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Theranos CEO's fall from grace

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retiredyoung

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15/03/18

15:12

Post #: 31780789
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Blood, fraud and money led to Theranos CEO's fall from grace

The lawsuit and settlement announced on Wednesday by the US Securities and Exchange Commission detailed how Holmes and her chief deputy lied for years about their technology, snookered the media, and used the publicity to get investors to hand more than $US700 million ($880 million) to keep the closely-held company afloat.

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As part of the accord, Holmes will pay a $US500,000 fine, surrender 19 million shares and is barred from being an officer or director of a public company for 10 years.

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"The Theranos story is an important lesson for Silicon Valley," said Jina Choi, director of the SEC's San Francisco Regional Office. "Innovators who seek to revolutionise and disrupt an industry must tell investors the truth about what their technology can do today, not just what they hope it might do someday."

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