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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.
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.
In March, the SEC charged Holmes and Theranos with "massive fraud." The company and Theranos settled with the SEC, and as part of the settlement, Holmes paid a fine and cannot be a director or ...
The case has a similar theme to the $10 billion fraud involving Theranos and its founder Elizabeth Holmes, who was sentenced in 2022 to 11 years in prison. Holmes claimed to investors to be making ...
Carreyrou reported that, on a visit to Theranos headquarters in Palo Alto, the heart of Silicon Valley, the principals of one San Francisco tech investing firm were struck by the tight security on ...
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]
At its peak, Theranos, which Holmes managed as CEO and promised would revolutionize healthcare, was valued at $9 billion, making Holmes at the time the world’s first self-made female billionaire.
Elizabeth Holmes was born on February 3, 1984, in Washington, D.C. [12] Her father, Christian Rasmus Holmes IV, was a vice president at Enron, an energy company that later went bankrupt after an accounting fraud scandal.