Theranos founder Elizabeth Holmes is seeking a retrial in her fraud case. According to Holmes, the prosecution's main witness Adam Rosendorff, who is also the former director of the Theranos laboratory, met him last August and voiced his regret that his testimony in court gave the impression that the situation at the company was worse than the actual situation.
On September 1, the court rejected his application to appeal the guilty verdict on the eight charges handed down last year. Holmes faces up to 20 years in prison and a $250,000 fine for each offense. Sentencing will be handed down on September 26 and this retrial application is the final step to avoid the Theranos founder going to jail.
The downfall of Theranos has re-opened the world's eyes to the dangers of investing in startups that promise technological evolution but then turn out to be nothing more than vaping hardware.
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