Chicago startup Outcome Health sold the majority stake of its business to a private equity firm on May 9 as the company tries to regain trust with consumers and investors, according to American Inno.
Outcome Health has been on a redemption tour since January 2018 when the company settled a lawsuit with investors. Outcome Health's investors claimed the company was committing fraud and misleading advertisers.
A Wall Street Journal story uncovered that Outcome Health had allegedly misinformed advertisers on the number of ads that were being delivered on its digital cite, American Inno reports.
Per the settlement, Outcome Health's founders, Rishi Shah and Shradha Agarwal, stepped down from the company. In June 2018, the company hired former Publicis executive Matt McNally to serve as CEO.
The investment funds, which were not disclosed, will be used to fund long-term strategic plans and positively position Outcome Health.
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