Here are the highlights of the rise and fall of Theranos.
and Ramesh"Sunny" Balwani, were first indicted together on a dozen federal fraud charges stemming from their time heading up the failed blood testing startup, both have been convicted by juries.Holmes, the founder and former CEO of Theranos, was found guilty on four out of 11 federal fraud and conspiracy charges in January after a months-long trial.
Holmes, a Stanford University sophomore studying chemical engineering, drops out of school to pursue her startup, Theranos, which she founded in 2003 at age 19. The name is a combination of the words"therapy" and"diagnosis."Balwani guarantees a $10 million loan to Theranos and soon after takes on a formal role at the startup. Balwani, roughly 20 years older than Holmes, first met her in 2002 through a program in Beijing to learn Mandarin.
One week after the Journal report, Holmes is interviewed on-stage at the outlet's conference in Laguna Beach."We know what we're doing and we're very proud of it," she says. Walgreens, once Theranos' largest retail partner, ends its partnership with the company and says it will close all 40 Theranos Wellness Centers.CMS revokes Theranos' license to operate its California lab and bans Holmes from running a blood-testing lab for two years.Holmes tries to move past recent setbacks by unveiling a mini testing laboratory, called miniLab, at a conference for the American Association for Clinical Chemistry.
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