After being sued for fraud, a week later Stanford University’s Stanford-StartX Fund shuts down

The CEO of StartX, Joseph Huang, who runs the Stanford University accelerator, and Randy Livingston, Stanford University's CFO, announced today Stanford University's venture capital fund Stanford-StartX Fund LLC is shutting down after 6 years.

Stanford University and the Stanford-StartX Fund are embroiled in a fraud lawsuit filed by one of their companies, MedWhat.

MedWhat and its CEO Arturo Devesa filed a lawsuit in California Supreme Court for fraud against the Stanford Management Company, the university's endowment, Stanford's CEO Randy Livingston, and Stanford-StartX Fund manager Suzanne Fletcher, among others, for fraud.

A week after the San Francisco court approved the filing of the second amended lawsuit, Stanford University and StartX announced the dissolution of the venture capital fund.

This news story is under development and will be updated soon.

Read here https://www.analyticsinsight.net/claims-by-tech-startup-of-stanford-university-misusing-its-tax-exemption-and-education-mission-through-venture-capital-firm-stanford-startx-fund-llc-and-startup-accelerator-startx/

and here https://www.analyticsinsight.net/stanford-university-stanford-startx-fund-et-al-sued-by-medwhat-for-fraud/

for additional information on lawsuit.

Source: https://medium.com/the-start/the-evolution-of-our-community-34ec4770e4e9