Under an agreement with the Securities and Exchange Commission, Theranos Inc. founder Elizabeth Holmes has agreed to pay a $500,000 fine to settle charges of fraud, U.S. regulators announced Wednesday.
Theranos, which once had a $9 billion valuation, claimed that it could change the way blood was analyzed in a laboratory. In its complaint, the SEC alleged that Holmes and former Theranos president Ramesh "Sunny" Balwani made "numerous false and misleading statements in investor presentations, product demonstrations, and media articles" about its devices, and raised "more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company's technology, business, and financial performance."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
July 12 editorial cartoonsCartoons Saturday's political cartoons include generational ennui, tariffs on Canada, and a conspiracy rabbit hole
-
5 unusually elusive cartoons about the Epstein filesCartoons Artists take on Pam Bondi's vanishing desk, the Mar-a-Lago bathrooms, and more
-
Lemon and courgette carbonara recipeThe Week Recommends Zingy and fresh, this pasta is a summer treat
-
Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
