Theranos raised over $700m from investors claiming it invented a machine that take hundreds of laboratory tests from a single prick. Theranos reached a $9bn valuation before the so-called revolutionary blood test was found out to be fake.
Theranos reached an agreement in principle to settle a lawsuit by Walgreens Boots Alliance Inc. for breaching the companies’ contract. Walgreens’ stores once hosted about 40 Theranos blood-testing centers.
“Walgreens had sought to recover the full $140 million it put into the partnership, including a $40 million convertible-debt note and a separate payment as part of an effort to expand the partnership.” Reports the WSJ
The jury trial will commence on September 8th for the largest fraud trial in the history of Silicon Valley. Theranos placed thousands of patients at risk. Millions of dollars were also at risk and lost due to the accusations that Elizabeth Holmes and her husband, Ramesh ‘Sunny’ Balwani who lied about the technology that Theranos used to take blood tests. Theranos plans to blame emotional and sexual abuse by her former boyfriend Balwani.
Among the questions for potential jurors, per a court filing they will be asked the following :
- Do you or anyone close to them have experience in such areas as venture capital investing, finance, blood testing, healthcare, or blood testing?
- Have you ever received any form of medical treatment (including vaccinations) in a pharmacy and/or grocery store? You may recall that Theranos had in-store deals with both Walgreens and Safeway.
- Have you commented, liked, or otherwise interacted on social media with anything relating to Holmes, Theranos or Sunny Balwani? Do you follow any of 15 listed journalists on social media or podcasts or if they’ve seen or listened to a list of programs that have discussed the case?
The trial in this case may last approximately thirteen (13) weeks, or even longer. The jury will generally sit three (3) days per week (Tuesdays, Wednesdays, and Fridays), potentially from 9:00am to 3:00pm, during that time. Jury service is one of the highest duties and privileges of a citizen of the United States. Mere inconvenience or the usual financial hardship of jury service will be insufficient to excuse a prospective juror. Do you wish to apply to the Court to be excused on the ground that jury service would be a serious hardship? ____ Yes ____ No If Yes, please explain the hardship: 2. Do you have any condition or issue that would affect your ability to serve as a juror, including difficulty hearing, seeing, reading, or concentrating? ____ Yes ____ No If you feel you could serve with accommodations, please indicate the accommodations: Have you been vaccinated against COVID-19 or are you scheduled to be vaccinated? ____ Yes ____ No 4. Have you already contracted COVID-19? ____ Yes ____ No If Yes, are you fully recovered (no symptoms) and have you received a negative test result since recovering? ____ Yes ____ No 5. If called to serve as a juror, how concerned are you about getting sick with COVID-19? Case 5:18-cr-00258-EJD Document 928 Filed 08/20/21 Pa
The witness list may include Theranos board members Bill Frist, Henry Kissinger and Jim Mattis, Robert Murdoch, ex-Bill & Melinda Gates Foundation CEO Sue Desmond Hellmann, David Boiesm Esq., ex-Cleveland Clinic CEO Toby Cosgrove, former Wall Street Journalist, John Carreyrou, and Roger Parloff.
The court document reads the charges as listed:
You have been summoned by this Court for jury service in a criminal case entitled United States v. Elizabeth Holmes. In this case, the defendant, Elizabeth Holmes, is charged with wire fraud and conspiracy to commit wire fraud. The indictment alleges that Ms. Holmes was the Chief Executive Officer (“CEO”) of Theranos, Inc., which was in the blood testing business. The indictment alleges that the defendant and Ramesh “Sunny” Balwani, Theranos’ Chief Operating Officer (“COO”) and President, knowingly and intentionally devised a scheme or plan to defraud investors in Theranos and paying customers of Theranos. The charges are only allegations and not evidence. The defendant has entered a plea of not guilty to all of the charges in the case and is presumed to be innocent. It will be the responsibility of the government, through the trial, to prove those charges beyond a reasonable doubt.