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I told you her schtick was too smooth. 'I'm too driven to care about anything but my work' is always a red flag.
So will Holmes go to prison? A green card holder in Texas was just sentenced to eight years in prison for voting in a US election. Surely Holmes will go away much longer right?
This guy got 6.5yrs in prison for defrauding investors by making it appear the company had value it actually didn't: https://www.law360.com/articles/892055/broker-gets-6-5-years...
It's difficult to find other examples as most investor fraud is based on directly milking investors with obviously false claims.
For example, this SF startup founder lied about being close to acquisition and never handed over shares in the company in return for money: http://www.mercurynews.com/2014/02/20/san-francisco-startup-... that's more directly fraudulent.
The Theranos thing might be more difficult to prove as it's possible the technology was somewhat legitimate but clearly if sharing the fake test data was a critical part of them investing, then it might be much the same.
The early investors who bought into just the idea may not have any claim. But any later investors who invested based solely on claims made with falsified test data may have a claim against the company/her.
I told you her schtick was too smooth. 'I'm too driven to care about anything but my work' is always a red flag.
Silly little things like "truth" or "integrity" are just distractions. . .
I told you her schtick was too smooth. 'I'm too driven to care about anything but my work' is always a red flag.
/s
This is a one-sided filing by one party to litigation, and we will respond at the appropriate time in the appropriate forum. We disagree with much of what PFM alleges in its complaint. This is not, however, the time or place to contest their mischaracterizations of the record. We will litigate this case in court, where it belongs. What we will say now is that the items on which PFM focuses have nothing to do with why PFM invested, and they amount to a repackaging of allegations the media have already reported for nearly two years.
As for the tender offer: As previously disclosed, Theranos is in the midst of a tender offer involving its most significant shareholders. Elizabeth Holmes’ use of her own shares to recapitalize our C-2 and C-1 investors—and thereby prevent dilution to our other shareholders—is consistent with her longstanding, personal commitment to doing the right thing for the Theranos shareholder base. This tender offer has been in discussion between Theranos and its shareholders since July 2016. To date, more than 99% of C-2 and C-1 investors other than PFM have chosen to participate.
PFM, a multi-billion dollar hedge fund, opposes the transaction, and is asking the Court to stop the tender offer because it is “unfair” specifically and only to PFM. In response to PFM’s suit, the Court suspended the tender offer for a month in order to permit sufficient time for the court to review the transaction. PFM’s effort to enjoin the tender offer is meritless; their legal theories are self-serving and would harm the rest of the Theranos shareholders. The Company is vigorously opposing PFM’s new suit and looks forward to completing the transaction with its shareholders.
From: https://techcrunch.com/2017/04/21/theranos-says-it-has-been-...
There will never be enough popcorn for the Theranos saga.
How is it always WSJ busting Theranos? is a competitor funding their "investigative journalism"? Not to say the article is untrue, just the super hard-on WSJ has for Theranos is mysterious.
This explains to some extent why investors might have given the company that valuation of 9 billion. If the company faked demos and portrayed results obtained on non Theranos tech as Theranos tech results, most investors can't be blamed for believing the tech worked and it was only a matter of time before all tests could be performed by the tech. What is baffling to me is unless the data was doctored why didn't any o…
> why didn't any one of the medical consultants or partners bring this up sooner? Outside of direct "I physically see this patient", people can forget they work in medicine where their answers can mean life or death decisions. In that situation people end up not wanting to bite the hand that feeds. When you have automated stuff that has high throughput with little or no human interaction, you seriously limit the oppo…
Between taking a pay cheque and whistle blowing, the large majority of people will always not rock the boat and take the money.
So will Holmes go to prison? A green card holder in Texas was just sentenced to eight years in prison for voting in a US election. Surely Holmes will go away much longer right?
Earlier quoted context omitted.
I didn't - what happened?
Theranos and Boies teamed up to make his life hell. https://www.techdirt.com/articles/20161117/15475936076/thera... One might imagine what they'd attempt if he wasn't related to a boardmember, or if his parents didn't have $400K for legal fees...