Theranos founder Elizabeth Holmes has been forced to give up majority control of the company to resolve charges of a 'massive fraud'

pulse

March 14, 2018 6:31 PM

As part of the resolution, Holmes has to give up majority voting control over the company and reduce her equity in the privately-held company.

Theranos, its CEO Elizabeth Holmes, and its former president Sunny Balwani have been charged by the SEC with fraud.
The agency said Wednesday that Theranos and Holmes have agreed to resolve the charges against them.
As part of the resolution, Holmes has to give up majority voting control over the company and reduce her equity in the privately-held company.

Theranos, its CEO Elizabeth Holmes, and former president Sunny Balwani, have been charged with "massive fraud" by the SEC.

The SEC alleged that

Holmes, who founded Theranos back in 2003 when she was 19, agreed to give up financial and voting control of the company.

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