Tue. Jan 18th, 2022

A jury in the United States has ruled Theranos founder Elizabeth Holmes guilty of conspiracy to defraud investors at the start of the blood test, and found her guilty on four of 11 charges.

Holmes, 37, is accused of deceiving investors and patients with her allegations that his laboratory tests caused a revolution with a machine that used a single drop of blood. She pleaded not guilty.

Here is a timeline of the key events that led to Monday’s ruling.


Holmes, then just 19 years old, left Stanford University to set up Real-Time Cures, the company that would eventually become Theranos. She dreams of revolutionizing diagnostic testing.


The new company raises more than $ 6 million in funding and achieves a valuation of $ 30m.


Holmes’ then partner Ramesh “Sunny” Balwani joins Theranos as chief operating officer.


Theranos is raising a further $ 45 million in funding, reaching a $ 1 billion valuation.

Elizabeth Holmes, who tried to channel Steve Jobs with her workwear, attracted big name supporters and was celebrated by investors, but some started asking questions about her company’s so-called revolutionary blood test [File: David Paul Morris/Bloomberg]


Theranos is starting to attract high-profile board members, including two former U.S. Secretary of State George Shultz and Henry Kissinger.


The company moves to the former Facebook headquarters in Palo Alto, California.


Theranos begins to advance his technology, claiming that he can perform a wide range of tests on a single drop of blood with a machine called the Edison, and joins a partnership with the pharmacy group Walgreens Boots Alliance.


After raising more than $ 400 million, Theranos is valued at more than $ 9 billion. Holmes is recognized by Forbes as a billionaire – a reflection of her interest in the company.

February 2015

An article in the Journal of the American Medical Association criticizes Theranos for failing to publish any of his research in peer-reviewed journals.

July 2015

Theranos wins US Food and Drug Administration approval for a test to detect the herpes simplex 1 virus.

Theranos’ Elizabeth Holmes and Christian Holmes arrive for a state dinner for Japanese Prime Minister Shinzo Abe in April 2015, a few months before the Wall Street Journal published a bomb report on her company’s business. [File: Andrew Harnik/AP Photo]

October 2015

The Wall Street Journal reports that Theranos uses his technology for only a small number of his tests, and that employees question their accuracy.

The FDA then released a finding that the company used non-approved devices for testing.

January 2016

The U.S. Centers for Medicare & Medicaid Services (CMS) reports that one of the company’s facilities “poses a threat to patient health and safety.”

The agency said an inspection revealed that the facility did not meet its own quality control standards, including equipment that was not properly calibrated.

June 2016

Walgreens ends his relationship with Theranos.

October 2016

Partner Fund Management, which has invested nearly $ 100 million in Theranos, is suing the company for security fraud, alleging that it lied about its technology to secure the investment. The case will be settled later.

April 2017

Theranos reaches an agreement with CMS banning him from the blood test business for two years.

Ramesh Balwani, former chief operating officer of Theranos (left), is also facing charges of fraud. He and Holmes were once a couple [File: Justin Sullivan/Getty Images via AFP]

March 2018

The U.S. Securities and Exchange Commission is suing Theranos, Holmes and Balwani for securities fraud. Holmes is stripped of her stake in and control of the company.

June 2018

Holmes and Balwani are charged on charges of criminal fraud. Both plead not guilty.

September 2018

Theranos announces it will disband.

March 2021

Holmes reveals she is pregnant.

August 2021

Holmes gives birth to her child. A court file reveals that Holmes planned to allege she was under the control of Balwani, who she said was abusive, at the time of the charged crimes. Balwani denies the allegations in court applications.

September 2021

Trial begins in San Jose, California.

November 2021

Holmes takes the position to testify in her own defense. She denies trying to mislead investors and patients. She says Balwani was in charge of financial models provided to investors and that he was abusive in their relationship.

Theranos founder Elizabeth Holmes listens as the court delivers its verdict. A jury found her guilty in four of 11 charges of fraud [Vicki Behringer/Reuters]

December 2021

Jurors hear closing remarks from both sides.

3 January 2022

Holmes was convicted on charges of fraud by three other investors, as well as conspiracy to do so. She was acquitted on three charges of fraud of patients who paid for tests of Theranos, and a related conspiracy charge.

The jury could not reach a decision on three charges related to individual investors. A sentencing date has not been set immediately. She faces up to 80 years in prison when she is sentenced by U.S. District Judge Edward Davila, but is likely to receive a less severe sentence.

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