Holmes: Buy It Right - Netflix

Posted on Mon 13 May 2019 in netflix

In each half-hour episode of Holmes: Buy It Right, Mike Holmes applies his construction expertise and creative vision to one couple's search for their dream home. With their favorite properties to choose from, Holmes gets these home buyers to use their heads, in addition to their hearts and gives them the tools they need to make the most important purchase of their lives.

Holmes: Buy It Right - Netflix

Type: Reality

Languages: English

Status: Running

Runtime: 30 minutes

Premier: 2016-11-01

Holmes: Buy It Right - Theranos - Netflix

Theranos () is a privately held health technology company known for its false claims to have devised revolutionary blood tests using very small amounts of blood. Theranos was lauded as a major challenger to existing companies before it was revealed that the company had lied about its core capabilities. Founded in 2003 by 19-year old Elizabeth Holmes, Theranos raised more than US$700 million from venture capitalists and private investors, resulting in a $10 billion valuation at its peak in 2013 and 2014. Investors and the media hyped Theranos as a breakthrough in the large blood testing market, where the US diagnostic-lab industry posts annual sales of over $70 billion. Theranos claimed its technology was revolutionary for a number of reasons. At the time, Theranos said its tests required only about 1/100 to 1/1,000 of the amount of blood that would ordinarily be needed and cost far less than existing tests. There was a turning point in October 2015, when investigative reporter John Carreyrou of The Wall Street Journal questioned the validity of its technology. Since then, Theranos has faced a string of legal and commercial challenges from medical authorities, investors, the U.S. Securities and Exchange Commission, Centers for Medicare and Medicaid Services, state attorneys general, former business partners, patients, and others. By June 2016, it was estimated that Holmes' personal net worth had dropped from $4.5 billion to virtually nothing. The company was near bankruptcy until it received a $100 million investment from Fortress Investment Group in 2017. By 2018, the company was again close to going bankrupt. In July 2016, Theranos received sanctions from the Centers for Medicare and Medicaid Services (CMS) including the revocation of its CLIA certificate and prohibition of Holmes and other company officials from owning or operating a lab for two years. Theranos announced it would close its laboratory operations and wellness centers to work on miniature medical testing machines. In April 2017, Theranos said it had reached a settlement agreement with CMS. Following the CMS sanctions, Walgreens, one of the largest pharmacy chains in the US, terminated its contract with Theranos and filed a lawsuit claiming continuous breaches of contract. The suit was settled out of court, with Theranos compensating Walgreens for a much smaller amount than the claimed $140 million, reported at about $30 million. On March 14, 2018, Holmes, former Theranos President Ramesh “Sunny” Balwani and Theranos were charged with “massive fraud” by the U.S. Securities and Exchange Commission. One section of the complaint alleged that Holmes claimed in 2014 that the company had annual revenues of $100 million, a thousand times more than the actual figure of $100,000. Theranos and Holmes agreed to resolve the charges against them, with Holmes paying a fine of $500,000, returning the remaining 18.9 million shares that she held, relinquishing her control of the company, and being barred from being an officer or director of any public company for 10 years. According to the agreement, if Theranos is acquired or is otherwise liquidated, Holmes will not profit from her ownership until more than $750 million is returned to investors and other preferred shareholders. Theranos and Holmes neither admitted nor denied the allegations in the SEC’s complaint. Balwani did not settle. On June 15, 2018, the United States Attorney for the Northern District of California announced the indictment of Holmes on wire fraud and conspiracy charges. Holmes stepped down as CEO but remained as chairman. Balwani was also indicted on the same charges.

Holmes: Buy It Right - Loss by investors - Netflix

In May 2018 John Carreyrou reported that American business and government leaders lost more than $600 million by privately investing in Theranos. Major investments had been made by the Walton family ($150 million), Rupert Murdoch ($121 million), Betsy DeVos ($100 million), and the Cox family (of Cox Media Group) ($100 million).

Holmes: Buy It Right - References - Netflix