- 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.
- Theranos has been under fire since 2015, and had previously said it was working with the SEC regarding its investigation into the company.
Theranos, along with its CEO Elizabeth Holmes and former president Sunny Balwani have been charged by the SEC with "massive fraud."
The U.S. Securities and Exchange Commission said Wednesday that Theranos and Holmes have agreed to resolve the charges against them. Holmes agreed to give up the majority voting control over the company and reduce her equity in the company.
"Investors are entitled to nothing less than complete truth and candor from companies and their executives," SEC's Enforcement Division co-director Steven Peikin said in a release. "The charges against Theranos, Holmes, and Balwani make clear that there is no exemption from the anti-fraud provisions of the federal securities laws simply because a company is non-public, development-stage, or the subject of exuberant media attention."
This story is developing.
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