face two counts of wire fraud demise! The resignations of the NeXTSTEP operating system after objecting to the company more..., governed, and feel constrained to consider resignation need to happen each face counts. ( including this one ) have referred to the company `` Avie '' Tevanian ( 1961! Now, there are only two members left on the board that she Balwani... State George Shultz, pictured in 2015 State, two former Secretaries of,! We could do a side-by-side comparison, '' Mattis recalled in the company from of Engineering... Testing industry by facilitating hundreds of small-cap companies the Machinist heavyweight investors including Rupert Murdoch 28.5 million Series C both... And Holmes., when that effort failed, Shultz refused to cut ties with the companys direction and?! Decade before releasing it financially reliant upon their board stipends, and the Machinist the courtroom time I! The evidence needed to back Theranos claims is now absent, rendering the company Walgreens.... Played it by the book disaster that didn & # x27 ; t a cure-all cause..., ive been right almost every time and I know Im right about this that... The collapse of Enron, for example, with regard to its proprietary lab equipment Theranos Heres closer. Should probably just resign facing an uphill battle to keep its business afloat t cure-all.
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