Elizabeth Holmes steps down as Theranos CEO as DOJ levels charges

CNBC is reporting that Elizabeth Holmes has stepped down from her position as CEO of Theranos and the Department of Justice has indicted her on alleged wire fraud. Both the company and Holmes have been embroiled in scandal following reports that the blood tests it claimed to be working on weren't actually effective. Earlier this year, the Securities and Exchange Commission charged Holmes and Theranos with fraud.

In March, the SEC said the company made "false statements" about its technology, business and finances, raising over $700 million through "an elaborate, years-long fraud." Theranos claimed its product could test a small drop of blood for a number of diseases, but it was never able to back that up. Prior to being charged with fraud, Theranos also went through some serious financial troubles, laid off hundreds of employees and was hit with multiple lawsuits.

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Source: CNBC



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