Good plan, Pat.
Theranos’s victims, Judge Davila said, include venture-capital firms Lucas Venture Group and Peer Venture Partners, and individual investors including Pat Mendenhall of U.S. Capital Advisors LLC; Richard Kovacevich, the ex-CEO of Wells Fargo & Co.; and Rupert Murdoch. Mr. Murdoch, who invested $125 million in Theranos, is the executive chairman of News Corp, which owns the Journal.
“We all screwed up,” said Mr. Mendenhall, an early Theranos investor who testified against Mr. Balwani. “I will never, ever invest in any company again without audited financials.”
This is from Heather Somerville and Christopher Weaver, “Balwani Gets 13-Year Sentence,” Wall Street Journal, December 8, 2022 (print edition.)
Balwani, in case you haven’t followed, was the president of Theranos, the firm that claimed to have a revolutionary blood test machine that . . . wasn’t. I’ve been following this since reading Bad Blood: Secrets and Lies in a Silicon Valley Startup, John Carreyrou’s excellent book on Theranos.
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