However, any plea deal is likely to include some prison time, meaning it may still be more appealing to Holmes to try and convince at least one juror on the panel of her innocence. Holmes may also take a plea agreement and cooperate with prosecutors in their case against Balwani.
They may be able to argue that Holmes was simply caught up in the Silicon Valley “fake it til you make it” culture, truly believed in Theranos’s product and never knowingly misled anyone. The prosecution has a strong case against Holmes, but her legal team has a number of cards to play that could see her escape a prison sentence. Elizabeth Holmes on trial: will she avoid prison? While Theranos was able to settle both of these cases in 2017, the US Securities and Exchange Commission (SEC) then charged Holmes and Balwani with massive fraud in March 2018.
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The situation continued to escalate, with Theranos facing legal disputes with both the US Centers for Medicare & Medicaid Services (CMS) and Partner Fund Management (PFM), which invested £96.1m in Theranos’s Series C-2 round in 2014. A later WSJ article also alleged that Theranos had rigged its tests to produce better results. He also revealed many of the tests Theranos claimed it had performed using the Edison machine were instead performed using traditional blood testing machines purchased from rival companies. After interviewing ex-employees Carreyrou alleged that, alongside incompetent management policies, the company had hugely overstated the capabilities of its technology. The case against Holmes alleges she repeatedly lied to investors, including US pharmacy chain Walgreens, which had Edison machines installed in its stores, about why the devices weren’t working.Īn October 2015 article by John Carreyrou of the Wall Street Journal signalled the beginning of the end for Theranos. The machines did not yield particularly accurate results and were shoddily designed, with pieces of machinery falling off and doors that couldn’t be closed. Inside the device a robotic arm was supposed to take samples, dilute them, add antibodies and a reagent and reveal the result. The Edison machines were supposed to carry out immunoassays, detecting substances in the blood through the use of an antibody or antigen.
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