The former CEO of a Sunnyvale-based tech startup pleaded guilty in a San Francisco federal court Thursday to charges related to defrauding investors.
Manish Lachwani, 47, pleaded guilty to wire fraud and securities fraud in connection with his efforts to inflate the value of the company he founded, Headspin, Inc., which bills itself as a software testing service on its website. Elizabeth Holmes briefly delayed her self-surrender date for federal prison – originally set for Thursday – by filing a last-minute appeal with the Ninth Circuit Court of Appeals.
Lachwani overstated the value of the company based on misrepresentations to investors about how many recurring subscribers the company had and how much revenue they generated by creating false invoices and disseminating fake revenue spreadsheets, according to the U.S. Department of Justice. The company raised more than $100 million during two rounds of funding in 2018 and 2019, leading to a market valuation of $1.1 billion.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
San Diego Housing Commission moves to purchase three more hotels for homeless -SAN DIEGO (KUSI) – The San Diego Housing Commission is moving to purchase three more hotels in San Diego County to house the homeless. Each hotel has extended stay rooms equipped with kitchenettes, but each of these rooms would end up costing taxpayers hundreds of thousands of dollars. KUSI’s Dan Plante went live with details. Categories: Good Evening San Diego,...
Consulte Mais informação »
Opinion: Black lowriding culture dates back 70 years in San DiegoBy the 1980s, a new generation of lowriders kept the culture going strong in Southeast San Diego.
Consulte Mais informação »
Fatal shooting by security guard at San Francisco Walgreens puts focus on limits of private securityThe fatal shooting of a 24-year-old woman by an armed private security guard is raising questions of the scope and justification of the industry.
Consulte Mais informação »
National Guard explains their role in fighting San Francisco's fentanyl crisis'What I want to do upfront is dispel a lot of rumors,' Major General Beevers said. 'The California National Guards' presence in this is not going to be boots on the ground in San Francisco.'
Consulte Mais informação »
Crews Battle Warehouse Fire in San FranciscoDEVELOPING: Crews are responding to a warehouse fire in San Francisco.
Consulte Mais informação »