SunnyBalwani
Latest
SEC charges Theranos and CEO Elizabeth Holmes with ‘massive fraud’
The SEC has charged Theranos, Elizabeth Holmes and Ramesh "Sunny" Balwani with fraud relating to the startup's fundraising activities. The company, as well as CEO Holmes and former president Balwani are said to have raised more than $700 million from investors through "an elaborate, years-long fraud." This involved making "false statements about the company's technology, business and financial performance."
Two more investors sue Theranos and Elizabeth Holmes for fraud
Two more investors have filed lawsuits (PDF) against Theranos, a few weeks after Walgreens sued the embattled startup for $140 million. This is the third one filed against the company, following the drugstore chain's and Partner Fund Management's (PFM), but the first that's seeking class-action status. The plaintiffs echo PFM's lawsuit from October, accusing Theranos founder Elizabeth Holmes and former president Ramesh "Sunny" Balwani of spoon-feeding investors continuous lies, making false promises "built on false statements and omissions." They said the company's head honchos told the public they perfected a "revolutionary technology" vetted by experts and regulators that will change the world of lab testing, knowing full well that it'll reach investors' ears.
Theranos loses its COO as it seeks to improve quality
What can Theranos do to restore confidence in its company and the suddenly-in-doubt finger prick blood tests it hoped would revolutionize the industry? It's hard to say, but tonight it's trying to turn things around by announcing some executive reshuffling. COO and president Sunny Balwani (who, along with CEO and founder Elizabeth Holmes is reportedly facing a ban from the blood testing industry) will retire.
