Business and Finance
Elizabeth Holmes, founder of Theranos testifies in her criminal case
Elizabeth Holmes, former CEO of Theranos, was a key figure in the high-profile fraud trial. It was unclear if Holmes would testify. It was Friday afternoon, eleven weeks after the trial started, that the Stanford dropout testified.
After the prosecution has laid its case, Holmes will now tell her side under oath. Her defense is trying to prove that she didn’t knowingly defraud investors.
Two counts of conspiracy to commit fraud on wire fraud are against the former Silicon Valley star. Nine counts of wire fraud are against her. Each count could see her sentenced to up to 20 years imprisonment if she is convicted.
Elizabeth Holmes has remained firm in her belief that while Theranos made mistakes Theranos’ failure was not fraud
She claimed that she was telling the truth when she spoke to stakeholders about Theranos’ technology capabilities. Holmes, who is not a scientist by training, claims she followed the advice of experts she hired.
She even testified that engineers and scientists designed the slide deck she presented to investors.
Holmes’ defense has provided emails from high-ranking laboratory officials such as Ian Gibbons, chief scientist at Theranos. These emails stated that Theranos’ 4.0 Edison machines “could run every test.
” This was per Dorothy Atkins’ live courtroom reporting (the trial is not being livestreamed). Gibbons committed suicide while working at Theranos in 2013, just days before being summoned to court to discuss a patent dispute.
Holmes also denied that she tried to lead Walgreens astray through sending company documents containing the unauthorised use of Pfizer logo.
In court, she said that she wished she had handled it differently but that she had included Pfizer’s logo because Theranos had done some testing together before they decided to not work together.
Elizabeth Holmes also referred to a Johns Hopkins University study that described Theranos technology as “novel” and “sound.”
This is in direct response to a key prosecution claim, which presented evidence that Holmes sent Walgreens an document titled “Pfizer Theranos system validation final report” in 2010. It turned out that this document was actually created by Theranos staff and not Pfizer.
The document contained Pfizer’s logo, which indicates that Theranos was supported by the pharmaceutical giant.
Theranos signed deals with Walgreens, Safeway and other companies that same year
In court, however, a Pfizer scientist said that Pfizer had not endorsed Theranos and that she did not send the document to them while they were in negotiations about the deal.
Elizabeth Holmes Pfizer had examined Theranos’ technology back in 2008 but decided not to invest.
Holmes also began to discuss her relationship with Theranos’ board. They were paid $150,000 annually and received half a million shares in return for their roles — Henry Kissinger, former Secretary of State, was paid $500,000 annually as a consultant.
Holmes seems to be trying to portray the board as knowledgeable enough about Theranos’ business to make informed investments in it. Multiple courtroom reporters noted that Holmes uses scientific and corporate jargons in her testimony.
Elizabeth Holmes founded Theranos using a heartfelt pitch. This raised enough capital from prominent investors to achieve a valuation of $10 billion.
Her technology could run hundreds of blood tests faster and cheaper than traditional methods, requiring only a needle to draw blood. Her famous line was “I hope that fewer people will have too many goodbyes to people they love”
We now know that the technology failed and the company continued to test patients’ blood, despite not being able to provide accurate medical information.
After delays caused by the pandemic, Holmes’ birth and other factors, her criminal trial began in September in San Jose. Judge Edward Davila was at the bench.
Forbes named Holmes the youngest and most successful female self-made billionaire woman in America when she was just 17. She was described as an unstoppable genius with unstoppable charisma.
In court filings Holmes’ defense claimed that Ramesh Balwani, her ex-boyfriend and former COO of Theranos was controlling and abusive.
According to the filings, Holmes’ lawyers may present testimony about Holmes’ mental health and the consequences of the abuse in her defense. This could help to pin the blame for Theranos’ failures on Balwani who will be tried separately next year.
Holmes testified that the San Jose courthouse looked more like a circus than a place where criminal fraud cases are being tried. Dorothy Atkins, Law360 reporter, tweeted this morning that she was 32nd in line to enter courthouse at 4:30 am.
Because of the popularity of this case, audiences were urged not to take notes or live-report using silent keyboards like touchscreens on smartphones. Some journalists brought tarot card readings to share with their readers while they waited in long lines.
This is a throwback to September’s trial, when disgraced entrepreneur fans cosplayed as Elizabeth Holmes
Artist Danielle Baskin, who pokes fun at Silicon Valley culture often, sold blonde wigs and black turtlenecks this morning. She later tweeted that she had learned that federal property doesn’t allow her to “sell merch”.
I was freezing cold outside of the San Jose courthouse so I made Elizabeth Holmes costumes from a suitcase and sold them to anyone who came along. pic.twitter.com/ITaneixBu0
Although Elizabeth Holmes is a simple Halloween costume, it doesn’t change the fact that Holmes was knowingly deceiving investors by lying about Theranos products’ efficacy.
Erin Tompkins, a former patient of Theranos, testified that her Theranos results showed that she had HIV antibodies. This could indicate that she has the virus that causes AIDS.
Tompkins stated that she didn’t have health insurance at the time and couldn’t get a test for HIV elsewhere until three months later. Because of the low prices, she said that Theranos was her first choice.
Dr. Mehrl Ellsworth also testified that he was given inaccurate results that falsely indicated that he had been diagnosed with prostate cancer.
Former Theranos lab director Dr. Adam Rosendorff testified that the company was more concerned with PR and fundraising than patient care.
Holmes also said that he supported Theranos’ commercial launch, despite concerns about its technology
Erika Cheung, one of Theranos whistleblowers, told the story of her decision to quit the startup after she felt uncomfortable with processing patient samples. She didn’t believe the technology would provide accurate results.
Today’s court adjournment will allow Holmes to testify on Monday, while the trial continues for the Thanksgiving holiday. According to court schedules her defense will continue to present its case until the middle of December, according to court records.
Also, Read
The deadline to link your Permanent Account Number (PAN) and Aadhaar has been extended until March 31, 2023. Please be aware that there is now a penalty associated with linking PANs with Aadhaar; if you link them now, there will be an additional fee of Rs 1,000 as the last date without penalty was June 30th 2022 which has passed already.
Prior to the March 31st deadline for linking your PAN and Aadhaar, all non-exempt PAN holders who do not fall under an exemption category must link their PANs with Aadhaar. Without this link, inoperative status of your PAN will take effect as of January 1, 2023; thus, don’t wait – link it now!
Please be advised!According to the Income-tax Act of 1961, all persons holding a PAN who do not fall within an exempt category are required to file returns… https://t.co/qvF4FWKsQz
Income Tax India (@IncomeTaxIndia) 1677558673000
According to a Central Board of Direct Taxes (CBDT) circular dated March 30, 2022, “Rule 114AAA of the Income-tax Rules provides that if someone’s PAN becomes inoperative, they cannot furnish, intimate or quote it and shall face all consequences under the Act as a result.”
According to an advisory published in The Times of India on March 6, 2023 by the income tax department, here are six consequences of not linking your PAN with Aadhaar.
Your PAN card will no longer function.
Filing an ITR will not be possible.
Pending returns will not be processed.
No refunds can be issued once an order has been placed.
Pending proceedings, such as those related to defective returns, cannot be completed.
Tax will be deducted at a higher rate.
If you have not linked your PAN with Aadhaar yet, here is how to do so according to the Income Tax Department website.
How to Link PAN with Aadhaar
How to Link PAN with Aadhaar
Step 1: Navigate to the Income Tax website (https://www.incometax.gov.in/iec/foportal/) for assistance with filing an income tax return.
Step 2: Navigate to the Quick Link section and click on ‘Link Aadhaar‘.
Step 3: Enter Aadhaar number and Permanent Account Number, then pay late fee of Rs 1000 using ePay tax functionality after following onscreen instructions.
Step 4: Once payment is complete, visit ‘Link Aadhaar’ section again and enter your name, mobile number, Aadhaar number and Permanent Account Number (PAN).
Step 5: Confirm the information by selecting ‘I agree to validate my Aadhaar details’ and clicking on the ‘Link Aadhaar’ option.
Step 6: Enter the OTP received on your mobile number and click ‘Validate’ to complete linking.
How to Verify Aadhaar-PAN Link Status
Are you uncertain if your Aadhaar and PAN numbers are connected or not? Here’s an easy way to verify.
Step 1: Navigate to the Income Tax e-filing website at www.incometax.gov.in to begin filing your taxes electronically.
Step 2: Under Quick Links, you will locate the ‘Link Aadhaar Status’ option.
Step 3: Enter your PAN and Aadhaar numbers, then click ‘View Link Aadhaar Status’.
Step 4: If your PAN is linked with your Aadhaar, a message will appear on your screen.
Here are essential FAQs regarding PAN (Pay As You Earn) and Aadhaar linking, according to the Income Tax website through March 31st 2023.
Who Needs to Link Aadhaar and Permanent Account Number (PAN)?
According to the Income tax website, Section 139AA of the Income Tax Act requires every individual who has been allotted a permanent account number (PAN) as of July 1st, 2017, and who is eligible for an Aadhaar number, to inform it in the prescribed form and manner before the prescribed date (31st March 2022 without fee payment or 31.03.2023). For further details regarding this requirement, refer to CBDT circular No.7/2022 dated 30.03.2022.”
Who does not require Aadhaar-PAN linkage?
The Aadhaar-PAN linkage requirement does not apply to anyone who is:
I) Living in Assam, Jammu and Kashmir, or Meghalaya.
II) A non-resident as defined in the Income-tax Act, 1961, if they reached eighty years or older at any point during the prior year;
III) Not a citizen of India as per the Income Tax website
(Originally Published March 06, 2023)
Business and Finance
Motilal Oswal Financial Services: Buy Tech Mahindra Targeted Price RS 1180 Lets Explain In Details
Motilal Oswal Financial Services has issued a buy call on Tech Mahindra with an objective price target of Rs 1180. At present, the stock’s market value stands at Rs 1106.95. Motilal Oswal Financial Services advises investors to maintain their stop loss at Rs 1100.
Tech Mahindra, established in 1986, is a large-cap company (with a market cap of Rs 107651.26 Crore) operating within the IT Software sector.
Tech Mahindra’s key products/revenue segments for the year ending 31 March 2022 include Software Services.
Motilal Oswal Reports
Financials
For the quarter ended 31-12-2022, the company reported a Consolidated Total Income of Rs 13981.70 Crore, up 4.19 % from last quarter’s Total Income of Rs 13419.65 Crore and 19.77% higher than last year’s same quarter Total Income of Rs 11673.90 Crore. Net profit after tax for this latest quarter came to Rs 1294.30 Crore.
The company’s top management consists of Mr. Anand G Mahindra, Ms. Shikha Sharma, Mr. Haigreve Khaitan, Dr.Mukti Khaire, Mrs.M Rajyalakshmi Rao, Penelope Fowler, Manoj Bhat, Dr.Anish Shah, C P Gurnani and T N Manoharan; B S R & Co LLP is its auditors; as of 31-12-2022 the company had 97 Crore shares outstanding.
Investment Rationale
The stock has reversed its lower highs on both daily and weekly time frames, suggesting it may have broken out of consolidation mode on a monthly basis.
Promoters/FII Holdings
On 31 December 2022, promoters owned 35.19 percent of the company; FIIs held 27.95 percent and DIIs 23.54 percent stake respectively.
(Disclaimer: Any recommendations given in this section or reports attached herein have been authored by an external party and do not represent the views of Economic Times (ET). ET does not guarantee, endorse, or support any of their contents and expressly disclaims all warranties, express or implied, related thereto. We advise you to consult your financial adviser for independent advice before making any decisions.
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CEO Crying Selfie Layoffs: A CEO of a US company is facing flak for the way he announced the firing of his employees on LinkedIn, with people deeming it reprehensible.
Braden Wallake, the CEO of HyperSocial, posted a photo of himself crying while trying to explain why few employees had to be laid off from his company.
CEO Crying Selfie Layoffs | Jump Two
CEO posts crying selfie on LinkedIn after firing employees
CEO criticised for his crying selfie after firing employees
CEO posts crying selfie on LinkedIn after firing employees
“I’ve gone back and forth whether to post this or not. We just had to layoff a few of our employees. I’ve seen a lot of layoffs over the last few weeks on LinkedIn. Most of those are due to the economy, or whatever other reason. Ours? My fault,” Wallake wrote.
“I made a decision in February to stop selling our main services and focus on a new service. A higher priced service. It’s a great service, and something we will continue to offer, but it’s for the right kinds of companies,” he added.
“Now, I know my team will say that ‘we made that decision together’, but I lead us into it. And because of those failings, I had to do today, the toughest thing I’ve ever had to do.”
Wallake said despite the layoffs, the company has always been a people first business. “We’ve always been a people first business. And we always will be. Days like today, I wish I was a business owner that was only money driven and didn’t care about who he hurt along the way.”
“So, I just want people to see, that not every CEO out there is cold-hearted and doesn’t care when he/she have to lay people off. I’m sure there are hundreds and thousands of others like me. The ones you don’t see talked about. Because they didn’t lay off 50 or 500 or 5000 employees,” he said.
He further went on add that hoped his employees realised how much he loved them. “I know it isn’t professional to tell my employees that I love them. But from the bottom of my heart, I hope they know how much I do. Every single one. Every single story. Every single thing that makes them smile and every single thing that makes them cry. Their families. Their friends. Their hobbies,” he wrote.
CEO criticised for his crying selfie after firing employees
The post has gone viral and people have laid into Wallake for the crying selfie he posted.
Screengrab/LinkedIn
“Don’t worry everyone. Not every CEO is cold hearted. Some are attention seeking narcissists. it’s fine. Stop worrying,” one user commented.
“Taking a selfie while crying. I applaud your ability to multitask under distress,” another user said.
“Three things that disturb me about this post – one, this strikes as “how hard this is for me, pity the poor CEO” when people have just lost their jobs. A bit insensitive. Two, the authors replies to peoples comments seem in a tone that suggests he’s not exactly heart broken. And three, if you’ve laid people off and you are taking to LinkedIn to post about it, maybe link them, sing their praises and skills and let other companies know they would be amazing people to hire. This post just comes off as attention seeking,” a third user added.
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