Theranos, the lab testing and equipment company, has had a bad couple of years. The company has been accused of all sorts of wrongdoing, including fake test results and false claims of "innovative" laboratory equipment. Last November, drugstore Walgreens sued the beleaguered corporation for a reported $140 million, the details of which were sealed behind several non-disclosure agreements. Today, however, Theranos has announced a "confidential settlement agreement" with Walgreens that apparently "resolves all claims among those parties."
The details are again undisclosed by Theranos, though the company seems to want to imply that recent internal changes have led to this moment. "Over the past 16 months, the Company has built a new senior management team, changed the composition and structure of its Board of Directors, installed an expert technology and scientific advisory board, and implemented a new quality and compliance program," writes the company in a statement.
While it's hard to believe that a $140 million lawsuit can be settled this easily, it does look like Theranos is slowly facing its regulatory and legal battles in the hopes of becoming a powerhouse again.