This you should know about the trial of Elizabeth Holmes 1:22
(CNN) -
Elizabeth Holmes, founder and former CEO of failed biotech startup Theranos, went from being hailed as the next Steve Jobs to being found guilty on 4 of 11 counts of fraud and conspiracy.
How did Holmes get here?
Check out a timeline of Holmes's career here.
Holmes, who dropped out of Stanford University, inspired by her own fear of needles, founded Theranos company at age 19, with a mission to create a more economical and efficient alternative to a traditional blood test.
Theranos promised patients the ability to test for diseases such as cancer and diabetes with just a few drops of blood.
With this idea, he attracted hundreds of millions of dollars in funding, a board of well-known political figures and key retail partners.
Elizabeth Holmes' trial is about to begin.
This is what you need to know
Theranos founder accused of fraud 0:54
But an investigation by The Wall Street Journal uncovered irregularities in Theranos' testing and technology, and dominoes have since fallen.
Holmes and his former business partner, Ramesh "Sunny" Balwani, were indicted in 2018 by the United States government with multiple counts of wire fraud and conspiracy to commit wire fraud.
(Both have pleaded not guilty).
More than three years later, Holmes finally went to court and this Monday a jury delivered its verdict.
These are the highlights of the rise and fall of Elizabeth Holmes and Theranos.
March 2004: Elizabeth Holmes leaves Stanford University to found Theranos
Elizabeth Holmes, a Stanford University sophomore studying chemical engineering, drops out of school to found her startup, Theranos, which she created in 2003 at age 19.
The name is a combination of the English words "therapy" and "diagnosis".
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Elizabeth Holmes on September 29, 2015 in New York City.
September 2009: Ramesh "Sunny" Balwani joins Theranos as Holmes' right hand man
Balwani joins as COO and president of the startup.
Balwani, nearly 20 years her senior, met Holmes in 2002 on a trip to Beijing through Stanford University.
It was later revealed that the two are romantically involved.
September 2013: Holmes talks about Theranos;
Announces Partnership with Walgreens
A decade after starting the company, Holmes unveils Theranos and attracts media attention the same month Theranos and Walgreens announce they have entered into a long-term partnership.
First Theranos Wellness Center location opens at a Walgreens in Palo Alto where consumers can access Theranos blood test.
The original plan had been to make Theranos trials available at Walgreens locations across the country.
September 2014 - Forbes Names Holmes One of America's Richest Women
Holmes is named to the magazine's list of American billionaires and the outlet reports that she owns a 50% stake in the startup, pegging her personal wealth at $ 4.5 billion.
December 2014: Theranos raised $ 400 million
Theranos has raised more than $ 400 million, according to a profile of the company and Holmes by The New Yorker.
It counts Oracle's Larry Ellison among its investors.
July 2015: Theranos Gets FDA Approval for Herpes Test
The FDA authorizes Theranos to use its patented tiny fingerstick blood collection vials for herpes simplex virus 1, its first and only approval for a diagnostic test.
October 2015: Theranos is the subject of an investigation by The Wall Street Journal;
Holmes responds
The Wall Street Journal reports that Theranos is using its proprietary technique in only a small number of the 240 tests it performs, and that the vast majority of its tests are performed with traditional vials of blood drawn from the arm, not the "few drops" which are taken with the prick of the finger.
In response, Theranos defends its testing practices, calling the Journal reports "factually and scientifically flawed."
A day later, Theranos stops using its blood collection vials for all tests except herpes due to pressure from the FDA.
(Later that month, the FDA released two highly-written reports citing 14 concerns, including naming the company's proprietary vial an "unauthorized medical device.")
A week after The Wall Street Journal report, Holmes is interviewed by the outlet at a conference in Laguna Beach.
"We know what we are doing and we are very proud of it," he says.
Holmes speaks at a The Wall Street Journal technology conference in Laguna Beach, California on October 21, 2015. (Credit: GLENN CHAPMAN / AFP via Getty Images)
Amid criticism, Theranos reportedly shakes up its board of directors, firing Henry Kissinger and George Shultz as directors while moving them to a new board of directors;
the company also forms a separate medical board.
November 2015 - Theranos-Safeway partnership ends
Safeway, which invested $ 350 million in building clinics in hundreds of its supermarkets to eventually offer Theranos blood tests, appears to seek to dissolve its relationship with the company before it offers its services.
January 2016: Federal Regulators Disagree with Theranos Laboratory in California;
Walgreens is retiring
The Centers for Medicare & Medicaid Services (CMS) sent Theranos a letter saying that its California lab has not met federal standards and that patients are in "immediate danger."
It gives the company 10 days to address issues.
In response, Walgreens says it will not send any tests to Theranos California lab for analysis and is suspending Theranos services at its Walgreens Palo Alto location.
March 2016: CMS threatens to ban Holmes and Balwani from lab business
CMS threatens to ban Holmes and Balwani from the lab business for two years, after the company allegedly failed to fix the problems at its California lab.
Theranos says that this is "the worst case".
May 2016: Balwani resigns;
Theranos cancels two years of blood tests
Balwani leaves the company.
The company also adds three new members to the board as part of the restructuring: Fabrizio Bonanni, former executive vice president of biotech firm Amgen;
William Foege, former director of the CDC, and Richard Kovacevich, former CEO of Wells Fargo.
Theranos nullifies two years of blood test results from its proprietary testing devices, correcting tens of thousands of blood test reports, The Journal reports.
June 2016: Holmes' net worth of wealth is $ 0;
Theranos loses its largest retail partner
Forbes revises its estimate of Holmes's net worth from $ 4.5 billion to $ 0 million. The magazine also lowers the company's valuation from $ 9 billion to $ 800 million.
Walgreens, once Theranos's largest retail partner, is ending its partnership with the company and says it will close all 40 Theranos wellness centers.
July 2016: Holmes is banned from running labs for two years
CMS revokes Theranos's license to operate its California laboratory and prohibits Holmes from running a blood testing laboratory for two years.
August 2016: The company introduces the 'miniLab' device
Holmes tries to overcome recent setbacks by presenting a mini test lab, called the miniLab, at a conference of the American Association for Clinical Chemistry.
By selling the device, rather than operating its own clinics, Theranos seeks to effectively circumvent CMS sanctions, which do not prohibit it from research and development.
October 2016 - Theranos investor sues the company;
Theranos downsize
Theranos investor Partner Fund Management is suing the company for $ 96.1 million, the amount it invested in the company in February 2014, plus damages.
He accuses the company of securities fraud.
Theranos and Partner Fund Management reached an agreement in May 2017 for an undisclosed amount.
The company is also laying off 340 employees by closing clinical labs and wellness centers while trying to spin around and focus on the miniLab.
November 2016: Walgreens sues Theranos
Walgreens sues blood testing company for breach of contract.
Walgreens sought to recoup the $ 140 million it invested in the company.
The lawsuit was settled in August 2017.
January 2017: More layoffs, followed by a failed lab inspection
Theranos reduces its workforce yet again after the increased scrutiny of its operations, laying off roughly 155 employees or about 41% of staff.
The Wall Street Journal reports that Theranos failed a second regulatory lab inspection in September and that the company was closing its last blood test location as a result.
April 2017: Theranos Reaches Settlement with CMS, and Arizona Attorney General
Theranos reaches an agreement with CMS, agreeing to pay US $ 30,000 and not own or operate any clinical laboratories for two years.
Theranos also reaches a settlement with Arizona Attorney General Mark Brnovich on allegations that its advertisements misrepresented the method, accuracy, and reliability of its blood tests and that the company failed to comply with federal regulations governing blood tests. clinical laboratory tests.
Theranos agrees to return $ 4.65 billion to its Arizona clients as part of a settlement agreement.
March 2018: Holmes charged with massive fraud
The Securities and Exchange Commission (SEC) accuses Holmes and Balwani of "massive fraud" involving more than US $ 700 million from investors through an "elaborate fraud of years in which they exaggerated or made false statements about the company's technology, business and financial performance. "
The SEC alleges that Holmes and Balwani knew that Theranos' proprietary analyzer could perform only 12 of the 200 tests it published in its menu of patient tests.
Theranos and Holmes agree to settle the claims against them, and Holmes relinquishes control of the company and much of his stake in it.
Balwani, however, is fighting the charges, and his attorney says he "accurately represented Theranos to investors to the best of his ability."
May 2018: "Bad Blood"
Reporter John Carreyrou, who first wrote the Theranos story for the Wall Street Journal, publishes "Bad Blood," a definitive look at what happened inside the disgraced company.
Director Adam McKay (who directed "The Big Short") secures the rights to make the film of the same name, starring Jennifer Lawrence as Holmes.
June 2018: Holmes and Balwani charged with criminal fraud
Holmes and Balwani are indicted on federal wire fraud charges for allegedly participating in a multi-million dollar scheme to defraud investors, as well as a scheme to defraud doctors and patients.
Each of them faces up to 20 years in prison.
(Both have pleaded not guilty).
Minutes before the charges were made public, Theranos announced that Holmes had resigned as CEO.
The company's CEO, David Taylor, takes over as CEO.
Holmes remains chairman of the company's board of directors.
Former Theranos COO Ramesh "Sunny 'Balwani leaves Robert F. Peckham's US Federal Courthouse on June 28, 2019 in San Jose, California. He faces conspiracy and wire fraud charges for allegedly participating in a scheme billionaire to defraud investors with the services of Theranos blood test lab (Credit: Justin Sullivan / Getty Images)
September 2018: Theranos Announces Disbandment
Taylor e-mails shareholders saying Theranos will be disbanded, according to a report by The Wall Street Journal.
Taylor said more than 80 potential buyers weren't interested in a sale.
"Now we are out of time," Taylor wrote.
March 2019: Theranos Gets the Documentary Treatment
Alex Gibney, the prolific documentarian behind "Dirty Money," "Enron: The Smartest Guys in the Room" and "The Armstrong Lie," premieres "The Inventor" on HBO, about the rise and fall of Theranos.
May 2020: An additional wire fraud charge is added
Holmes now faces a dozen counts of wire fraud and conspiracy to commit wire fraud.
September 2020: Holmes' possible defense strategy comes to light
A new court document reveals that Holmes may seek a "mental illness" defense at his criminal fraud trial.
Later, in August 2021, unsealed court documents reveal that Holmes is likely to claim that he was the victim of a decade-long abusive relationship with Balwani.
The accusations led to the breaking of their trials.
His trial is scheduled to begin in 2022.
December 2020: Holmes' criminal trial delayed until 2021
Initially scheduled to begin in July 2020, Holmes' criminal trial will be further delayed until July 2021 due to the coronavirus pandemic.
March 2021: Holmes' pregnancy further delays trial
The news comes to light that Holmes is expecting her first child, which once again delays her criminal trial even further.
Holmes's attorney informed the US government that Holmes is due to surrender in July 2021, a court document revealed.
She gave birth in July.
Holmes collects his belongings after going through security at the Robert F. Peckham Federal Building with his defense team on August 31, 2021 in San Jose, California. (Credit: Ethan Swope / Getty Images)
August 2021: Holmes' criminal trial begins with jury selection
More than 80 potential jurors are brought into a San Jose courtroom for questioning over the course of two days to determine if they are fit to serve as fair and impartial jurors for the criminal.
Holmes trial.
A jury of seven men and five women is selected, with five alternatives.
January 2022: Jury reaches a verdict
A San Jose jury found Elizabeth Holmes, the discredited founder and former CEO of Theranos, guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud against the company's investors, and was unable to settle on others. three counts of wire fraud.
In turn, the jury found Holmes not guilty of one count of conspiracy to commit wire fraud against doctors and patients, and three other counts of wire fraud.
- Jackie Wattles and Heather Kelly contributed to this report.
Elizabeth holmes
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