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US: A Case Of Theranos Inc. And Elizabeth Holmes

309 Words2 Pages
Theranos Inc. and its founder Elizabeth Holmes agreed to settle U.S. allegations that they raised more than $700 million from investors through an elaborate fraud in which they exaggerated or made false statements about their technology, business and financial performance.
Holmes was once heralded as a tech pioneer and a billionaire after Theranos claimed to have developed a ground-breaking way to test blood.
In a lawsuit and settlement announced Wednesday, the Securities and Exchange Commission said Holmes, the chief executive officer, and former president Ramesh “Sunny” Balwani maintained a years-long fraud by making up claims about the effectiveness of its blood testing product. In reality, its portable blood analyzer could only complete
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