report of allegations of fraudulent transactions at the company, citing former employees who said that pharmaceutical companies were being charged for ad placements on more video screens than the company had installed. In response, an Outcome executive said the company had “growing pains.” In 2018, Shah resigned as CEO after settling a lawsuit brought by its investors.calculated that Shah’s fortune fell below $1 billion in 2018 as the value of the company declined.
Earlier this week, a federal jury convicted Shah along with cofounder and former president of Outcome Health Shradha Agarwal and former Chief Operating Officer and Chief Financial Officer Brad Purdy. According to a statement from the Department of Justice, the company’s scheme lasted from 2011 to 2017 and overcharged clients by at least $45 million. The trio used inflated figures on audited financial statements, leading to a $110 million debt financing in 2016 and a $487.
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