Some promising startups with billion-dollar valuations, a.k.a. unicorns, are struggling. Here’s a brief look at three.
Theranos
Regulators are all over the blood-testing company, last valued at $9 billion, after a series of Wall Street Journal reports called its technology into question. Chief operating officer Sunny Balwani left in May.
Zenefits
The human resources software startup, last valued at $4.5 billion, was flying high until its CEO Parker Conrad abruptly resigned. The reason? The discovery of a tool that enabled some of its employees to skirt California health insurance licensing requirements.
The Honest Co.
Actress Jessica Alba co-founded the company, last valued at $1.7 billion, to sell safe and healthy products, but several lawsuits allege that they contain undisclosed chemicals.
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A version of this article appears in the June 1, 2016 issue of Fortune with the headline “Shorn Horns.”