![]() Was a family friend) Donald Lucas, a longtime Silicon Valley investor, as well as his son’s venture firm Black Diamond Ventures, a Southern California firm run by the elder Mr. Holmes, according to court records, include Draper Fisher Jurvetson (firm founder Many other venture capitalists, though, made repeated investments from about 2006 to 2013. ![]() Venture capitalists have tried to distance themselves from Theranos by saying some Silicon Valley investors passed on the company, doubtful of its claims. “Every founder thinks of themselves as very different and every investor thinks of themselves as smarter and therefore able to see these issues.” Theranos once had its headquarters in Palo Alto, Calif.Īndrej Sokolow/Picture Alliance/Getty ImagesĪ longtime venture capitalist with firm Venrock, said the verdict will have “zilch effects” on startups. The company lost most of the $945 million it raised from investors when it dissolved in 2018 amid regulatory sanctions and civil and criminal probes. Holmes as CEO-gave inaccurate blood test results to patients who were falsely told they may have HIV or prostate cancer or were miscarrying a pregnancy, according to trial testimony. Theranos, which over 15 years went from stealth mode to highly-valued biotech company to failure-controlled by Ms. Holmes drew board members and mentors from Stanford. Theranos was based in Palo Alto, Calif., a city brimming with startups and venture capitalists, and Ms. Holmes dreamed up as a 19-year-old student at Stanford University, and she dropped out to found her company – a well-traversed path for startup founders. Theranos rose nearly two decades ago out of an idea Ms. Photo: Josh Edelson for The Wall Street Journal WSJ’s Sara Randazzo shares highlights from Holmes’s testimony. Each count carries a maximum prison sentence of 20 years. “While it’s tempting to view the verdict in the Holmes trial as a Rorschach test on the state of startups and venture capital, the reality is that the trial of Elizabeth Holmes is about the guilt and innocence of Elizabeth Holmes-no more no less,” saidĪ federal jury convicted Theranos founder Elizabeth Holmes on four of 11 criminal-fraud charges. They say the secrecy she got away with wouldn’t be tolerated by most investors. Holmes was an outlier as a founder because she failed to raise funding from the top-tier venture-capital firms and wasn’t part of Silicon Valley’s inner circle. The jury was deadlocked on three investor fraud counts. Holmes was found guilty of four charges involving investors, including conspiracy to defraud investors, and not guilty of four charges involving patients, including conspiracy to defraud patients. ![]() Holmes was convicted of defrauding some of the blood-testing startup’s biggest investors Monday in a San Jose federal court in one of the highest-profile white-collar cases in years. Steve Jennings/Getty Images for TechCrunch Elizabeth Holmes made many public appearance on behalf of Theranos, including at a 2014 event in San Francisco.
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