After delays from the pandemic and Holmes' pregnancy, the disgraced entrepreneur finally heads to court.
Holmes, 37, and her business partner Ramesh “Sunny” Balwani each face 10 counts of wire fraud and two counts of conspiracy to commit wire fraud, stemming from accusations that they willfully misled consumers and investors with a revolutionary blood testing technology that simply did not exist. The scheme skyrocketed Theranos’ valuation to a staggering $9 billion while allegedly defrauding investors and providing consumers with false medical reports.
The trial was slated to kick off in August 2020, but was delayed due to the COVID-19 pandemic, and then delayed again due to Holmes’ pregnancy. SheThe trial is expected to finally begin Tuesday with jury selection ― which could prove complicated, given how highly publicized the claims against Theranos have been for the past several years.
In 2015, questions began arising about the validity of Theranos’ machines, which claimed to be able to quickly test dozens of health metrics based on a single drop of blood ― something that typically takes several vials and a lot more time.led the charge, finding through his investigations that Theranos was allegedly running its blood tests on standard machines produced by other companies, and that nearly everything for which Holmes had earned so much acclaim was nothing but an elaborate scam.
The ordeal marked a stunning reverse of fortune for Holmes, who launched Theranos when she was 19 after dropping out of Stanford University. The story of a young, female entrepreneur who styled herself as the next Steve Jobs drew fawning media attention and, including Walmart founders the Walton family, media magnate Rupert Murdoch and former Education Secretary Betsy DeVos.
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