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Home / Business / Theranos: Appointment for Elizabeth Holmes and President Sunny Balwani

Theranos: Appointment for Elizabeth Holmes and President Sunny Balwani



Elizabeth Holmes will soon have her day in court.

On Friday, a judge from the US District Court for the Northern District of California announced that the trial of the founder of blood test company Theranos and his former president Sunny Balwani will begin next summer. The selection of the jury will start in the week of July 28, 2020, and the opening speech will begin on August 4, 2020, a spokesperson for the US law firm said.

Holmes and her lawyers had urged to postpone the court hearing, and the prosecutors asked for millions of documents.

In June 2018, the Justice Department Holmes and Balwani accused nine cases of wire fraud and two cases of conspiracy to have committed wire fraud. This was based on the allegations that the two companies had operated an anti-fraud system for investors and a separate scam doctors and patients at the blood investigation company. Both Balwani and Holmes did not plead guilty to the charges.

The DOJ said at the time that Holmes and Balwani could face up to 20 years in jail and a fine of $ 250,000 plus compensation for each conviction.

Theranos was officially closed in 201

8, fifteen years after its founding.

The blood-research start-up, with its grand vision of testing for a range of conditions with just a small sample of blood, had an estimated $ 9 billion. Holmes was on the front pages of business magazines and was included in the list of top executives. She had a fortune of about $ 5 billion.

In October 2015, questions emerged about the functioning of the company's technology, triggered by investigative reports by Wall Street Journal reporter John Carreyrou.

Read more: The Stanford professor, who rejected one of Elizabeth Holmes' early ideas, explains what it was like to watch the rise and fall of Theranos.

Last year The Exchange Commission accused Holmes and Theranos of "massive fraud". Holmes and Theranos have settled in the SEC. In the context of the settlement, Holmes paid a fine and was for 10 years neither a director nor a senior executive of a listed company. Balwani, whom employees considered an "enforcer," left the company in May 2016 after working there for seven years. He was also charged with "massive fraud" by the SEC.

Due to setbacks in the development of the Zika test in the spring of 2018, Theranos dismissed the majority of its remaining staff and called on investors to allocate more funds.

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Holmes resigned as the CEO of Theranos in June 2018, the day the DOJ accused Holmes of wire fraud. The company was officially closed in the fall of 2018. Vanity Fair's Nick Bilton said Holmes got a Siberian Husky puppy named Balto in the last days of the company, who escorted her to work, but was not trained in potty training and messed up the company's offices and laboratories.


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