Downfall
By 2016, the FDA, Centers for Medicare & Medicaid Services, and SEC were all looking into Theranos.
In July 2016, Holmes was banned from the lab-testing industry for two years. By October, Theranos had shut down lab operations and wellness centers.
In March 2018, Theranos, Holmes, and Balwani were charged with "massive fraud" by the SEC. Holmes agreed to give up financial and voting control of the company, pay a $500,000 fine, and return 18.9 million shares of Theranos stock. She also isn't allowed to be the director or officer of a publicly traded company for 10 years.
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