Sumeet Sud shares the news of Theranos Company’s Founder Trial

Elizabeth Holmes, the founder of biotech unicorn Theranos will face trial in San Jose federal court in August 2020. Holmes was indicted by a grand jury with 11 criminal charges. Two of those charges were conspiracy to commit wire fraud. The remaining nine are actual wire frauds, with amounts ranging from the cost of a lab test to 100 million dollars. Theranos was founded in 2003 by then 19-year old Stanford dropout Holmes. Holmes claimed that it had developed a device to conduct hundreds of tests from a single drop of blood. Holmes raised more than 700 million dollars from private market investors. It has been referred an elaborate years-long fraud by exaggerated false statements about company’s technology, business and financial performance. The company claims were lies and that Holmes and others in the company had covered up results to hide that their technology did not work. Following criminal charges, Holmes stepped down from Theranos and the company ceased operation.