Theranos founder Elizabeth Holmes arrives to attend her fraud trial at federal court docket in San Jose, California, U.S., December sixteen, 2021. REUTERS/Peter DaSilva
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Jan three (Reuters) - A U.S. jury on Monday found Theranos founder Elizabeth Holmes responsible of conspiring to defraud investors within the blood checking out startup, convicting her on four of eleven counts.
Holmes, 37, became accused of defrauding buyers and sufferers together with her claims of revolutionizing lab testing with a laptop that used a single drop of blood. She pleaded not guilty.
Holmes rose to Silicon Valley repute after founding Theranos in 2003. Her internet worth became estimated at $four.5 billion by using Forbes in 2015.
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here is a timeline of key events leading as much as t he decision.
2003 - Holmes founds Theranos, then known as true-Time treatments, after falling by the wayside of Stanford college. Then handiest 19 years ancient, Holmes aimed to revolutionize diagnostic checking out.
2004 - The nascent enterprise raises more than $6 million in funding, reaching a valuation of $30 million.
2009 - Holmes' then-boyfriend Ramesh "Sunny" Balwani joins Theranos as chief operating officer.
2010 - Theranos raises an extra $45 million in funding, reaching a valuation of $1 billion.
2011 - Theranos begins attracting excessive-profile board individuals, including two former U.S. secretaries of state, George Shultz and Henry Kissinger.
2012 - The business strikes to the former facebook headquarters in Palo Alto, California.
2013 - Theranos begins merchandising its expertise, claiming to be in a position to run a wide range of tests on a single drop of blood using a laptop known as the Edison, and enters right into a partnership with Walgreens Boots Alliance.
2014 - Having raised more than $four hundred million, Theranos is valued at greater than $9 billion. Holmes is diagnosed by Forbes as a billionaire, thanks to her stake in the company.
February 2015 - a piece of writing within the Journal of the American medical association criticizes Theranos for failing to put up any of its research in peer-reviewed journals.
July 2015 - Theranos wins U.S. meals and Drug Administration approval for a examine to discover the herpes simplex 1 virus.
October 2015 - The Wall street Journal stories that Theranos uses its expertise for under a small number of its assessments, and that personnel doubt their accuracy. The FDA as a result releases a discovering that the business used unapproved ga dgets for exams.
January 2016 - The U.S. facilities for Medicare & Medicaid services (CMS) releases a record that one of the company's amenities gifts "jeopardy to patient fitness and protection." The agency noted an inspection published that the ability did not meet its personal great-manage standards, including not correctly calibrating gadget.
June 2016 - Walgreens ends its relationship with Theranos.
October 2016 - associate Fund administration, which invested virtually $100 million in Theranos, sues the business for securities fraud, claiming it lied about its know-how to secure the funding. The case is later settled.
April 2017 - Theranos reaches a take care of CMS barring it from the blood-trying out enterprise for 2 years.
March 2018 - The U.S. Securities and exchange commission costs Theranos, Holmes and Balwani with securities fraud. Holmes is stripped of her stake in and manage of the company.
June 2018 - Holmes and Balwani are indicted on crook fraud fees. each plead now not guilty.
September 2018 - Theranos declares that it'll dissolve.
March 2021 - Holmes exhibits she is pregnant.
August 2021 - Holmes offers delivery to her newborn. A courtroom filing displays that Holmes plans to argue she turned into below the handle of Balwani, who she says turned into abusive, at the time of the charged crimes. Balwani denies the allegations in courtroom filings.
September 2021 - Trial starts in San Jose, California.
November 2021 - Holmes takes the stand to testify in her personal protection. She denies in quest of to deceive buyers and sufferers. She says Balwani became in charge of fiscal fashions offered to investors and that he become abusive in their relationship.
December 2021 - Jurors hear closing arguments from both sides.
Jan. three, 2022 - Holmes changed into convicted on costs of defrauding three other traders, as well as conspiring to achieve this. She changed into acquitted on three counts of defrauding sufferers who paid for exams from Theranos, and a connected conspiracy charge. The jury couldn't attain a decision on three counts related to individual investors. A sentencing date became not automatically set. She faces up to eighty years in prison when sentenced by U.S. District judge Edward Davila however would likely get a a good deal lower sen tence.
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Compiled by way of Brendan Pierson in ny; editing by means of Will Dunham, Lisa Shumaker and Matthew Lewis
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