Theranos, Inc.
The SEC charged Theranos, chief executive Elizabeth Holmes and the former president with fraud on 14 March 2018S1. The SEC said the company's analyzer could complete only a small number of tests, against claims of a full range of tests from finger drops of bloodS1. Theranos and Holmes settled without admitting or denying the allegationsS1. A federal jury found Holmes guilty of investor fraud on four counts and acquitted her on four othersS2. The Ninth Circuit upheld the conviction in February 2025 and denied rehearing in May 2025S3. She filed a clemency request in 2025S4, and no grant is listed as of 20 October 2026S6. The company planned to dissolve in 2018S5.
- Also known as
- Theranos
- Headquarters
- United States
- Records from
- United States
- Current status
- Defunct. The company told shareholders in September 2018 that it was preparing to close and that dissolution was expected to take six to 12 monthsS5. No registry record of the final dissolution was read.
Scope. This record covers the blood testing company Theranos, Inc. It does not cover later ventures of its former staff, and it names its former chief executive only where official records do.
Claims assessed
4 claims. Scores grade the evidence for each claim, not the organization.- Contradicted93Theranos represented to investors that its portable blood analyzer could run a full range of blood tests from finger drops of blood.Regulator statement, 14 March 20182 records citedProduct claims
- Partly supported83The SEC said in March 2018 that Theranos, its CEO and its former president carried out a massive fraud, and that the company was liable for it.Regulator statement, 14 March 20184 records citedFraud
- Supported81Courthouse News reported in May 2025 that the Ninth Circuit denied the former Theranos chief executive's request for en banc rehearing after upholding her conviction in February.Press report, 8 May 20252 records citedFraud
- Supported61The New York Times reported in September 2018 that Theranos was preparing to close and dissolve.Press report, 5 September 20181 record citedCorporate status
Cases and proceedings
- Securities and Exchange Commission v. Theranos, Inc. and Elizabeth HolmesUS Securities and Exchange Commission, action in the US District Court for the Northern District of California. Civil. Not published.Stage: Settled by Theranos and Holmes without admitting or denying, subject to court approval.
- Settlement announced, including a US$500,000 penalty and a 10 year officer and director bar for HolmesS1
- United States v. Elizabeth HolmesUS District Court for the Northern District of California, appeal to the US Court of Appeals for the Ninth Circuit. Criminal. Not published.Stage: Conviction affirmed in February 2025 and rehearing en banc denied on 8 May 2025S3. No clemency grant listed as of 20 October 2026S6.
Revision history
- Profile and 4 assessments first published. Records checked to 25 October 2026.
Source records
- S1Tier A Theranos, CEO Holmes, and Former President Balwani Charged With Massive FraudUS Securities and Exchange Commission. Regulator press release. 14 March 2018.Supports the charges, the company claims and the SEC's account of the device. The settlement is not a finding.
- S3Tier C Ninth Circuit denies Elizabeth Holmes' request for rehearingCourthouse News Service. Press report. 8 May 2025.Report by Matt Simons on the rehearing denial and the February 2025 affirmance. It does not give the affirmance day.Link working, checked 25 October 2026
- S6Tier A Clemency Grants by President Donald J. Trump (2025-Present)US Department of Justice, Office of the Pardon Attorney. Government press release. Updated 20 October 2026.Official list of pardons and commutations since 2025, latest grant 13 October 2026. It lists no grant to Holmes or her former co-defendant. It does not show pending petitions.Link working, checked 25 October 2026
- S5Tier C Theranos Is Shutting DownThe New York Times via WRAL. Press report. 5 September 2018.Report by Reed Abelson on the shareholder letter and the 2016 lab ban. It is not a registry record.Link working, checked 25 October 2026
- S2Tier A Theranos Founder Elizabeth Holmes Found Guilty Of Investor FraudUS Attorney's Office, Northern District of California. Government press release. 4 January 2022.Supports the counts of conviction and acquittal and the evidence on the device. It does not cover sentencing or appeal.Link working, checked 25 October 2026
- S4Tier C Trump has granted clemency to several high-profile white-collar fraudsters. Could Elizabeth Holmes be next?Fortune. Press report. 23 January 2026.Report by Jacqueline Munis on the clemency request filed in 2025 and her imprisonment. It does not report a decision.Link working, checked 25 October 2026