Disgraced former CEO Elizabeth Holmes will stand trial for her role in the now infamous collapse of her startup Theranos, which falsely claimed that it had revolutionized medical blood testing. She faces up to 20 years in prison for fraud, with her trial occurring next year.
According to a report by the Wall Street Journal, Elizabeth Homes, the founder of defunct tech startup Theranos, will face a federal trial in August 2020. Jury selection for the approximately three-month trial will start on July 28, 2020.
Holmes faces up to 20 years in prison for her role in misleading investors into believing that her company, Theranos, had revolutionized medical blood testing. Theranos and Holmes claimed that their blood testing technology only required a fraction of the amount of blood that was used for standard blood testing.
Theranos sank after investigative reporter John Carreyrou questioned the legitimacy of the startup’s claims. After Carreyrou’s reporting was published, the value of the multi-billion dollar Theranos plummeted. Holmes, who was once worth approximately $4.5 billion, lost her entire fortune.
In 2018, Holmes and her business partner were charged with “massive fraud” by the Securities Exchange Commission. The SEC complaint alleged that Holmes reported annual revenues of $100 million when the company was only making $100,000 annually.
Federal prosecutors claim that they have compiled two million pages of evidence in the case against Elizabeth Holmes and her partner, Ramesh Balwani. Holmes’ attorney, Kevin Downey, is concerned that two million pages will be impossible for a jury to read.
“I don’t even know what a gigabyte of data is. My guess is if you print it out it would fill up this entire room,” Downey said in a comment.
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