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It was found by a U.S. jury Founder of Elizabeth Holmes Theranos Guilty of conspiracy to defraud investors when he launched blood tests, he was convicted of four of the 11 crimes.
Holmes, 37, was accused of defrauding investors and patients with a machine that used a single drop of blood to overturn laboratory tests. He pleaded not guilty.
Here is a timeline of important events that led to Monday’s verdict.
2003
Holmes, then just 19, will leave Stanford University for Real-Time Cures, eventually creating the company that will become Theranos. He dreams of overturning diagnostic tests.
2004
The new company has raised more than $ 6 million in funding and has been valued at $ 30 million.
2009
Holmes’ partner Ramesh “Sunny” then joins Balwani Theranos as chief operating officer.
2010
Theranos raises an additional $ 45 million and is valued at $ 1 billion.
2011
Theranos is beginning to attract members of the top council, including two former U.S. secretaries of state, George Shultz and Henry Kissinger.
2012
The company will move to its former Facebook headquarters in Palo Alto, California.
2013
Theranos begins to promote its technology, saying it is capable of performing a wide range of tests on a single drop of blood using a machine called Edison, and begins collaborating with the Walgreens Boots Alliance pharmacy team.
2014
After raising more than $ 400 million, Theranos is worth more than $ 9 million. Forbes recognizes Holmes as a millionaire, a reflection of his involvement in the company.
February 2015
An article in the journal American Medical Association criticizes Theranos for not publishing any of his research in peer-reviewed journals.
July 2015
Theranos has been approved by the U.S. Food and Drug Administration for a test to detect the herpes simplex 1 virus.
Theranos ’Elizabeth Holmes and Christian Holmes Shinzo Abe attended a state dinner for Japanese Prime Minister in April 2015, just months before the Wall Street Journal published an excellent report on its business. [File: Andrew Harnik/AP Photo]October 2015
The Wall Street Journal reports that Theranos uses its technology only in a small number of its tests, and staff question their accuracy.
The FDA then released a finding that the company used unapproved devices for testing.
January 2016
The U.S. Center for Medicare and Medicaid Services (CMS) has released a report that one of the company’s facilities “poses a risk to patient health and safety.”
The agency said an inspection revealed that the facility did not meet its quality control standards, including failure to properly calibrate the equipment.
June 2016
Walgreens ends his relationship with Theranos.
October 2016
Partner Fund Management, which has invested nearly $ 100 million in Theranos, is suing the company for securities fraud, saying it lied about its technology to secure the investment. The case is then resolved.
April 2017
Theranos reaches an agreement with CMS to ban the blood test business for two years.
Former Theranos director Ramesh Balwani (left) is also accused of fraud. He and Holmes were once a couple [File: Justin Sullivan/Getty Images via AFP]March 2018
The U.S. Securities and Exchange Commission accuses Theranos, Holmes, and Balwani of securities fraud. Holmes is stripped of its shareholding and control.
June 2018
Holmes and Balwani are indicted on criminal charges. They both pleaded not guilty.
September 2018
Theranos announces that it will be disbanded.
March 2021
Holmes has revealed that she is pregnant.
August 2021
Holmes gives birth to her baby. A court file reveals that Holmes intended to argue that he was under Balwani’s control, which he said was an abuse at the time of the alleged crimes. Balwani denies the allegations in court records.
September 2021
The trial begins San Jose, California.
November 2021
Holmes takes it upon himself to testify in his defense. He denies that he wanted to deceive investors and patients. Balwani says he was responsible for the financial models he provided to investors and said he had been abused in their relationship.
Elizabeth Holmes, the founder of Theranos, listens while the court gives its verdict. A jury found four of the 11 fraudsters guilty [Vicki Behringer/Reuters]December 2021
The jury listens closing arguments on both sides.
January 3, 2022
Holmes was convicted of defrauding three other investors, as well as conspiring to do so. Theranos was paid to be acquitted of fraudulent fraud and conspiracy charges.
The jury was unable to rule on the three accounts relating to individual investors. The penalty date was not immediately set. Edward Davila has been sentenced to 80 years in prison by a U.S. district court judge, but will likely face a lower sentence.
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