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Theranos settles with Walgreens

Photo of Elizabeth Holmes, the founder and CEO of Theranos. (Jeff Chiu / AP)

Theranos, Inc. has reached a confidential settlement with Walgreens, who will dismiss their lawsuit, according to Theranos' statement. The biotech company has faced a slew of lawsuits after the WSJ reported that it had used fake technology in demonstrations for clients and investors.

The biotech company has already reached agreements with federal regulators and Partner Fund Management.

Why it matters: Theranos has been embroiled in lawsuits over the past couple of years after a series of WSJ reports raised questions about its technology and claims. Theranos had a big partnership with Walgreens, but the latter since terminated that and then sued Theranos for breach of contract