Theranos founder to face trial next summer on criminal charges

A trial against Theranos founder Elizabeth Holmes for alleged criminal fraud is scheduled to begin next summer, according to The Wall Street Journal.

Ms. Holmes is facing charges of wire fraud and conspiracy to commit wire fraud, related to making what prosecutors say were misleading claims about technology used by Theranos. Ramesh "Sunny" Balwani, the former president and COO of the blood-testing startup, is also facing criminal fraud charges.

U.S. District Judge Edward J. Davila has scheduled a trial for Ms. Holmes and Mr. Balwani for August 2020, according to the WSJ. He said the trial will take about three months.

Ms. Holmes and Mr. Balwani are both facing up to 20 years in prison and more than $2 million in fines each and restitution to victims if convicted, the WSJ reported.

Theranos was once valued at more than $9 billion but shut down in 2018 after the WSJ ran several articles about its technology and business practices.

 

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