The blood-testing startup, Theranos, is now officially defunct and battling court dates that may see an end this year. It was later reported that they were relieving themselves from this case. The three attorneys from Cooley, who represented her requested that the court remove them from representing Holmes as she was not paying them at all. In 2019, it was also reported that Holmes was not paying her attorneys. Needless to say, it did not end well for Holmes. This verdict was stipulated with an additional fine of $ 500, 000. The court-mandated Holmes to pay around $ 4.6 million in civil compensation and attorney fees along with banning her from being the head of any kind of public company for the next ten years in the very least. In addition to this, according to Carreyrou, they used another company’s device to conduct tests, which is highly unethical. Many blood tests were conducted by the company, which means that if the device in itself was faulty and not what it claimed to be, there were obvious inaccuracies in its test results that were taken to be accurate by the public. The allegations range from manipulating doctors, patients, and the company’s investors. Charges of Fraudįollowing the rigorous investigations conducted by the US Attorney’s Office, in San Francisco, she was found guilty of over nine counts of wire fraud and two attempts to commit wire fraud. Holmes’s company saw its fall cemented in reality in 2018 when ‘Bad Blood: Secrets and Lies in a Silicon Valley Startup’ was published. This branded Holmes at the end of 2015, as one of the 10 worst entrepreneurs, according to Fortune.
Theranos, that mostly kept itself and its various projects under the wraps was brutally pulled out to the limelight when Carreyrou and other investigations brought out the loopholes in the company’s framework that was visible from the grass root levels.
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