Elizabeth Holmes trial gets underway

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Today.com 09 September, 2021 - 06:44am 43 views

What is Elizabeth Holmes on trial for?

Theranos Inc. founder Elizabeth Holmes is facing a criminal trial in federal court in San Jose, Calif., on charges that she defrauded investors and patients by lying about the accuracy of her company's finger-prick blood-testing technology. The Wall Street JournalThe Trial of Elizabeth Holmes: Who’s Who in the Theranos Case

How old is Elizabeth Holmes?

Holmes, now 37 years old, faces a total of 12 charges—two counts of conspiracy to commit wire fraud and 10 counts of wire fraud—for allegedly engaging in a multimillion-dollar scheme to deceive investors, doctors and patients from 2010 to 2016 alongside Theranos' former COO Ramesh “Sunny” Balwani, with whom she was ... ForbesBoard Members, Billionaires And A Journalist: Here’s Who Elizabeth Holmes’ Lawyers Could Call To Testify

Where does Elizabeth Holmes live?

In mid-2019, Holmes and Evans married in a private ceremony. The couple lives in San Francisco. wikipedia.orgTheranos and Elizabeth Holmes

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Elizabeth Holmes Theranos Trial Begins: Will She Testify?

Bloomberg 09 September, 2021 - 11:10pm

“Elizabeth Holmes worked herself to the bone for 15 years trying to make lab testing more affordable,” Holmes’ attorney Lance Wade told the jury. “She failed … But failure is not a crime.”

Holmes, now 37, launched the Silicon Valley startup in 2003 at just 19 years old, with a vision to overhaul diagnostic health care. Over more than a decade, the entrepreneur sold investors on the idea of developing an analyzer, the size of a desktop printer, that could run a suite of common tests on as little as a drop or two of blood taken from a patient's finger.

In 2018, a federal grand jury indicted the entrepreneur and former Theranos COO and president Ramesh “Sunny” Balwani, who was also Holmes' onetime boyfriend, charging them with wire fraud and conspiracy. The indictment claims the pair used Theranos to defraud investors and patients and misrepresented its technology from 2010 to 2015. The charges each carry a maximum penalty of 20 years in prison.

Throughout his opening statements, Wade made dozens of statements to emphasize Holmes’ dedication to developing a miniaturized blood testing device.

Holmes ultimately made leaps forward in the approach to diagnostic testing, he said, yet she fell short by relying on advisers, as well as company executives and experts. Among Holmes’ most critical mistakes, Wade said, were relying on Balwani, and her former Stanford University professor, adviser, and board member, Channing Robertson.

To address the government’s accusations that Holmes lied to investors about the range and accuracy of Theranos’ tests, Wade cautioned jurors to carefully weigh motives of investors who are expected to testify, and to understand the qualifications that investors required to attest to before backing the company.

To invest in Theranos, Wade said, required showing significant wealth as well as attesting to enough the capability to take on significant risk. “They had to recognize that Theranos was a speculative investment...The risks were apparent to investors.”

In anticipation of the government’s claim that Holmes defrauded paying patients, Wade advised jurors to weigh the company’s number of inaccurate results, expected to be highlighted during the government’s case, against the 8 million that Theranos performed.

“How many has the government found? We think about 20," Wade said, referring to patients who paid for and received inaccurate tests, some of who are expected to testify. 

Holmes' attorney also referred to claims raised in court documents that she suffered “a decade-long campaign of psychological abuse” by Balwani, who was also her ex-boyfriend. “There was a side of that relationship that many people saw and will talk about," he said, leaving out the extent of the abuse alleged in the documents. "There was another side to it that nobody else saw.”

Balwani has denied the claims of abuse in separate court filings.

The government’s narrative told a drastically different story, specifically that Holmes intended to lie in order to make money. As part of its evidence of intentional fraud, the government said that it would show a document Theranos allegedly fabricated to fake an endorsement from Pfizer.

“This is a case about fraud, about lying and cheating to get money,” Assistant U.S. attorney Robert Leach said. “By making misstatements to investors and patients, Elizabeth Holmes became a billionaire."

A decade after launching Theranos, in 2013, Holmes notched a deal with drugstore giant Walgreens to transition the analyzer from the research and development phase to a commercial product. Under a $140 million contract, Theranos placed the machine, known in its various iterations as the TSPU, Edison, or miniLab, inside Walgreens wellness centers, where customers ordered a variety of common blood tests.

However, former Wall Street Journal reporter John Carreyrou exposed Theranos’ technological shortfalls in a bombshell investigation published in October 2015.

In January 2016, the Centers for Medicare and Medicaid notified Theranos of laboratory deficiencies that it said posed “immediate jeopardy” to patient health. The agency sanctioned the company and agreed to a settlement that banned Holmes from owning or operating a clinical laboratory for two years. The agreement forced the company to shutter its Walgreens and laboratory operations.

The revelations prompted Walgreens, three investors, and Theranos customers to sue Theranos and Holmes. Walgreens sued for breach of contract, and the investors claimed fraud. Holmes settled the suits, paying Walgreens $25 million to end its breach of contract claim. An attorney for two late-stage investors said his clients recouped their investments in a settlement with Holmes and Theranos. Separately, Holmes faced claims of fraud from the Securities and Exchange Commission and agreed to a $500,000 fine.

Holmes and Balwani will be tried separately, due to Holmes' abuse claims. In court documents, Holmes' attorneys said she suffered “a decade-long campaign of psychological abuse” by Balwani that caused her to suffer from post-traumatic stress disorder. Balwani allegedly controlled what she ate, how she dressed, and how long she slept. Balwani monitored her phone calls, texts, and emails and threw hard, sharp objects at her, the documents allege.

A jury of seven men and five women was selected last week for the Holmes trial, which is expected to last as long as four months. Balwani will be tried in 2022. Prior to the start of the trial, one of the female jurors informed the court of a financial hardship that inhibits her participation in the trial. The court has taken the matter under advisement and will decide whether to excuse the juror at a later time.

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Elizabeth Holmes pretended her blood-testing technology worked to enrich herself, prosecutors say, as trial begins.

Elizabeth Holmes's defense says mistakes, not malice, led to collapse of Theranos

The Washington Post 09 September, 2021 - 11:10pm

Lana Del Rey has finally revealed the release date for her upcoming new album, ‘Blue Banisters’ – listen to new song, ‘ARCADIA’, below.

Set to be released on October 22, the singer-songwriter’s long-teased forthcoming LP is the follow-up to ‘Chemtrails Over the Country Club’, which arrived earlier this year.

The ‘White Dress’ singer previewed the new album in May with the surprise release of a trio of new singles: the album’s title track as well as ‘Text Book’ and ‘Wildflower Wildfire’, which were all written by the singer and recorded in Los Angeles.

Now, after teasing its release earlier this week, Del Rey has unveiled her new single, ‘ARCADIA’, which she wrote and produced with Drew Erickson.

Accompanied by a set of visuals directed by Del Rey herself, you can watch the video for ‘ARCADIA’ below:

‘Blue Banisters’ arrives on October 22 and can be pre-ordered here. Made up of 15 tracks, it will be released as CD and cassette, with various exclusive vinyl formats that can be found on Del Rey’s official website. Take a look at the album’s artwork and tracklist below.

Prior to announcing ‘Blue Banisters’, Del Rey said she would release an album called ‘Rock Candy Sweet’ on June 1. She explained just days after ‘Chemtrails…’ arrived in March that this project would challenge the accusations of “cultural appropriation and glamorising domestic abuse” made against her earlier this year.

Meanwhile, Del Rey has revealed that a stipulation in her will prohibits the release of posthumous music by the singer-songwriter following her death.

It comes after Anderson .Paak recently shared a new tattoo he got with similar sentiments. “When I’m gone, please don’t release any posthumous albums or songs with my name attached,” the forearm tattoo reads. “Those were just demos and never intended to be heard by the public.”

Del Rey shared a screenshot of the tattoo in a post on her Instagram account. “It’s in my will but it’s also on his tattoo,” she captioned the post.

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The daily business briefing: September 9, 2021

The Week Magazine 09 September, 2021 - 11:10pm

Prosecutors told jurors Wednesday at the start of the trial of Elizabeth Holmes, founder of Theranos Inc., that she defrauded patients and investors to raise cash and keep the now-dissolved blood-testing startup afloat. "Out of time and out of money, Elizabeth Holmes decided to lie," said Robert Leach, an assistant U.S. attorney. Leach said Holmes, a Stanford University dropout who led the company to a $9 billion valuation before it imploded, falsely claimed the company's revolutionary technology could test for numerous health problems with drops of blood. Theranos' high-powered investors included former Education Secretary Betsy DeVos and Rupert Murdoch, executive chairman of News Corp., owner of The Wall Street Journal. Holmes' lawyers said she was a hardworking entrepreneur whose business simply failed, like many startups.

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Elizabeth Holmes trial gets underway

BBC News 09 September, 2021 - 06:35am

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