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Theranos Founder Elizabeth Holmes Will Stand Trial In Summer 2020

Elizabeth Holmes will stand trial for almost a dozen wire fraud charges.
Posted at 3:42 PM, Jun 30, 2019

Elizabeth Holmes, the founder and former CEO of startup blood testing company Theranos, will officially go on trial next summer.

Holmes started Theranos in 2003 with a goal to revolutionize medical blood tests. The company was worth an estimated $9 billion at one point. But in 2015, its value plunged after news outlets began reporting that its technology wasn't as advertised. Theranos tried to recover but couldn't bring enough capital into the company. It ended operations in 2018.

Holmes and the company's former president, Ramesh "Sunny" Balwani, were indicted last year on nearly a dozen wire fraud charges for allegedly scheming to defraud investors, doctors and patients.

The trial is scheduled to begin August 2020. If Holmes is convicted, she'll face millions of dollars in fines and up to 20 years in prison.