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☆ Prescription Drug Shortages
▼ + stars: | 2023-05-18 | by ( German Lopez | ) www.nytimes.com time to read: +1 min

Americans are confronting a shortage of several major drug treatments. medication shortage, which is reflective of many of the broader drug supply problems. The Food and Drug Administration first acknowledged the shortage in October. Patients complain that they have to shop around at pharmacies to get their medications, if they can find them at all. After a week without the drug, he went to bed one day at 7 a.m. “It’s a bit of a curse to not have control over your own energy,” he said.

[1/2] Theranos founder Elizabeth Holmes arrives at the federal courthouse accompanied by her partner Billy Evans, to ask a U.S. judge at a hearing to pause her prison sentence of more than 11 years while... Read moreCompanies Theranos Inc FollowMay 17 (Reuters) - Theranos founder Elizabeth Holmes will begin serving her prison sentence on May 30 for defrauding investors in the failed blood-testing startup once valued at $9 billion. U.S. District Judge Edward Davila set the date on Wednesday for Holmes, 39, to begin serving 11 years and three months in prison. Holmes rose to fame after claiming Theranos' small machines could run an array of diagnostic tests with just a few drops of blood. Prosecutors said during the trial that Holmes misrepresented Theranos' technology and finances. Holmes' co-defendant, former Theranos President Ramesh "Sunny" Balwani, was convicted of defrauding Theranos investors and patients at a separate trial and sentenced to 12 years and 11 months in prison.

☆ Elizabeth Holmes loses bid to avoid prison
▼ + stars: | 2023-05-17 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

CNN —Elizabeth Holmes’ last-minute bid to avoid prison was denied by an appellate court on Tuesday, paving the way for the disgraced Theranos founder to begin her sentence. In a separate ruling Tuesday, Holmes was also ordered to pay $452 million in restitution to those harmed by her crimes, including Theranos investors like media titan Rupert Murdoch. Holmes was previously ordered to turn herself into custody and begin her 11-year prison sentence on April 27 after being convicted on multiple counts of defrauding investors last January. A new prison surrender date for Holmes has not yet been set. He reported to prison last month to being serving out his nearly 13-year sentence, after losing a last-minute appeal similar to Holmes.

Under the restitution order made by Judge Edward Davila in San Jose, California, who also oversaw Holmes' trial and sentencing, both Holmes and Balwani are equally responsible for the full amount. Davila rejected their argument that intervening events contributed to Theranos investors’ losses. The denial of bail on Tuesday means Davila will now set a new date for her to go to prison. During the trial, Holmes testified in her own defense, saying she believed her statements were accurate at the time. Theranos, once valued at $9 billion, collapsed after a series of Wall Street Journal articles in 2015 questioned its technology.

☆ Disgraced Theranos CEO Elizabeth Holmes must report to prison May 30
▼ + stars: | 2023-05-17 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

Former Theranos CEO Elizabeth Holmes (C) arrives at federal court with her partner Billy Evans (R) and mother Noel Holmes on November 18, 2022 in San Jose, California. Elizabeth Holmes, the disgraced CEO of Theranos, must report to prison May 30, according to a ruling issued Wednesday by U.S. District Judge Edward Davila. On Tuesday, an appeals court rejected Holmes' bid to stay out of prison while she appeals her conviction. In another ruling Tuesday, Davila ordered that Holmes and former Theranos executive Ramesh "Sunny" Balwani pay $452 million in restitution to victims. Balwani was sentenced to nearly 13 years in prison in July, after being convicted of 12 counts of fraud, and began his sentence in April.

NEW YORK, May 4 (Reuters) - The practice of short selling is coming under increased scrutiny as shares of regional banks remain under pressure, with some calls for more regulatory oversight of the practice. Short sellers, who borrow shares they expect to fall and hope to repay the loan for less later to pocket the difference, have profited from the banking crisis. During the financial crisis, short selling was temporarily banned in the U.S., although a New York Federal Reserve review later showed the curb did not achieve the intended effect. The SEC declined to comment on Thursday when asked if it should impose a short selling ban. While some market participants criticized the practice, others, like non-profit group Better Markets, said short sellers warned markets about the challenges regional banks were facing.

☆ No prison yet for Elizabeth Holmes following last-ditch appeal
▼ + stars: | 2023-04-26 | by ( Scott Cohn | ) www.cnbc.com time to read: +3 min

Late Tuesday, Holmes' attorneys appealed that ruling to the U.S. 9th Circuit Court of Appeals in San Francisco. Under the court's rules, that means Holmes will remain free on bail for now. In their last-minute appeal, Holmes' attorneys said Davila's ruling contained "numerous, inexplicable errors," including referring to "patient fraud counts" when Holmes was acquitted on the charges that she defrauded Theranos patients. This week, the National Association of Criminal Defense Lawyers filed a brief in support of Holmes' appeal. The government has until May 3 to respond to Holmes' appeal of the conviction.

U.S. District Judge Edward Davila sentenced Holmes to 11 years and three months in prison in November. "Contrary to her suggestion that accuracy and reliability were central issues to her convictions, Ms. Holmes’s misrepresentations to Theranos investors involved more than just whether Theranos technology worked as promised," he said. In denying the release appeal, Davila noted that Holmes was unlikely to flee or endanger the community. Prosecutors said during the trial that Holmes misrepresented Theranos' technology and finances. On appeal, Holmes plans to challenge several of the judge's rulings, including his allowance of evidence about Theranos' test accuracy that postdated her statements to investors.

☆ Theranos Founder Elizabeth Holmes’s Bid to Stay Out of Prison Is Denied
▼ + stars: | 2023-04-11 | by ( Meghan Bobrowsky | ) www.wsj.com time to read: +1 min

The federal judge who oversaw the criminal-fraud trial of Theranos Inc. founder Elizabeth Holmes denied her request to stay out of prison while she appeals her guilty verdict. Ms. Holmes was found guilty on three counts of fraud and one count of conspiracy to commit fraud against Theranos investors in January 2022. Judge Davila sentenced her in November to more than 11 years in prison and ordered her to surrender to prison April 27. She now could take her request directly to the Ninth U.S. Circuit Court of Appeals, which has already denied Ramesh “ Sunny” Balwani ’s request to stay out of prison while he appeals his conviction for defrauding Theranos investors and patients.

☆ Theranos' Elizabeth Holmes loses bid to stay out of prison
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: +4 min

Disgraced Theranos CEO Elizabeth Holmes has been rebuffed in her attempt to stay out of federal prison while she appeals her conviction for the fraud she committed while overseeing a blood-testing scam that exposed Silicon Valley's dark side. The judge's decision means Holmes, 39, will have to surrender to authorities April 27 to start the more than 11-year prison sentence that Davila imposed in November. Holmes could still file another appeal of the ruling Davila's latest ruling, a maneuver that her co-conspirator at Theranos – Ramesh "Sunny" Balwani – successfully used to delay his scheduled March 16 date to begin a nearly 13-year prison sentence. Davila has recommended that Holmes serve her sentence in a Byron, Texas, prison. Although they had separate trials, Holmes and Balwani were accused of essentially the same crimes centered on a ruse touting Theranos' blood-testing system as a breakthrough in health care.

☆ Elizabeth Holmes must report to prison this month while waiting out her appeal, judge rules
▼ + stars: | 2023-04-11 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +3 min

CNN —A judge on Monday denied Elizabeth Holmes’ request to remain free while she appeals her conviction, setting the stage for the disgraced Theranos founder to report to prison later this month. Davila previously ordered Holmes to turn herself into custody on April 27, 2023. Balwani’s request to remain out of prison during his appeal was also denied, and he has been ordered by Davila to surrender to prison on April 20. Holmes’ trial was initially delayed multiple times, due to the onset of the coronavirus pandemic and then because of her pregnancy. Following her sentencing in November, Holmes sought to delay the start of her prison term after giving birth to her second child.

☆ Elizabeth Holmes' purchase of a one-way flight to Mexico was a 'bold move,' judge says in ruling that denied her request to remain free on bail
▼ + stars: | 2023-04-11 | by ( Kate Duffy | ) www.businessinsider.com time to read: +3 min

Elizabeth Holmes's request to remain free on bail was denied on Monday by a US judge. The judge described Holmes' one-way ticket to Mexico a "bold move" and "ill-advised." Holmes, who was sentenced in November to 11 years and three months in prison, requested in December to remain free during her appeal. In a court ruling filed on Monday, US District Judge Edward Davila said the flight wasn't an attempt to flee, but was "ill-advised" nonetheless. Ramesh "Sunny" Balwani, Theranos' former president and chief operating officer, also had his request to remain free on bail during his appeal denied, according to a court filing in March.

☆ Elizabeth Holmes is set to report to prison later this month after a judge denied her request to remain free on bail while she appeals her conviction
▼ + stars: | 2023-04-11 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Theranos founder Elizabeth Holmes is set to report to prison in a matter of weeks. On Monday, a judge denied her request to remain free on bail while she appeals her conviction. Holmes was convicted on 4 counts of fraud and conspiracy and sentenced to more than 11 years in prison. Late Monday, a judge denied the Theranos founder's request to remain free on bail during her appeal. Balwani is set to report to prison on April 20, and Holmes must surrender a week later, on April 27.

☆ Lawsuit claims Elizabeth Holmes owes more than $25 million to Theranos creditors, report says
▼ + stars: | 2023-03-18 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

Elizabeth Holmes owes creditors of her failed startup Theranos more than $25 million, CNBC reported. It emerged as Holmes appeared in court Friday seeking to delay her date to report to prison. According to the report, Holmes made three written promises to repay creditors while she was still CEO. The lawsuit came to light after Holmes was approached in court in San Jose, California on Friday, CNBC reported. Prosecutors are seeking restitution of almost $900 million for investors in Theranos, per The AP.

☆ Elizabeth Holmes owes over $25 million to Theranos, lawsuit says
▼ + stars: | 2023-03-17 | by ( Yasmin Khorram | ) www.cnbc.com time to read: +3 min

Former Theranos CEO Elizabeth Holmes (C) arrives at federal court with her mother Noel Holmes (L) and father Christian Holmes on September 01, 2022 in San Jose, California. Elizabeth Holmes hasn't paid back over $25 million to creditors of her former Theranos company as she tries to delay her 11-year prison sentence, according to a lawsuit. According to the breach of contract suit, Holmes executed three promissory notes while she was CEO of the failed blood-testing company. The promissory notes were as follows, according to the lawsuit:August 2011 in the amount of $9,159,333.65. Holmes founded Theranos in 2003 after dropping out of Stanford, with the promise of revolutionizing the healthcare industry.

☆ Convicted fraudster Elizabeth Holmes welcomes second child and she's pushing to delay prison
▼ + stars: | 2023-02-26 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Holmes was sentenced to over 11 years in prison while pregnant with second child in November. In a court filing this week, her legal team said Holmes has "two young children," according to Mercury News. Holmes is seeking to extend her freedom past the day she's due to prison in April. Holmes gave birth to her first child in July 2021 while awaiting trial for her charges. The company's valuation shot up to $9 billion before Holmes and fellow Theranos executives were charged with fraud in 2018.

☆ FTC Abandons Challenge to Meta’s Acquisition of Virtual-Reality Startup
▼ + stars: | 2023-02-24 | by ( Jan Wolfe | ) www.wsj.com time to read: 1 min

The FTC had argued that Meta Platforms Inc. purchase of Within Unlimited would hurt competition in the market for virtual-reality fitness products. WASHINGTON—The Federal Trade Commission on Friday dropped its last remaining effort to block Meta Platforms Inc.’s acquisition of a virtual-reality startup, handing a final victory to the Facebook parent. The announcement that the agency was abandoning an administrative proceeding against the deal came less than a month after a federal judge denied the FTC’s request for a court order halting Meta’s purchase of Within Unlimited. That ruling by U.S. District Judge Edward Davila didn’t directly affect the parallel challenge brought by the FTC in its in-house administrative court, and it had been unclear if the agency would push forward with the administrative case.

☆ U.S. travel companies experience high demand but economic worries cloud outlook
▼ + stars: | 2023-02-24 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 24 (Reuters) - Fears of recession and the impact of inflation on consumer budgets could curb a rebound in travel demand reported by U.S. travel companies in the fourth quarter, although bookings are holding up so far this year, analysts said. U.S. travel spending in December 2022 totaled $97 billion, 3% above 2019 levels and 7% above 2021 levels, according to the U.S. Travel Association. The demand contrasts with declining home improvement sales and other discretionary purchases that have hurt furniture stores and retailers like Home Depot. International travel spurred demand growth for Airbnb and Marriott International Inc (MAR.O) in the fourth quarter. Group bookings are still down 15% compared to pre-pandemic levels, while headwinds in several industries continue to affect business travel, said Truist's Scholes.

[1/2] A person uses virtual reality headset at Meta stand during the ninth Summit of the Americas in Los Angeles, California, U.S., June 8, 2022. The FTC sued Meta in July to stop the Within deal, arguing that Meta's purchase would reduce competition in a new market. Judge Edward Davila of the U.S. District Court for the Northern District of California rejected the FTC's concerns, and declined to order a preliminary injunction. The FTC's effort had been seen as a test of the agency's ability to prevent Meta from acquiring small would-be rivals. Reporting by Diane Bartz in Washington Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ 'Stubborn' food inflation leaves U.S. shoppers with slim appetite for other goods
▼ + stars: | 2023-02-23 | by ( Siddharth Cavale | ) www.reuters.com time to read: +4 min

Higher prices on food led to soft sales of electronics, toys, home and apparel in the most recent quarter at Walmart. McMillon said he believed inflation on dry groceries and items made for immediate consumption would remain high "for a while". "Food inflation has been the most stubborn of all the categories," Walmart's U.S. CEO John Furner said. Sharp sales declines in categories other than food are forcing retailers like Target (TGT.N) to slash prices on everything from toys to electronics. While groceries comprise 56% of Walmart sales, they make up about 20% of sales at Target, which depends more on home furnishings, apparel and beauty.

☆ Brace for a home improvement slump as consumers battle inflation, debt, and pressure on house prices, Home Depot warns
▼ + stars: | 2023-02-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Home Depot warned the boom may be over as higher prices and borrowing costs squeeze consumers. Here's a closer look at the US home improvement boom, and why Home Depot warned this week it might be over. Why might the home improvement boom be over? The upshot is that consumers are spending less on goods, battling rising prices and borrowing costs, and feeling less wealthy. Against that challenging backdrop, Home Depot warned on Tuesday that it anticipates flat sales and a 5% drop in diluted earnings per share.

☆ Walmart and Home Depot fire off warnings about the American consumer
▼ + stars: | 2023-02-21 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Walmart and Home Depot warned that sales growth is likely to slow as shoppers look to save money. Between inflation, rising interest rates, layoffs, and other uncertainties, the stresses on household bank accounts are mounting, which could spell trouble as consumer spending represents roughly 70% of the US economy. "Prices are still high, and there is considerable pressure on the consumer," Walmart CFO John Rainey said. In Home Depot's case, CFO Richard McPhail told analysts: "We've assumed, like many economists, that we will see flat, real economic growth and consumer spending in 2023." We don't know what happens to consumer spending.

☆ Tour the Caribbean's $200 million trophy estate: The Terraces, Mustique
▼ + stars: | 2023-02-19 | by ( Ray Parisi | ) www.cnbc.com time to read: 1 min

A palatial estate in the Caribbean was listed for a whopping $200 million today, making it the most expensive home to ever hit the market in the region and one of the priciest homes for sale in the entire world. The Terraces, as the estate is called, spans over 17 acres and nine structures. It's located on the small private island of Mustique which lies in the southern Caribbean nation of St. Vincent and the Grenadines north of Trinidad and Tobagos and about 45 minutes west of Barbados by private plane. "The Terraces in Mustique is the most expensive single residential home to publicly come to the open market in the Caribbean region," said Edward de Mallet Morgan, head of international super-prime sales at Knight Frank, who represents the mega-listing. See even more pictures of the trophy property and an in-depth article on The Terraces, Mustique at CNBC.com.

☆ The most expensive home in the Caribbean just listed for $200 million – take a look inside
▼ + stars: | 2023-02-19 | by ( Ray Parisi | ) www.cnbc.com time to read: +6 min

It's located on the small private island of Mustique, which lies in the southern Caribbean nation of St. Vincent and the Grenadines. Last year, Mustique's largest transaction was recorded at about $35 million, according to de Mallet Morgan. Here's a closer look at the most expensive home to ever hit the market in the Caribbean. The Bali Cottages house four more guest bedrooms and surround the estate's third swimming pool. De Mallet Morgan said the estate is currently operated by 18 staff.

Circuit Court of Appeals in San Francisco over the Cambridge Analytica scandal, where data for up to 87 million users was accessed. Investors claimed that Facebook, as the company was known, misled them in 2016 by describing data breaches as a mere "risk," when it knew that Cambridge had accessed user data. "It's not plausible that the company was trying to mislead the public about something the public already knew," he said. Facebook paid more than $5 billion in penalties to U.S. authorities over Cambridge Analytica. It agreed to pay $725 million to settle a lawsuit by Facebook users in December.

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