The company’s downfall began in October 2015 after The Wall Street Journal reported that Theranos’ technology did not work as advertised. Federal prosecutors later alleged that Holmes’ deception put patients at risk , citing inaccurate Theranos test results provided to people being screened for cancer and pregnant women. Holmes was indicted on June 14, 2018.

During a nearly four-month federal trial that began in September 2021, prosecutors argued that Holmes knew Theranos’ technology had significant limitations and could not consistently deliver reliable results. Evidence showed the company frequently relied on standard lab equipment even as Holmes “led investors and the public to believe that Theranos was conducting most or all of its tests using its own analyzer,” according to a press release from the U.S. Attorney’s Office for the Northern District of California.…