Medical marketing startup Outcome Health was once worth $5.5 billion. The company's cofounders and former execs were just charged with fraud.
The US Department of Justice just came out with criminal charges alleging Outcome Health cofounders Rishi Shah and Shradha Agarwal and two other former executives of conducting a $1 billion fraud scheme.
The charges were announced by the U.S. Department of Justice four weeks after Outcome agreed to pay $70 million to end its related criminal probe. They said this enabled the Chicago-based company to attract investors, such as affiliates of Goldman Sachs Group Inc, Google parent Alphabet Inc and Pritzker Group, and obtain a $5 billion valuation by 2017. Forbes magazine in 2017 estimated Shah's net worth at $3.6 billion.
Purdy's lawyer had no immediate comment. A lawyer for Desai did not immediate respond to requests for comment.
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U.S. Charges Former Outcome Health Executives With FraudFederal prosecutors filed criminal charges against former executives of once-highflying startup Outcome Health, alleging they defrauded pharmaceutical companies and a number of investors.
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