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Theranos Inc. (/ ˈ θ ɛr. ə n. oʊ s /) was an American privately held corporation [5] that was touted as a breakthrough health technology company. Founded in 2003 by then 19-year-old Elizabeth Holmes, Theranos raised more than US$700 million from venture capitalists and private investors, resulting in a $9 billion valuation at its peak in 2013 and 2014.
In 2018, the U.S. Securities and Exchange Commission (SEC) charged Theranos, Holmes, and former Theranos chief operating officer (COO) Ramesh "Sunny" Balwani with raising $700 million from investors through a fraud involving false or exaggerated claims about the accuracy of the company's blood-testing technology; Holmes settled the charges by ...
According to John Carreyrou, the Wall Street Journal reporter who finally exposed Theranos, Shultz also brought Theranos to the attention of the Journal editorial board, resulting in Rago's article.
Alongside Erika Cheung and Adam Rosendorff, Shultz exposed the fraudulent practices at Theranos by using an alias to contact several regulators and publications about Theranos' fraud, after which media attention on Holmes' deceit caught on. [5] [14] Shultz is known as "the first" to speak out about Theranos. [29]
The Theranos founder took the stand at her criminal trial in 2021, testifying over several days that she did not intend to defraud investors in the now defunct blood-testing startup. Accused of ...
Theranos promised that a drop of blood could yield many health secrets. RapidEye/E+ via Getty ImagesOne of the most high-profile trials of the year is underway to decide whether Theranos founder ...
On June 15, 2018, following an investigation by the U.S. Attorney's Office for the Northern District of California in San Francisco that lasted more than two years, a federal grand jury indicted Holmes and former Theranos chief operating officer and president, Ramesh "Sunny" Balwani, on nine counts of wire fraud and two counts of conspiracy to commit wire fraud.
Theranos, which Holmes founded in 2003 at the age of 19, collapsed in March 2018 when she, Balwani and the $9 billion company were charged with fraud by U.S. regulators. Theranos had made Holmes ...