BREAKING: All of uBiome’s top execs are out at the embattled poop-testing startup that’s at the center of an FBI investigation
Then in April, the FBI raided the company's headquarters, reportedly as part of an investigation into how it was billing customers and insurance companies for the tests. Days later, co-CEOs and cofounders Apte and Richman were placed on leave.Thank you for your patience during a challenging period for the company. Despite recent events, we believe uBiome has a strong foundation upon which to build a successful global business.
In May, the Special Committee, led by Kimmy Scotti, engaged Goldin Associates, a leading management consulting firm, to conduct a rigorous review of uBiome's business operations and strategy. Goldin Associates is assisting in the implementation of a go-forward plan to position the company for sustainable growth and profitability.
Finally, as you know, George Canellos, a partner at Milbank, former senior federal prosecutor and co-director of the SEC's Division of Enforcement, has been leading an independent review into the company's past billing practices. Milbank has concluded the first phase of its investigation and provided a preliminary report of its findings to the Department of Justice to assist the government with its own investigation. The company will continue to actively cooperate with the government.
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