Even if the FD isn't actually a Director, surely they should have been receiving financial reports at the board meeting, and therefore satisfying themselves that they were being prepared by a competent person?
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"Should" tends not to be a word with much impact in the Valley.
Holmes fired the company's original Chief Financial Officer in 2006 after he expressed doubts about the technology (and in particular a "demonstration" to Novartis that had been faked). Her control of the company and the board was such that she could ensure that the role went essentially unfilled.
None of this absolves the board, which clearly failed to fulfill its fiduciary duties, though it is their insurers who will almost certainly bear those costs.Comment
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If only there was a way of making sure that board were actually held responsible. But it's not like Henry Kissinger has really ever been held responsible for anything he's ever done.Comment
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Having some personal experience with the process of recruiting individuals for corporate boards, I can assure you that an absolutely massive concern of "sophisticated" candidates is the size and solidity of the company's "Directors and Officers' Liability" insurance coverage. It is rather more important to most of them than compensation.Comment
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Elizabeth Holmes is saying that she got into trouble because of John Carreyrou.
https://www.bloomberg.com/news/artic...source=twitter
Through pretrial information sharing with prosecutors, Holmes has unearthed Carreyrou’s early contacts with New York state regulators and various federal agencies, as well as his interactions and emails with a doctor in Arizona.
Holmes is pushing prosecutors to turn over every such communication they’re aware of because Carreyrou “went beyond reporting the Theranos story,” her lawyers said in a court filing. He prodded sources to lodge complaints about the company with regulators, and then lobbied agencies to pursue the complaints, according to the filing.
“The jury should be aware that an outside actor, eager to break a story, and portray the story as a work of investigative journalism, was exerting influence on the regulatory process in a way that appears to have warped the agencies’ focus on the company and possibly biased the agencies’ findings against it,” her attorneys wrote. “The agencies’ interactions with Carreyrou thus go to the heart of the government’s case.”
The Wall Street Journal said Friday it stands behind Carreyrou’s reporting, which won multiple journalism prizes.Comment
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Even if that were true, I don't see how it makes her less guilty.Comment
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The strategy is to try to create doubt in the mind of one juror.
Her lawyers have very little to work with.Comment
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“If Chewbacca lives on Endor, you must acquit!”Comment
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Including money. Holmes' lawyers have asked the judge to release them from her service, as she hasn't paid them in over a year.Originally posted by ursus arctos View Post
https://abcnews.go.com/Business/lawy...ry?id=66063299
(Apparently you can't get blood from...etc...)Comment
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Cooley actually had equity in Theranos that was wiped out.with everyone else's.Comment
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ha ha. That prompted me to check what was happening with Ms Holmes, whose criminal trial I see is due to start in August this year. The mills of justice do seem to grind very slowly sometimes.Comment
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Ms Holmes is expecting a child and is trying to get a continuance into 2022Comment
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Shamelessly stolen from someone else, describing this company’s testing: “Ther-anus”Originally posted by ursus arctos View PostComment
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Get the popcornComment
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Ah, Boies hasn't had an embarrassing set of disclosures appear for months
Nature is healingComment
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John Carreyrou seems to think so. He thinks the judge will feel that Holmes has to be made an example of, as the repercussions otherwise would be terrible.Originally posted by WOM View PostComment
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Yeah, her only hope of avoiding a white-collar prison is an acquittal
And today's ruling has reduced the chances of that furtherComment
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This may seem desperate, but given the evidence, it is likely Holmes' best bet at peeling at least off one juror and thereby getting at least a mistrial.
https://twitter.com/davidgura/status/1431692465610924038?s=21
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It may even be true. He definitely comes off as abusive in the Carreyrou book.Comment
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He was always going to go down twice as hard as her, regardless of blame.Comment
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Silicon Valley is always weirder than I can imagine
https://twitter.com/doratki/status/1435621048473456643?s=21
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Fans?Comment
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