DIRS.INFO The most relevant business & tech news

☆ U.S. FTC will not appeal decision allowing Meta to purchase VR content maker Within
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 6 (Reuters) - The U.S. Federal Trade Commission (FTC) said it will not appeal its loss in federal court in its fight to stop Meta Platforms (META.O) from buying VR content maker Within Unlimited, but could still pursue the case with an internal FTC administrative law judge. Judge Edward Davila of the U.S. District Court for the Northern District of California last week declined to stop Meta from acquiring the VR content maker, rejecting the regulator's concerns the deal would reduce competition in a new market. An FTC official said that no decision had yet been made as to whether the agency would try to stop the deal in a process before an FTC administrative law judge. Meta declined to comment on the decision not to appeal last week's ruling in federal court. The FTC sued Meta in July to stop the Within deal, asking the judge to order a preliminary injunction, saying Meta's "campaign to conquer VR" began in 2014 when it acquired Oculus, a VR headset manufacturer.

☆ U.S. judge denies FTC request to stop Meta from acquiring VR firm Within
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 3 (Reuters) - A judge on Friday released a ruling denying the Federal Trade Commission's request to stop Meta Platforms Inc (META.O) from buying virtual reality content maker Within Unlimited, rejecting the regulator's concerns the deal would reduce competition in a new market. A Meta spokesperson said the Facebook and Instagram owner was "pleased that the Court has denied the FTC’s motion to block our acquisition of Within." "Though Meta boasts considerable financial and VR engineering resources, it did not possess the capabilities unique to VR dedicated fitness apps, specifically fitness content creation and studio production facilities," the judge wrote. The decision is good news for Meta boss and founder Mark Zuckerberg, who defended the acquisition in testimony in December, arguing that his company was helping to build but not dominate the virtual reality industry. The FTC sued Meta in July to stop the Within deal, asking the judge to order a preliminary injunction, saying Meta's "campaign to conquer VR" began in 2014 when it acquired Oculus, a VR headset manufacturer.

☆ FTC Loses Antitrust Challenge to Facebook Parent Meta
▼ + stars: | 2023-02-01 | by ( Dave Michaels | Jan Wolfe | ) www.wsj.com time to read: 1 min

WASHINGTON—A federal judge declined to halt Meta Platforms Inc.’s acquisition of the virtual-reality startup Within Unlimited, delivering a setback to antitrust enforcers at the Federal Trade Commission seeking to block the deal, a person familiar with the ruling said. In a sealed court decision issued overnight, U.S. District Judge Edward Davila in San Jose, Calif., denied the FTC’s request for an injunction blocking the proposed merger, the person said.

Elizabeth Holmes, the founder of disgraced biotech firm Theranos, bought a one-way ticket to Mexico shortly after she was convicted of fraud last January, a court filing submitted Thursday alleges. Holmes was found guilty on four counts of lying to investors on Jan. 3, 2022. Shortly thereafter, federal prosecutors allege in the filing, Holmes bought a flight to Mexico departing Jan. 26, 2022 without a scheduled return trip. "Only after the government raised this unauthorized flight with defense counsel was the trip canceled," prosecutors say. U.S. District Court Judge Edward Davila ordered Holmes to surrender herself into custody by April 27.

U.S. District Judge Edward Davila in San Jose, California, imposed the sentence on Balwani, who was convicted by a jury on two counts of conspiracy and 10 counts of fraud in July. Meanwhile, the company secretly relied on traditional methods to run tests and provided patients with inaccurate results, prosecutors said. Holmes, who started the company as a college student and became its public face, was indicted alongside Balwani, her former romantic partner, in 2018. Holmes was convicted in January on four counts of fraud and conspiracy but acquitted of defrauding patients. The case is U.S. v. Balwani, U.S. District Court, Northern District of California, No.

☆ Judge in Elizabeth Holmes Case Proposes Texas Prison Camp for Theranos Founder
▼ + stars: | 2022-11-23 | by ( Sarah E. Needleman | ) www.wsj.com time to read: 1 min

A federal judge recommended that Theranos Inc. founder Elizabeth Holmes serve her more than 11-year sentence in a minimum-security prison camp in Texas, new court filings show. U.S. District Judge Edward Davila , who oversaw the trial and sentenced her on Friday, ordered Ms. Holmes to surrender to the facility in April. He also recommended that she be allowed family visitation, saying that it enhanced the possibility for rehabilitation. Upon release, Ms. Holmes would serve three years under court supervision, the judge said.

☆ Judge proposes Theranos CEO Elizabeth Holmes serve her 11-year sentence in a 'minimum-security' Texas prison camp
▼ + stars: | 2022-11-23 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +2 min

A district judge proposed for Holmes to be sent to a prison camp at Bryan, Texas, court records show. Holmes was sentenced to 135 months in prison on November 18. District Judge Edward Davila recommended for Holmes to be designated to the Federal Prison Camp at Bryan, Texas, according to a November 21 filing. The Federal Prison Camp in Bryan is a minimum-security prison that houses female inmates. Holmes was sentenced to 135 months, or 11 years and 3 months, in prison on November 18.

SAN JOSE, Calif., Nov 18 (Reuters) - A federal judge on Friday sentenced Theranos founder Elizabeth Holmes to 11 years and three months in prison for defrauding investors in her now-defunct blood-testing startup that was once valued at $9 billion. In San Jose, California, U.S. District Judge Edward Davila sentenced Holmes, 38, on three counts of investor fraud and one count of conspiracy after a jury convicted her last January following a trial spanning three months. The prosecution had recommended a sentence of 15 years in prison, while the defense had urged the judge to impose no prison time. The federal probation office had recommended a 9-year prison sentence, according to court papers. Before sentencing Holmes, Davila asked if any of her victims were in the courtroom.

☆ Elizabeth Holmes Is Sentenced to More Than 11 Years in Prison for Defrauding Theranos Investors
▼ + stars: | 2022-11-18 | by ( Heather Somerville | Christopher Weaver | ) www.wsj.com time to read: 1 min

Elizabeth Holmes, the founder of Theranos Inc. who was convicted of defrauding investors, was sentenced to more than 11 years in prison, capping the extraordinary downfall of a onetime Silicon Valley wunderkind who promised to revolutionize blood testing. U.S. District Judge Edward Davila, who oversaw the trial in which Ms. Holmes was found guilty of running a yearslong fraud scheme at her blood-testing company, delivered the sentence Friday in federal court. A jury convicted Ms. Holmes in January on four charges that she misrepresented the startup’s technology, finances and business prospects to investors.

☆ Elizabeth Holmes Is Sentenced to 11.25 Years in Prison for Defrauding Theranos Investors
▼ + stars: | 2022-11-18 | by ( Heather Somerville | ) www.wsj.com time to read: 1 min

Elizabeth Holmes, the founder of Theranos Inc. who was convicted of defrauding investors, was sentenced to more than 11 years in prison, capping the extraordinary downfall of a onetime Silicon Valley wunderkind who promised to revolutionize blood testing. U.S. District Judge Edward Davila, who oversaw the trial in which Ms. Holmes was convicted of running a yearslong fraud scheme at her blood-testing company, delivered the sentence Friday in federal court. A jury convicted Ms. Holmes in January on four charges that she misrepresented the startup’s technology, finances and business prospects to investors.

☆ Disgraced Theranos founder Elizabeth Holmes has been sentenced to 11.25 years in prison with 3 years of supervised release
▼ + stars: | 2022-11-18 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +6 min

Disgraced Theranos founder Elizabeth Holmes has been sentenced to 11.25 years in prison with 3 years of supervised release. On Friday, federal judge Edward Davila handed down a prison sentence of 135 months, or 11.25 years, with 3 years of supervised release for the 38-year-old founder and former CEO of Theranos. Davila concluded the loss to investors in share value was $121 million, saying Theranos' stock would have been cheaper by that much if not for Holmes' fraud. Prosecutors, meanwhile, wanted a 15-year prison sentence and $800 million in restitution. Balwani was convicted in July on all 12 counts brought against him.

☆ Elizabeth Holmes scheduled to be sentenced on Friday
▼ + stars: | 2022-11-18 | by ( Rachel Metz | ) edition.cnn.com time to read: +5 min

CNN —Elizabeth Holmes, the founder of failed blood testing startup Theranos who was convicted of fraud earlier this year, is scheduled to be sentenced on Friday morning by a judge in court in San Jose, California. The list includes Holmes’ partner, Billy Evans, many members of Holmes’ and Evans’ families, early Theranos investor Tim Draper, and Sen. Cory Booker. Elizabeth Holmes (L), founder of Theranos, and her partner, Billy Evans (R), leave the Robert F. Peckham Federal Building and US Courthouse in San Jose, California, on October 17, 2022. “The effects of Holmes and Balwani’s fraudulent conduct were far-reaching and severe,” federal prosecutors wrote in a November court filing regarding Holmes’ sentencing. “Elizabeth Holmes is never going to run a big company again,” he said.

A jury in San Jose convicted Holmes, 38, on three counts of investor fraud and one count of conspiracy in January. Prosecutors, who are seeking a 15-year prison sentence, called Holmes' fraud "among the most substantial white collar offenses Silicon Valley or any other district has seen." At trial, prosecutors said Holmes engaged in fraud by lying to investors about Theranos' technology and finances rather than allowing the company to fail. Though she was convicted on three counts, Holmes was acquitted on four other counts alleging she defrauded patients who paid for Theranos tests. Reporting by Jody Godoy in New York and Dan Levine in San Jose; Editing by Noeleen Walder and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Theranos founder Elizabeth Holmes sentenced to more than 11 years in prison
▼ + stars: | 2022-11-18 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

Theranos founder Elizabeth Holmes was sentenced Friday to more than 11 years in prison for fraud after deceiving investors about the purported efficacy of her company's blood-testing technology. Holmes was convicted in January in the U.S. District Court for the Northern District of California. Once valued at $9 billion by private investors, Theranos shut down in 2018. U.S. District Court Judge Edward Davila, who presided over Holmes' trial, handed down the sentence. Holmes' sentencing comes as another young tech former billionaire icon, Sam Bankman-Fried, faces a daunting future, following the sudden collapse of his cryptocurrency exchange FTX last week.

The antitrust plaintiffs' lawyers, Shana Scarlett of Hagens Berman Sobol Shapiro and Stephen Swedlow of Quinn Emanuel Urquhart & Sullivan, on Monday did not immediately reply to a message seeking comment. A Facebook spokesperson did not immediately comment about whether the settlement might affect the antitrust case. The privacy settlement wrapped up allegations that Facebook continued to track users' web activity despite being logged out of the site. Facebook denied the privacy claims, and the company is fighting the allegations in the antitrust case. In the antitrust case, plaintiffs' lawyers at Hagens Berman and Quinn Emanuel Urquhart had asked Davila to include a sentence saying the resolution of the privacy settlement doesn't impact the antitrust litigation.

☆ Elizabeth Holmes has asked for 18 months of house arrest to avoid going to jail for her Theranos fraud convictions, reports say
▼ + stars: | 2022-11-12 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Elizabeth Holmes has asked for a lenient 18-month sentence at home before her sentencing next week. Lawyers said prison was not necessary because Holmes had already been "mocked and vilified" enough. Holmes faces up to 20 years in prison for each of the four fraud charges she was convicted of. An 82-page filing seen by The Associated Press and Bloomberg reportedly shows that she asked for a lenient sentence under house arrest, which came alongside more than 130 letters from Holmes' friends, family, Theranos investors and former employees, who lawyers said showcased "the real Elizabeth Holmes." Sunny Balwani, her former partner, was separately convicted in July on all 12 counts of investor and patient fraud with which he was originally charged.

Nov 12 (Reuters) - Theranos founder Elizabeth Holmes should spend 15 years in prison and pay $800 million in restitution to investors defrauded in the blood testing start-up, U.S. prosecutors recommended late on Friday. The Department of Justice recommendation, made in a court filing, came as Holmes prepares to be sentenced next week. "Considering the extensiveness of Holmes' fraud... the sentencing of 180 months' imprisonment would reflect the seriousness of the offenses, provide for just punishment for the offenses, and deter Holmes and others," the prosecutors said. Holmes earlier urged U.S. District Judge Edward Davila in San Jose, California not to send her to prison. Holmes founded Theranos in 2003 at the age of 19.

Companies Theranos Inc FollowNov 11 (Reuters) - Elizabeth Holmes urged a U.S. judge not to send her to prison, as the founder of Theranos Inc prepares to be sentenced next week for defrauding investors in the blood testing start-up. "We ask that the court consider, as it must, the real person, the real company and the complex circumstances surrounding the offense." Holmes founded Theranos in 2003 at age 19, before dropping out of Stanford University. Theranos was once valued at $9 billion, and Forbes magazine in 2015 estimated Holmes' net worth at $4.5 billion. More than 130 friends, family, investors and former Theranos employees submitted letters to Davila urging leniency for Holmes.

A federal judge has denied Theranos Inc. founder Elizabeth Holmes' request for a new trial, setting the stage for her sentencing on fraud charges later this month. U.S. District Court Judge Edward Davila issued a ruling late Monday stating Holmes failed to establish that government misconduct had occurred during her trial. Davila delayed Holmes' sentencing and granted an emergency hearing last month after a visit to Holmes' residence by a key witness came to light. The witness, former Theranos lab director Adam Rosendorff, had allegedly told Holmes' current partner, William “Billy” Evans, that he had “done something wrong” during the trial with respect to his testimony. Holmes, 38, has been out on bail; according to the Associated Press, when asked after the October hearing if she was pregnant, Holmes didn’t respond but smiled warmly.

Companies Theranos Inc FollowNov 8 (Reuters) - Theranos founder Elizabeth Holmes' request for a new trial was denied by a federal judge in California late on Monday, court documents showed. In January, Holmes, 37, was found guilty of defrauding investors in the blood testing startup, convicting her on four of 11 counts. She was convicted of investor fraud and conspiracy, but acquitted on three counts of defrauding patients who paid for tests from Theranos, and a related conspiracy charge. In July, former Theranos President Ramesh "Sunny" Balwani was also convicted of defrauding investors and patients about Theranos that was once valued at $9 billion. Holmes' lawyers filed for a new trial in September citing "newly discovered" evidence from the government's statements made at the closing arguments of Balwani’s trial, as well as alleged government misconduct.

☆ Theranos Founder Elizabeth Holmes Is Denied a Bid for New Trial
▼ + stars: | 2022-11-08 | by ( Heather Somerville | ) www.wsj.com time to read: 1 min

A federal judge denied Elizabeth Holmes ’s bid for a new trial, the latest setback for the Theranos Inc. founder who was convicted of fraud in January. U.S. District Judge Edward Davila , who oversaw Ms. Holmes’s trial which began last year, said in a ruling late Monday that the arguments in her three motions for a new trial didn’t introduce material new evidence or establish government misconduct, adding that a new trial was unlikely to result in an acquittal.

☆ Judge denies disgraced former Theranos CEO Elizabeth Holmes' motion for new trial
▼ + stars: | 2022-11-08 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

A federal judge denied Theranos founder Elizabeth Holmes' motion for a new trial Monday, according to a court filing. The 38-year-old, a one-time billionaire and darling of Silicon Valley who promised a revolutionary blood-testing technology, was found guilty in January of four charges in her criminal fraud trial. Jurors convicted Holmes of one count of conspiracy to commit wire fraud and three counts of wire fraud against specific investors. U.S. District Court Judge Edward Davila denied Holmes' motion for a new trial based on the new evidence she brought forward. Each wire fraud count carries a maximum sentence of 20 years in prison and the conspiracy count carries a maximum of five years.

The states filed their friend-of-the-court brief in San Jose, California, federal court, where the FTC in July asked a federal judge to bar Meta's acquisition of Los Angeles-based Within. The states, joined by the District of Columbia and Guam, said the deal threatens to "harm competition in the emerging virtual reality space." Circuit to revive the states' claims after a U.S. district court judge dismissed the case. Utah, which also signed the amicus brief, is leading a group of states in an antitrust lawsuit challenging how Google runs its app store. The case is Federal Trade Commission v. Meta Platforms Inc, U.S. District Court for the Northern District of California, No.

☆ Meta refuses to give up on campaign to disqualify FTC chair
▼ + stars: | 2022-10-20 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

Her previous expressions of her policy views about alleged big tech monopolists, Boasberg said, did not require Khan’s recusal under the standard for federal prosecutors. (The petition and stay motion are not in the FTC docket but are exhibits in the preliminary injunction case.) We know this from an Oct. 6 letter from the FTC to Weil Gotshal in the administrative proceeding. Remember, Meta is not asking Davila to order Khan off either the preliminary injunction case or the administrative proceeding. We’ll know more about whether the stratagem accomplished anything when the preliminary injunction case goes to a hearing in December.

Adam Rosendorff appeared in court after it came to light that he had visited Holmes' residence in August and allegedly expressed a feeling that he had "done something wrong" during Holmes' trial. Holmes, 38, was convicted in January on four counts of fraud, each carrying a maximum sentence of 20 years in prison. Under grilling by Holmes attorney Lance Wade, Rosendorff said flatly: “The government was trying to get to the truth of what happened — what Elizabeth Holmes did.”“I don’t want to help Ms. Holmes,” Rosendorff added. She needs to pay her debt to society.”Sunny Balwani, Holmes' former business and romantic partner, had also sought a new trial based on the circumstances surrounding Rosendorff's summer visit. But in a two-page order issued last week, Davila rejected the request, saying Rosendorff's testimony pertained only to Holmes.

Search resuls for: "Edward D"

25 mentions found