Elizabeth Holmes, the founder of Theranos is facing fraud charges for lying to the public more than a decade and raising more than 400 million dollars. Theranos claimed to have developed a miraculous line of blood-testing machines capable of running complicated tests on the amount of blood obtained by a single finger prick—a claim that, if true, would have revolutionized medical testing. It was not true. Despite raising around $900 million and achieving a $10 billion valuation, the tech never worked and the blood tests the company did run were so poorly performed the Centers for Medicare and Medicaid Services concluded it put patients at risk. A Securities and Exchange Commission civil fraud case and rounds of eviscerating layoffs later, a federal grand jury indicted Holmes and Balwani on wire fraud charges.
https://www.wsj.com/articles/blood-testing-firm-theranos-to-dissolve-1536115130
Business and Management 11-C 