Home NewsAfrica Elizabeth Holmes: The rise and fall of the Theranos founder | News24

Elizabeth Holmes: The rise and fall of the Theranos founder | News24

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  • Holmes was accused of defrauding traders and sufferers. 
  • She claimed Theranos’ know-how may run a variety of assessments on a single drop of blood.
  • She faces as much as 80 years in jail however will most likely get a much less extreme sentence.

A jury in the US has discovered Theranos founder Elizabeth Holmes responsible of conspiring to defraud traders within the blood testing startup, convicting her on 4 of 11 counts.

Holmes, 37, was accused of defrauding traders and sufferers along with her claims of revolutionising lab testing with a machine that used a single drop of blood. She pleaded not responsible.

Here’s a timeline of the important thing occasions that led to Monday’s verdict.

2003

Holmes, then simply 19 years outdated, drops out of Stanford College to arrange Actual-Time Cures, the corporate that can finally grow to be Theranos. She goals of revolutionising diagnostic testing.

2004

The brand new firm raises greater than $6m in funding, reaching a valuation of $30 million.

2009

Holmes’ then-partner Ramesh “Sunny” Balwani joins Theranos as chief working officer.

2010

Theranos raises an additional $45m in funding, reaching a valuation of $1 billion.

2011

Theranos begins attracting high-profile board members, together with two former US secretaries of state, George Shultz and Henry Kissinger.

2012

The corporate strikes to the previous Fb headquarters in Palo Alto, California.

2013

Theranos begins selling its know-how, claiming to have the ability to run a variety of assessments on a single drop of blood utilizing a machine referred to as the Edison, and enters right into a partnership with pharmacy group Walgreens Boots Alliance.

2014

Having raised greater than $400 million, Theranos is valued at greater than $9 billion. Holmes is recognised by Forbes as a billionaire – a mirrored image of her stake within the firm.

February 2015

An article within the Journal of the American Medical Affiliation criticises Theranos for failing to publish any of its analysis in peer-reviewed journals.

July 2015

Theranos wins US Meals and Drug Administration approval for a check to detect the herpes simplex 1 virus.

Elizabeth Holmes, founder and CEO of Theranos, speaks on the Wall Road Journal Digital Dwell (WSJDLive) convention on the Montage resort in Laguna Seaside, California, October 21, 2015.

October 2015

The Wall Road Journal reviews that Theranos makes use of its know-how for less than a small variety of its assessments, and that staff doubt their accuracy.

The FDA subsequently releases a discovering that the corporate used unapproved units for assessments.

January 2016

The US Centres for Medicare & Medicaid Providers (CMS) releases a report that one of many firm’s amenities presents “jeopardy to affected person well being and security.”

The company mentioned an inspection revealed that the power didn’t meet its personal quality-control requirements, together with not correctly calibrating gear.

June 2016

Walgreens ends its relationship with Theranos.

October 2016

Accomplice Fund Administration, which invested practically $100 million in Theranos, sues the corporate for securities fraud, claiming it lied about its know-how to safe the funding. The case is later settled.

April 2017

Theranos reaches a take care of CMS barring it from the blood-testing enterprise for 2 years.

Theranos founder Elizabeth Holmes arrives on the Robert F. Peckham Federal Constructing along with her protection workforce on August 31, 2021 in San Jose, California. Holmes is on trial after being indicted on a number of counts of fraud for misrepresenting her firm’

March 2018

The US Securities and Change Fee prices Theranos, Holmes and Balwani with securities fraud. Holmes is stripped of her stake in and management of the corporate.

June 2018

Holmes and Balwani are indicted on felony fraud prices. Each plead not responsible.

September 2018

Theranos publicizes that it’s going to dissolve.

March 2021

Holmes reveals she is pregnant.

August 2021

Holmes provides delivery to her youngster. A court docket submitting reveals that Holmes plans to argue she was below the management of Balwani, who she says was abusive, on the time of the charged crimes. Balwani denies the allegations in court docket filings.

September 2021

Trial begins in San Jose, California.

November 2021

Holmes takes the stand to testify in her personal defence. She denies looking for to mislead traders and sufferers. She says Balwani was answerable for monetary fashions offered to traders and that he was abusive of their relationship.

Elizabeth Holmes and companion Billy Evans, stroll exterior the federal court docket after she was discovered responsible on 4 of 11 accounts confronted in her fraud trial in San Jose.

December 2021

Jurors hear closing argument from each side.

January 3, 2022

Holmes convicted on prices of defrauding three different traders, in addition to conspiring to take action. She was acquitted on three counts of defrauding sufferers who paid for assessments from Theranos, and a associated conspiracy cost.

The jury couldn’t attain a choice on three counts associated to particular person traders. A sentencing date was not instantly set. She faces as much as 80 years in jail when sentenced by US District Decide Edward Davila however will most likely get a much less extreme sentence.


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