https://safirsoft.com Elizabeth Holmes, founder of Theranos, on trial as jury begins

Holmes faces up to 20 years in prison if convicted. Today, the startup's founder, Elizabeth Holmes, is going to court, where she faces 12 criminal cases for making statements about her company's technology to investors and consumers.

Holmes founded Theranos in 2003 after graduating from Stanford University at the age of 19. Because of his fear of needles, Holmes wanted to perform diagnostic tests using blood from fingers rather than needles. The idea went on to attract good board members such as Henry Kissinger and James Mattis, attract more than $400 million in investments from wealthy investors including Larry Ellison and Rupert Murdoch, and forge a profitable partnership with Walgreens and Safeway. At its peak, Theranos was worth more than $9 billion. But the Tranos myth began to fade in 2015 when Wall Street Journal research showed the company had run most of its experiments on conventional blood tests. Einstein's own machine The company's employees questioned the machine's accuracy.

Problematic Claims

It is very difficult to analyze blood with fingers. Small volumes of blood usually have a greater variety than larger extensions of arterioles, and a weak wand may carry interstitial fluid with the blood. In addition, finger blood comes into contact with the skin and increases the potential for contamination, which can confuse the results. However, Holmes and Ramsh "Sunny" Palvani, Tranos' CEO and COO, painted a beautiful picture for investors, partners, and customers. Conventional labs - need hours instead of days. Tranos claimed that its proprietary techniques and methods minimize human error and produce results of the highest accuracy. However, Holmes and Palvani learned that the analyzer had problems with accuracy and reliability, had performed a limited number of tests, was slower than some competing devices, and in some respects could not work with existing devices, prosecutors said. . The company settled a Securities and Exchange Commission investigation and closed shortly thereafter.

However, the end of Tranos did not preclude the study of Holmes and Palvani's behavior. Three rounds of indictments resulted in a total of ten wire fraud and two Internet fraud conspiracies. The latest indictment, superseding the two previous ones, was filed in June 2020. Not only do the allegations relate to the company's valuation device, but it includes what Holmes and Palvani told investors about earnings and business dealings. Prosecutors say the two told investors that Theranos would generate more than $100 million in revenue in 2014 and help the company reach $1 billion in 2015, exceeding realistic expectations of executives. Prosecutors also say the two falsely informed investors that the company had a contract with the Pentagon. 19 Then again when Holmes got pregnant. Her child was born in July, when the trial was due to begin. If convicted, Holmes faces up to 20 years in prison. Start questioning over 100 potential jurors. The group collapsed last week when Holmes' attorney, Kevin Downey, told US District Judge Edward Davila of Northern California that more than 30 juries had "important — I mean long, non-judicial material" on and around the case. Accused. At the pre-trial hearing, Downey also said that the select jury must be vaccinated, while the attorney general is not obligated to take a position.

Preliminary statements are due to begin on September 8, and the trial is expected to begin. Running through mid-December, Holmes is expected to claim that Balvani, who has been his lifelong friend, was an abusive and controlling partner, and a case released on Saturday showed that Holmes is expected to stand trial. He was physically violent, an allegation Balwani denied. “It made an impact.

Elizabeth Holmes, founder of Theranos, on trial as jury begins
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