/S /P /K 0 /S /P endobj 194 0 R null null null 195 0 R null null null 196 0 R null 282 0 obj 356 0 obj /Pg 241 0 R 97 0 obj 15 0 obj /K 14 /S /LI /Pg 235 0 R /Lang (EN-US) >> Mission statements, where crafted and utilized effectively, have been proven to drive billions of dollars in corporate value. /K 18 55 0 R 56 0 R 57 0 R 58 0 R 59 0 R 60 0 R 61 0 R 62 0 R 63 0 R 64 0 R endobj 41 0 obj << << /Lang (EN-US) /K 18 /Pg 250 0 R /K 9 endobj /Pg 258 0 R endobj 3480 >> Holmes said she was inspired to start the company in response to her fear of needles. >> Columbia University is one of the world's most important centers of research and at the same time a distinctive and distinguished learning environment for undergraduates and graduate students in many scholarly and professional fields. A young (age-defying), pure-looking (evil-defying), masculine-sounding (stereotype-defying) female CEO speaking about Theranos unfulfilled feats in the present or past present tense, Holmes proposition was so enticing that she was able to assemble one of the most impressive boards in corporate America. /S /L /P 365 0 R /S /P OUR MISSION listen to our readers and cover the topics that matter to them . >> /S /P /P 59 0 R << /K 0 304 0 obj endobj /Pg 245 0 R /Parent 11 0 R /S /LBody /Type /MCR endobj << >> << /S /P /StructParents 3 Elizabeth Holmes arriving to . Read company statement regarding investor . /Lang (EN-US) /S /LBody 114 0 obj The site is secure. /Parent 5 0 R /Parent 12 0 R /Contents [481 0 R 482 0 R 483 0 R] << << /Lang (EN-US) 172 0 obj >> /Pg 239 0 R While some are vague affirmations, others can sharpen employees' minds and give them a sense of identity and belonging. /Lang (EN-US) << /P 48 0 R 163 0 obj /S /P Morever, Holmes needs to grow a . 55 0 obj 321 0 obj /P 268 0 R >> 57 0 obj Theranos went on to issue private stock in six rounds between 2014 and 2015, starting at 17 cents per share and ending at $17 per share, according to a document explained by Yam, with investors . /S /P << And while some have observed that her behavior showed various sociopathic tendencies, the relaxed aura that cheating in the service of a larger cause may afford the average person may amp up ethical risk far more than the risk posed by sociopathic individuals. /MediaBox [0 0 612 792] 323 0 obj /Parent 5 0 R /K 10 Holmes, Balwani, and Theranos also made false or misleading statements to investors about many aspects of Theranos' business, including the capabilities of its proprietary 130 0 obj /S /LI /S /P They cite a one-way plane ticket to Mexico she booked for Jan. 26, 2022, three weeksafter her conviction onfour counts of fraud and conspiracy. 298 0 obj << 93 0 obj /Type /MCR 215 0 obj 12 0 obj /Lang (EN-US) "I was taken with the idea . /Pages 5 0 R /S /LI /P 8 0 R /S /P 347 0 obj 364 0 obj /Pg 248 0 R /S /LI /Pg 247 0 R 313 0 obj 2023 Cond Nast. endobj null 233 0 R null null null 234 0 R null null 64 0 R 65 0 R endobj /S /LBody /P 39 0 R Postal Inspection Service (USPIS) Inspector in Charge Rafael Nuez. endobj >> endobj 240 0 obj /P 331 0 R << /Pg 258 0 R endobj /Pg 238 0 R /Pg 239 0 R x+ | >> /K 3 /Tabs /S /Lang (EN-US) /Parent 14 0 R 378 0 obj << endobj /Lang (EN-US) /S /LBody << endobj endobj /Lang (EN-US) endobj >> >> /S /LI It included jury selection, opening statements, released text messages, and an unexpected . >> 12 [null null null 172 0 R null null null null 173 0 R null /P 50 0 R The prosecution is the result of an investigation by the FDA Office of Criminal Investigations, the FBI, and the US Postal Inspection Service. A vision and its attached goals may inspire and motivate, but they can also severely contrive our ability to consider a broader set of possibilities or address contradictory information. << /S /LBody /S /LBody /S /LI /Pg 245 0 R << endobj /Lang (EN-US) /K [374 0 R 375 0 R 376 0 R 377 0 R 378 0 R 379 0 R] /S /LBody 140 0 obj /Pg 240 0 R The company spent over $150,000 surveilling her and another whistleblower. /K 14 >> /P 42 0 R << << /Pg 248 0 R /Rotate 0 /S /LI 105 0 R 106 0 R 107 0 R 108 0 R 109 0 R 35 0 R 36 0 R 37 0 R 38 0 R null 81 0 obj /Lang (EN-US) /P 8 0 R /Pg 257 0 R /Pg 235 0 R /K [26 397 0 R] /S /LBody /K 152 0 R Read our affiliate link policy. /StructParents 6 endobj /CropBox [0 0 612 792] 75 0 R 76 0 R 77 0 R 78 0 R 79 0 R 80 0 R 81 0 R 82 0 R 83 0 R 84 0 R >> null null 121 0 R null null null 122 0 R null null null << >> Bundled together, these biases not only warped Holmes sense of truth, but they likely slanted the perspective of key stakeholders who were attracted to the many promises made by Theranos. 182 0 obj endobj /P 374 0 R Holmes unflappability may have made it difficult for Theranos board members and prospective clients to raise or press on with the right questions at the right time. endobj /Pg 247 0 R >> endobj Theranos may also be known as or be related to Theranos, Theranos Inc, Theranos Inc. and Theranos, Inc. We calculated the diversity score of companies by measuring multiple factors, including the ethnic background, gender identity, and language skills of their workforce. << /P 292 0 R /K 22 >> An official website of the United States government. Elizabeth Holmes finished testifying in wire fraud trial. The Theranos founder intentionally deceived investors, a US . 69 0 obj /K 173 0 R 143 0 obj /S /LI >> /S /LI /K 12 << /Lang (EN-US) endobj endobj /S /P The defendants also represented to investors that Theranos would generate over $100 million in revenues and break even in 2014 and that Theranos expected to generate approximately $1 billion in revenues in 2015 when, in truth, the defendants knew Theranos would generate only negligible or modest revenues in 2014 and 2015. 395 0 obj << /Pg 237 0 R << >> >> endobj >> >> /K 226 0 R /Lang (EN-US) >> /S /LBody "That's a crime . >> 131 0 obj There are at least four biases that can let a belief about a desired future state shape reality despite its disconnectedness from reality. >> /S /P (Photo by Kristoffer Tripplaar/AP). /P 8 0 R /Lang (EN-US) << /Lang (EN-US) << << /P 51 0 R endobj /K [95 0 R 96 0 R 97 0 R 98 0 R 99 0 R 100 0 R 101 0 R 102 0 R 103 0 R 104 0 R] >> Zippia Score 4.7. >> /Pg 239 0 R /P 51 0 R null 24 0 R 25 0 R 26 0 R 27 0 R 28 0 R 29 0 R 30 0 R 31 0 R 32 0 R It's unclear . After asking questions about Theranos continued losses and lack of revenue, prosecutors showed Yam a document they said was shared with investors; it projected $140 million in revenue in 2014 and $990 million in 2015. /Resources 496 0 R 153 0 obj >> 133 0 obj The motion for release said that Holmes is not a flight risk and "is highly motivated to continue complying with her conditions of release sothat she can work with her lawyers while she pursues her appeal.". << endobj /K 18 /K 204 0 R << /K 184 0 R << Assistant U.S. /P 8 0 R 119 0 obj /S /LBody D:20180314151216 /P 50 0 R 100 0 obj /InlineShape /Figure /Contents [493 0 R 494 0 R 495 0 R] Around the time that Theranos was losing nearly $2 million per week, investors in the blood-testing startup were being told that the company would soon be bringing in almost $1 billion per year. /K 30 5 [null null 137 0 R null null null 138 0 R null null null /Lang (EN-US) SAN JOSE - A federal grand jury has indicted Elizabeth A. Holmes and Ramesh Sunny Balwani, announced Acting United States Attorney Alex G. Tse, Federal Bureau of Investigation (FBI) Special Agent in Charge John F. Bennett; Food and Drug Administration (FDA) Commissioner Scott Gottlieb; and U.S. /Pg 237 0 R endobj /S /LI /S /P /K 12 %PDF-1.5 >> >> endobj Creating something new is about breaking the status quo. 205 0 obj In part, according to the report, Theranos had neglected to use the device it marketed as the "lynchpin of its strategy," called the Edison, for the majority of the tests conducted. /S /LBody /K 208 0 R >> With According to the indictment, Holmes and Balwani used advertisements and solicitations to encourage and induce doctors and patients to use Theranoss blood testing laboratory services, even though the defendants knew Theranos was not capable of consistently producing accurate and reliable results for certain blood tests. . Paradoxically, instead of warranting greater scrutiny, the very gap between Theranos projected solution and the requirements of the available blood-testing technology may have prevented a number of decision-makers from focusing on practical questions during evaluation of the companys potential and its various promises. endobj >> 44 0 obj << /Type /Pages /P 368 0 R /S /LBody endobj 70 0 obj 168 0 obj /Pg 235 0 R Theranos founder Elizabeth Holmes, now a mother of two, is asking to delay her 11-year sentence for felony fraud so she can be at home with her two young children while she appeals the conviction. /K 8 /Type /Page << endobj >> /K [349 0 R 350 0 R 351 0 R 352 0 R 353 0 R] /Lang (EN-US) /Pg 257 0 R 343 0 obj >> Help us make this company more transparent. 246 0 obj /Lang (EN-US) 4 [null null 131 0 R null null null 132 0 R null null null endobj >> /K [276 0 R 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R 284 0 R 285 0 R /P 48 0 R /Pg 244 0 R >> /S /LI /S /L This is why accounts about Theranos willingness to circumvent FDA rules and requirements, among other things, or legitimate due diligence requests made by potential clients is disconcerting yet unsurprising. endobj What we know for certain is that behind this particular corporate failure lies a cautionary tale of boundless visioning that all investors, entrepreneurs and organizations seeking breakthrough innovations should be interested in further understanding. /CropBox [0 0 612 792] endobj endobj endobj 103 0 obj /K 3 187 0 obj /Lang (EN-US) /P 50 0 R << endobj >> 185 0 R null null] << endobj /K [380 0 R 381 0 R] /S /LI /P 8 0 R /K 229 0 R /S /P /K 14 endobj /Type /Pages << And at least one employee told the financial newspaper Theranos executivesdid not report test results that would have caused concerns about the machines accuracy. endobj /P 50 0 R /S /LBody /Tabs /S /K 214 0 R << /K 122 0 R /P 305 0 R << /Lang (EN-US) /P 326 0 R endobj endobj /MCID 2 /K 14 >> /MCID 2 /Pg 241 0 R << /P 8 0 R /S /P endobj stream /Resources 464 0 R /K 25 /Pg 257 0 R /K [28 391 0 R] 173 0 obj /K 21 /P 48 0 R endobj << /Type /Page << null] endobj /Contents [433 0 R 434 0 R 435 0 R] >> >> >> /P 8 0 R /Pg 257 0 R endobj 229 0 obj /P 63 0 R endobj endobj 274 0 obj << /P 8 0 R /K 15 /Pg 255 0 R /S /LBody /P 347 0 R 258 0 obj /Pg 238 0 R /Pg 254 0 R /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) At times during that period, Balwani worked in several capacities including as a member of the companys board of directors, as its president, and as its chief operating officer. << /MCID 2 151 0 obj /P 8 0 R Elizabeth Holmes and her ill-fated blood-testing start up, Theranos, are the subjects of the latest exceptional read. /K 22 >> /Pg 235 0 R /Lang (EN-US) 29 0 obj << Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. /K 47 /P 284 0 R endobj n. o s /) was an American privately held corporation that was touted as a breakthrough health technology company. /S /P endobj >> endobj >> 296 0 R 297 0 R 298 0 R 299 0 R 300 0 R 301 0 R 302 0 R 303 0 R] endobj endobj The engrossing optimism that this may have generated in its founder, Elizabeth Holmes, and other champions of the companys vision is understandable. /Pg 235 0 R /S /P For example, with respect to investors, defendants performed technology demonstrations during which defendants intended to cause potential investors to believe blood tests were being conducted on Theranoss proprietary analyzer when, in fact, the analyzer really was running a null protocol and was not testing the potential investors blood. 393 0 obj endobj /Pg 258 0 R endobj /S /P /Pg 256 0 R Follow Company. /S /LBody /K 189 0 R 379 0 obj 236 0 obj /P 265 0 R /K 203 0 R >> 159 0 R null null null 160 0 R null null null 161 0 R null >> Several months later, with encouragement from her professor, Channing Robertson, Holmes quit Stanford. 176 0 R null null null 177 0 R null null null 178 0 R null /S /LBody /S /P /P 290 0 R /Annots [] endobj endobj /P 288 0 R null 114 0 R null] >> /Lang (EN-US) emblazoned in block capitals in the Theranos lobby, was 'Do or do not. /S /LI 188 0 R null null null 189 0 R null null null 190 0 R null /Lang (EN-US) /K 10 endobj /Lang (EN-US) /P 295 0 R endobj /CropBox [0 0 612 792] >> /P 63 0 R 149 0 obj /K 18 /Pg 258 0 R /P 50 0 R /S /LI 2018-03-14T09:02:10-07:00 The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. endobj /K 149 0 R /Lang (EN-US) endobj /Lang (EN-US) /Lang (EN-US) 362 0 obj << /S /P endobj The Seattle-based coffee giant originated in 1971 and has since become ubiquitous around the world. 211 0 obj /P 8 0 R >> /Rotate 0 << /Annots [] /StructParents 8 /Contents [461 0 R 462 0 R 463 0 R] /Filter /FlateDecode >> >> /K 3 /Metadata 4 0 R /StructParents 15 /P 54 0 R /Pg 250 0 R endobj >> >> endobj 311 0 obj /K [26 388 0 R] >> endobj >> /Tabs /S /Tabs /S 35 0 obj << >> 305 0 obj /S /LI /Pg 254 0 R /Type /Page /Pg 249 0 R /S /P /K [273 0 R 274 0 R] >> Theranos's mission statement is "To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives." endobj 267 0 obj Zippia's Best Places to Work lists provide unbiased, data-based evaluations of companies. << >> It became evident that audited financial statements hadn't been prepared since 2009. Four Blind Spots at the Core of Theranos' Failure. << /S /P Theranos eventually settled that matter with the government, voluntarily closing all of its labs. These detailed accounts show a pattern of behaviors consistent with a distorted motivational and cognitive state. /S /P Legal Statement. /S /LI /K [10 392 0 R] /P 51 0 R << endobj /Lang (EN-US) Theranos Inc. founder Elizabeth Holmes was criminally charged in June 2018 with defrauding investors following the collapse of her blood-testing startup. /S /LBody /P 349 0 R /Pg 250 0 R << /Pg 237 0 R /P 8 0 R /Lang (EN-US) 203 0 obj /Lang (EN-US) endobj >> /S /LBody << >> /Lang (EN-US) /Pg 242 0 R << /Pg 251 0 R << /Lang (EN-US) Answer 1. /S /LI /Resources 416 0 R << /Pg 237 0 R << /Tabs /S /Lang (EN-US) << /Lang (EN-US) To conduct any kind of research for any company in any industry. /K 10 /P 51 0 R /K 20 /S /LBody /Pg 256 0 R >> /MediaBox [0 0 612 792] /Type /MCR /S /P Theranos founder Elizabeth Holmes "lied and cheated" for money and fame, prosecutors alleged on the first day of the former Silicon Valley star's trial. /Lang (EN-US) 79 0 obj 17 0 obj endobj /P 8 0 R /P 8 0 R /Annots [] >> /MCID 2 >> /P 8 0 R << >> /P 42 0 R 91 0 obj /P 8 0 R endobj /S /P >> /S /LBody /P 50 0 R The collaborative investigative work on this case conducted by Postal Inspectors, our law enforcement partners, and the United States Attorneys Office illustrates our efforts to protect both consumers and investors., The Indictment Alleges That Doctors And Patients Were Defrauded. /Type /Page 351 0 obj endobj 180 0 obj When he sentenced Holmes, U.S. District Judge Edward Davila pushed to April 27 her report date to a prison in Byron, Texas, so she could give birth to her second child before being incarcerated. /P 381 0 R /S /LBody 319 0 obj >> /Pg 255 0 R 199 0 R null null] /S /LI /P 369 0 R /Pg 251 0 R endobj /K 18 << /Lang (EN-US) 80 0 obj 330 0 obj /P 393 0 R /S /LI /P 48 0 R >> >> /P 50 0 R 223 0 obj /Lang (EN-US) endobj >> endobj /Lang (EN-US) If convicted, they could each face maximum penalties of 20 years in prisona $2.75 million fine and possiblyrestitution, the Department of Justice said. >> ] Companies in Silicon Valley are wonderfully fond of describing themselves as "mission-driven.". /K 212 0 R endobj 66 0 R 67 0 R 68 0 R 69 0 R] /Pg 251 0 R endobj 25 0 R 26 0 R 27 0 R 28 0 R 29 0 R 30 0 R 31 0 R 32 0 R 33 0 R 34 0 R /S /LI << >> /S /LI /S /LBody /S /LBody /K 19 /Lang (EN-US) /Pg 243 0 R /P 344 0 R /RoleMap 7 0 R null null 183 0 R null null null 184 0 R null null null 73 0 obj << /K 5 206 0 R null null null 207 0 R null null null 208 0 R null >> /P 314 0 R /S /LBody This office, along with our other law enforcement partners in the Bay Area, will vigorously investigate and prosecute those who do not play by the rules that make Silicon Valley work. /Pg 235 0 R /Pg 255 0 R /P 373 0 R At the peak of her career in 2015, Forbes estimated her net worth at $4.5 billion. /Annots [] /Pg 250 0 R >> /Resources 480 0 R /Lang (EN-US) endobj /S /LI /MediaBox [0 0 612 792] 328 0 obj >> /P 8 0 R /S /LBody << << >> >> >> /MediaBox [0 0 612 792] /S /P endobj /P 272 0 R endobj /S /P Ad Choices, Theranos founder Elizabeth Holmes on trial as jury selection begins, Theranos downfall due to elaborate $4M conspiracy, investor says. /Rotate 0 (Photo by Brad Barket/Invision/AP). The company boasted the ability to get results from very small amounts of blood, something that would be revolutionary in medical diagnostics. /S /LBody /P 8 0 R /S /LI /Lang (EN-US) /Contents [465 0 R 466 0 R 467 0 R] 118 0 obj /Type /Page endobj /Tabs /S /K 21 /K 150 0 R /Lang (EN-US) >> U.S. Attorneys Office /Type /Page Consider Elizabeth Holmes obsession with producing as small a micro-Lab as possible or with using just a few drops of blood in order to conduct the myriad of tests Theranos promised. 98 0 obj /S /LBody /Pg 258 0 R /Pg 240 0 R /K 22 << endobj such statements undermine confidence . /S /P << endobj /P 8 0 R 61 0 obj /StructParents 21 /K 22 166 0 obj /P 8 0 R Early on, experts inside and outside of the company questioned the technology. /S /LBody /Tabs /S endobj >> >> /S /LI endobj /Resources 412 0 R /S /LI In addition, the defendants represented to investors that Theranos would soon dramatically increase the number of Wellness Centers within Walgreens stores when, in truth, Holmes and Balwani knew by late 2014 that Theranoss retail Walgreens rollout had stalled because of several issues, including that Walgreenss executives had concerns with Theranoss performance. Instead, Theranos continued to produce mounting losses. /P 315 0 R 363 0 obj >> /P 50 0 R ", EX-THERANOS CEO ELIZABETH HOLMES PROVIDING OWN DEFENSE IN CIVIL SUIT: REPORT. /S /LBody Ars may earn compensation on sales from links on this site. >> For example, allegedly, Holmes and Balwani knew that the analyzer, in truth, had accuracy and reliability problems, performed a limited number of tests, was slower than some competing devices, and, in some respects, could not compete with existing, more conventional machines. 132 0 obj endobj 99 0 obj /K 211 0 R >> << 210 0 obj << 78 0 obj /S /P /P 50 0 R The United States Postal Inspection Service has a long history of successfully investigating complex fraud cases, said Inspector in Charge Rafael E. Nuez. /Lang (EN-US) /Tabs /S /Resources 468 0 R << << << /K 10 /K 9 Investors large and small from around the world are attracted to Silicon Valley by its track record, its talent, and its promise. /K 6 Once a strong believer in Theranos' mission, Mattis testified that he eventually realized the Holmes had misled him with empty promises. << /Strikeout /Span But thats not what the company was telling investors, according to new documents shared during the jury trial of Theranos founder and CEO Elizabeth Holmes. /Lang (EN-US) endobj /K 6 /P 366 0 R /S /LI 11 0 obj << endobj 138 0 obj /Lang (EN-US) << << /Lang (EN-US) /Pg 258 0 R << /Lang (EN-US) endobj >> /S /L >> 51 0 obj /P 312 0 R She is photographed in 2014 while speaking about the company's vision at their headquarters in Palo Alto . 384 0 obj endobj /Annots [] /Lang (EN-US) endobj >> << endobj << endobj 314 0 R 315 0 R 316 0 R 317 0 R 318 0 R 319 0 R 320 0 R 321 0 R 322 0 R 323 0 R 6 0 obj 62 0 obj /K 142 0 R /MediaBox [0 0 612 792] << Cheungs testimony continues today. << endobj 287 0 obj /S /LI >> /Annots [] /P 8 0 R /P 8 0 R 344 0 obj The Theranos HSV-1 IgG Assay is for use with the Theranos System which performs automated sample processing steps and result analysis. /Annots [] 238 0 obj endobj endobj /Pg 256 0 R >> /Pg 256 0 R >> >> << << null null 127 0 R null null 45 0 R null null 128 0 R null << /P 8 0 R << /Pg 244 0 R 27 0 obj Before sharing sensitive information, make sure you're on a federal government site. By 2017, scientific and medical and technical boards were established. endobj /S /LI << << /Pg 240 0 R 3553. /K 19 Join the Ars Orbital Transmission mailing list to get weekly updates delivered to your inbox. /P 48 0 R 284 0 obj /S /P /K [368 0 R 369 0 R 370 0 R 371 0 R 372 0 R 373 0 R] << /Lang (EN-US) /K 219 0 R endobj /Pg 239 0 R 277 0 obj /K 2 /Lang (EN-US) /K 153 0 R /P 362 0 R /K 32 endobj /P 63 0 R /K 45 Theranos was a privately held healthcare technology company founded by then 19-year-old Elizabeth Holmes in 2003. /Lang (EN-US) /Pg 237 0 R The defendants claimed the analyzer was able to perform a full range of clinical tests using small blood samples drawn from a finger stick. 392 0 obj /S /L /Type /Page << << 385 0 obj /Type /Page /Lang (EN-US) /Parent 12 0 R Theranos is headquartered in Palo Alto, CA. /Lang (EN-US) /S /LI 209 0 obj /Lang (EN-US) /S /LI /S /LBody >> /P 55 0 R >> 251 0 obj /Lang (EN-US) 19 0 obj /S /L /K 139 0 R 144 0 obj << << /P 8 0 R >> 76 0 obj >> /S /LBody >> /Endnote /Note To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives. /K 135 0 R Holmes, who founded Theranos in 2003 at age 19 with the lofty mission of revolutionizing blood testing, has pleaded not guilty. << /P 273 0 R /Rotate 0 84 0 obj 226 0 obj 10 [null null 163 0 R null null null 164 0 R null null null >> >> 159 0 obj endobj << >> Elizabeth Holmes is the founder and former CEO of Theranos (2003-2018), a company that created and distributed blood testing devices. A jury will decide whether Ms. Holmes, who founded Theranos and hawked a mission of revolutionizing health care, lied to investors about her company's technology. /Type /Pages << Balwani, 53, of Atherton, Calif., was employed at Theranos from September of 2009 through 2016. >> 218 0 obj /Pg 236 0 R /K 18 Founded in 2003, Theranos is an established company that loves to hire graduates from Pima Medical Institute, with 15.9% of its employees having attended Pima Medical Institute. /K 13 << /P 8 0 R /K 234 0 R << /P 34 0 R 383 0 obj endobj << /K 10 /K 182 0 R /Lang (EN-US) >> The Associated Press contributed to this report. /K 14 /S /LI 255 0 obj /K 24 /K 146 0 R << << /S /LI >> /P 8 0 R /MarkInfo 2 0 R /K 147 0 R /P 55 0 R /Pg 257 0 R endobj /P 357 0 R /K 220 0 R 74 0 obj /P 294 0 R /MediaBox [0 0 612 792] /P 40 0 R /Parent 14 0 R /Lang (EN-US) GET FOX BUSINESS ON THE GO BY CLICKING HERE. endobj /P 55 0 R 374 0 obj endobj /K 18 Government inspectors who arrived at Theranos in response to Cheungs letter found conditions similar to those in the complaint. About us Our mission is to make actionable information accessible to everyone at the time it matters. 314 0 obj null null 225 0 R null null null 226 0 R null null null /Resources 484 0 R /Lang (EN-US) 341 0 obj /K 27 << 299 0 obj >> 66 0 obj Avoid simply listing what your company does and shift your focus to the bigger picture: what guides your company strategy and inspires your workforce. << >> >> /Pg 248 0 R << /Pg 235 0 R >> >> /Lang (EN-US) Acrobat PDFMaker 18 for Word >> endobj /K 131 0 R /P 8 0 R 128 0 obj /S /LI /P 48 0 R /Pg 240 0 R /K 14 /StructParents 9 << 269 0 obj 2. Brian Grossman had 20 years of experience in the healthcare space but his firm, PFM Health Sciences, invested $96 . /S /LBody endobj endobj 2023 FOX News Network, LLC. /S /LI endobj >> /Tabs /S << /K [26 383 0 R] [2] This was done through a medical device called a nanotainer, which drew, retained, and analyzed mere droplets of blood from the patient's fingertip and . 3 [null null 125 0 R null null 43 0 R null null 126 0 R null It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. /Lang (EN-US) << Moreover, Theranos and Holmes made "false and misleading statements" in press accounts to bolster the startup's profile. 324 0 R 325 0 R 326 0 R 327 0 R 328 0 R 329 0 R 330 0 R] Its unclear whether Theranos rise and fall will turn out to be a dazzling mirage of would-be business greatness, one of the most infamous stories of corporate fraud in the 21st century, or, an ironic reminder of the inescapable weakness of biased decision-making. 149 0 R null null null 150 0 R null null null 151 0 R null /K 21 /Tabs /S After Cheung went to the federal government, Theranos hired a private detective to spy on her, according to court documents released last week. /Length 10 0 R 2 0 obj 65 0 obj /P 346 0 R In his book Bad Blood, John Carreyrou documented accounts describing Elizabeth Holmes unwillingness to revise the original micro-Lab specs and her reported tendency to shut off whoever tried to provide realistic feedback or solutions to the technical problems Theranos was facing. /S /LI /Pg 253 0 R /Pg 246 0 R /S /LBody /S /L /Lang (EN-US) /Pg 247 0 R /S /L /Type /Page /P 345 0 R 150 0 obj /Pg 235 0 R /S /P >> /S /L >> << /S /LBody /Lang (EN-US) << >> /Count 5 October 2015, the first in a series of Wall Street Journal articles challenged Theranos technology and expertise; by mid-2016, the advisory board disappeared and a fiduciary board was created. 346 0 obj /Lang (EN-US) /P 8 0 R /P 8 0 R /P 54 0 R Nov 8, 2017. /K 216 0 R /Lang << /P 8 0 R /K 2 endobj 147 0 obj Photographer: David Paul Morris/Bloomberg *** Local Caption *** Elizabeth Holmes. /Type /MCR >> /P 337 0 R Theranos representeda potential disruptor to costly and quasi-monopolistic healthcare players that would help people get the right cure at the right time. /CropBox [0 0 612 792] /Chart /Figure << endobj endobj /Pg 246 0 R << << >> /K 37 >> endobj >> /P 50 0 R They are also attracted by the fact that behind the innovation and entrepreneurship are rules of law that require honesty, fair play, and transparency. /S /LBody /S /LBody Theranos dissolved in September 2018 and founder Elizabeth Holmes now faces up to 20 years in prison for fraud and conspiracy. >> endobj /S /TR << /P 55 0 R /S /LBody << endobj /S /LBody /S /P /Count 24 181 0 obj /Parent 14 0 R /Annots [] /Nums [0 [15 0 R 16 0 R 17 0 R 18 0 R 19 0 R 20 0 R 21 0 R 22 0 R 23 0 R 94 0 R << Theranos is a private health care and life sciences company with the stated mission to revolutionize medical laboratory testing through allegedly innovative methods for drawing blood, testing blood, and interpreting the resulting patient data. Theranos wanted to make detailed blood sample analysts accessible to all doctors in a timely manner. /K 2 >> /K 170 0 R << endobj /S /LBody /S /LBody << /Lang (EN-US) 1 0 obj /S /LBody /K 30 >> >> << /S /LI /Pg 248 0 R << 386 0 obj A former Theranos employee who alerted regulators to fraud at the company said he popped a bottle of champagne after a jury returned guilty verdicts against founder Elizabeth Holmes on Jan. 3. /Lang (EN-US) The defendants also represented that the analyzer could produce results that were more accurate and reliable than those yielded by conventional methodsall at a faster speed than previously possible. /MediaBox [0 0 612 792] 300 0 obj 228 0 obj 242 0 obj << >> Holmes dropped out of Stanford University at 19 to found Theranos in 2003. /P 50 0 R endobj >> /S /P : Sign up for our trending newsletter to get the latest news, This article originally appeared on USA TODAY: Ex-Theranos CEO Elizabeth Holmes has second child, seeks prison delay, American businessperson; a subject of an SEC investigation, the failed Silicon Valley startup that sought to revolutionize blood testing, Student accused of attacking teacher's aide over Nintendo Switch, Optimism of US consumers declined in February, reflecting fears of a recession, her conviction onfour counts of fraud and conspiracy, Sign up for our trending newsletter to get the latest news, Ex-Theranos CEO Elizabeth Holmes has second child, seeks prison delay, Kellyanne Conway, George Conway To Divorce After Decadeslong Marriage: Report, Reports: 3 children dead, 2 wounded in attack at Texas home, 'Extremely dangerous': Spike in illegal crossings at Canada-Vermont border has feds sounding alarm, School punished teen girl for working out in sports bra in 100-degree Texas heat, ACLU says, Republicans Use Arcane Political Tactic to Thwart Democrats, I Wore Katie Holmes Go-To Bag Trend for a Week, and I Finally Get the Appeal, Alex Murdaugh sentenced to life in prison for murders of wife and son, NBA Player Richaun Holmes Sues Sacramento Bee Parent for Defamation, Murdaugh defense vows appeal, even to Supreme Court, Alex Murdaugh sentenced to life in prison.