123 0 obj endobj endobj 89 0 obj endobj endobj 162 0 obj CNMN Collection /P 294 0 R /P 48 0 R >> << /Lang (EN-US) /Pg 235 0 R /Annots [] According to the indictment, the defendants also allegedly made numerous misrepresentations to potential investors about Theranoss financial condition and its future prospects. >> endobj /K 223 0 R 150 0 obj >> /InlineShape /Figure /K 137 0 R endobj >> << << << /Annots [] << << /Lang (EN-US) endobj 179 0 obj /P 8 0 R /S /LBody >> The vision was to revolutionize blood testing and place these miniature labs in homes across the world. >> uuid:f59fd1a5-0a21-408a-99c1-079770aebbbd 397 0 obj Holmes, who founded Theranos in 2003 at age 19 with the lofty mission of revolutionizing blood testing, has pleaded not guilty. /Rotate 0 /S /LBody endobj /Pg 240 0 R 112 0 obj 92 0 obj >> /S /LBody /Pg 238 0 R /P 376 0 R /K 6 /Pg 247 0 R 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. /K 3 >> 32 0 obj /K 14 3553. << Theranos Mission Statement. 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. << /S /LI >> /K 30 endobj null] /Contents [445 0 R 446 0 R 447 0 R] /Tabs /S /Pg 250 0 R /CropBox [0 0 612 792] /P 392 0 R 35 0 obj null null 142 0 R null null null 143 0 R null null] /Lang (EN-US) null null 183 0 R null null null 184 0 R null null null << /StructParents 23 endobj /StructParents 11 << She now has "two very young children hertoddler and an infant," according to a recent court filing. /S /LBody /P 261 0 R /K 220 0 R endobj << << endobj A mission that reads more like a fact sheet than something that explains a company's reason for existing won't be effective. /Resources 428 0 R Many of those statements were outright falsehoods or, more charitably, danced around the truth. /K [26 383 0 R] >> /Pg 255 0 R >> /S /LI /K [262 0 R 263 0 R 264 0 R 265 0 R 266 0 R 267 0 R] /Pg 250 0 R 297 0 obj /Tabs /S /Resources 416 0 R >> Answer (1 of 7): In 2003, Elizabeth Holmes, then a sophomore studying chemical engineering at Stanford, founded a company called Real-Time Cures. Best Companies to Work for in Palo Alto, CA, Best Start-up Companies to Work For in America, Best Health Care Companies to Work For in California, Best Start-up Companies to Work For in California, Best Companies to Work For in Palo Alto, CA, Best Health Care Companies to Work For in Palo Alto, CA, Best Start-up Companies to Work For in Palo Alto, CA. /K 121 0 R Balwani, 53, of Atherton, Calif., was employed at Theranos from September of 2009 through 2016. /P 48 0 R endobj /K 22 /P 8 0 R << /Resources 480 0 R /K 3 267 0 obj 377 0 obj endobj /Lang (EN-US) Peter DaSilva/Reuters. (Photo by Kristoffer Tripplaar/AP). /Annots [] /Pg 235 0 R /Lang (EN-US) endobj << /S /LBody << << endobj << -Theranos is now worth $9 billion dollars; Holmes currently owns about half the company-Forbes named her one of the youngest female self-made billionaire before the age of 30. . /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 /S /P /S /LI 2 0 obj >> /K 201 0 R /K 10 /K 120 0 R The matter was assigned to the Honorable Lucy H. Koh, U.S. District Judge, for further proceedings. /P 55 0 R /Lang (EN-US) /Lang (EN-US) I did not think the technology we were using was adequate enough to be engaging in that behavior.. >> /S /LI endobj 365 0 obj /StructParents 6 << /S /LBody >> 70 0 obj /P 339 0 R /K [14 389 0 R] %PDF-1.5 /S /L /P 347 0 R /Pg 242 0 R << << 72 0 obj /S /LBody 64 0 obj /P 8 0 R /K 10 endobj /Pg 249 0 R 244 0 obj /Pg 235 0 R >> /Lang (EN-US) null 114 0 R null] [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 . /S /LI << /K 2 endobj endobj 202 0 obj >> 245 0 obj /Lang (EN-US) /P 33 0 R >> /Parent 5 0 R /StructParents 3 /S /LBody /S /LBody >> /K [28 391 0 R] 74 0 obj /S /LI 63 0 obj /Pg 235 0 R /K 390 0 R 220 0 obj >> << /S /P /S /LBody /K [354 0 R 355 0 R 356 0 R 357 0 R 358 0 R 359 0 R 360 0 R 361 0 R 362 0 R 363 0 R /Lang (EN-US) /Annots [] /K 0 /Lang (EN-US) /K 26 /Pg 255 0 R << >> /K 18 >> Elizabeth Holmes blue eyes and baritone voice, her, albeit incomplete, Stanford credentials and well-crafted life narrative were the perfect exterior to a dream-come-true vision of a better future for millions of people. << >> 199 0 R null null] /P 48 0 R To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives. 154 0 R null null null 155 0 R null null null 156 0 R null /Pg 237 0 R 254 0 obj << /Lang (EN-US) /Annots [] This district, led by Silicon Valley, is at the center of modern technological innovation and entrepreneurial spirit; capital investment makes that possible. /K 215 0 R /P 375 0 R The alleged fraud, which Holmes perpetrated as the companys founder and CEO, may have felt less onerous due to the goodness of the vision and mission she championed. /S /LI << 102 0 obj /Filter /FlateDecode endobj /P 8 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. Theranos was a privately held healthcare technology company founded by then 19-year-old Elizabeth Holmes in 2003. /P 355 0 R >> /Lang (EN-US) /K 130 0 R /Metadata 4 0 R /Lang (EN-US) 170 0 obj Todays indictment alleges that through their company, Theranos, CEO Elizabeth Holmes and COO Sunny Balwani not only defrauded investors, but also consumers who trusted and relied upon their allegedly-revolutionary blood-testing technology., This indictment alleges a corporate conspiracy to defraud financial investors, said Special Agent in Charge Bennett. << /Lang (EN-US) /P 50 0 R While working at Theranos, Cheung sent an email to others in the company, sharing her concerns about the Edison machines. /P 44 0 R 350 0 obj Your California Privacy Rights | Do Not Sell My Personal Information /S /LBody endobj endobj /K [26 397 0 R] /P 8 0 R /P 8 0 R /S /LI Elizabeth Holmes, the infamous biotech chief executive who promised to revolutionize blood testing, has been found guilty of fraud. /Pg 237 0 R 371 0 obj 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. /K 6 69 0 obj /Contents [409 0 R 410 0 R 411 0 R] 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. Theranosonce valued at approximately $10 billionis no more. /P 8 0 R /K 6 << << /S /LBody /S /LI << /K 165 0 R The mission statement of Theranos is stated as, "To make actionable information accessible to everyone at the time that it matters". 334 0 obj endobj /S /P The United States Postal Inspection Service has a long history of successfully investigating complex fraud cases, said Inspector in Charge Rafael E. Nuez. /S /LI << endobj /CropBox [0 0 612 792] /P 302 0 R /K 6 /Lang (EN-US) 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. 250 0 obj /P 55 0 R 21 [60 0 R 61 0 R 62 0 R null null 229 0 R null null null 230 0 R endobj /MCID 2 endobj /Lang (EN-US) /S /LBody 12 0 obj >> >> /S /LBody endobj endobj >> << /MediaBox [0 0 612 792] /Pg 248 0 R /MediaBox [0 0 612 792] /Lang (EN-US) /Lang (EN-US) /K [368 0 R 369 0 R 370 0 R 371 0 R 372 0 R 373 0 R] << /Lang (EN-US) 11 0 obj The company claimed that it had devised . /Diagram /Figure /Pg 258 0 R /MCID 2 /P 50 0 R /Type /Page "I was taken with the idea . >> >> << The Theranos founder intentionally deceived investors, a US . >> >> /Contents [421 0 R 422 0 R 423 0 R] 94 0 obj << 282 0 obj 390 0 obj /Resources 412 0 R >> Theranos stood as the next big breakthrough innovator in the healthcare industry offering an affirming achievement of the value of human ingenuity. /P 48 0 R Initially she funded Real-Time Cures with her co. /P 8 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 /P 48 0 R 167 0 obj endobj 3 [null null 125 0 R null null 43 0 R null null 126 0 R null . Zippia gives an in-depth look into the details of Theranos, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Theranos. /K [111 0 R 112 0 R 113 0 R 114 0 R] /S /P 347 0 obj >> /K 4 << 62 0 obj endobj >> /Pg 239 0 R /S /LBody /Pg 247 0 R endobj /MediaBox [0 0 612 792] /K 133 0 R << << Theranos competitors include TED, Bloomberg, HuffPost, National Journal, Washington Plaza Hot, Morgan Stanley, Newsweek. /S /LBody /CropBox [0 0 612 792] << 1. /Lang (EN-US) >> << /S /LBody << /P 8 0 R endobj << /Pg 243 0 R << endobj /K 22 /Pg 241 0 R Instead, a vision made boundless by its sharp divide from reality and its extraordinarily narrow goals ended up only perpetuating a state of motivated blindness. /K 176 0 R null null 127 0 R null null 45 0 R null null 128 0 R null 219 0 obj >> null 47 0 R null null 129 0 R null null null 130 0 R null /K 232 0 R endobj /Lang (EN-US) << /Resources 492 0 R flagrantly vague and often outright untruthful statements. 117 0 obj /Pg 254 0 R Follow Mike Snider on Twitter:@mikesnider. 10 [null null 163 0 R null null null 164 0 R null null null << /BBox [79.9440002441 274.9559936523 453.9599914551 398.8439941406] /Type /Page /K 194 0 R /Contents [433 0 R 434 0 R 435 0 R] 355 0 obj /S /P 398 0 obj /P 323 0 R /Pg 235 0 R endobj /K 186 0 R /Lang (EN-US) /Pg 250 0 R /S /LBody /K 20 << /Tabs /S /Lang (EN-US) . /S /P The Theranos HSV-1 IgG Assay is for use with the Theranos System which performs automated sample processing steps and result analysis. >> 266 0 obj The Seattle-based coffee giant originated in 1971 and has since become ubiquitous around the world. /Pg 245 0 R << 276 0 obj 367 0 obj /K 6 Competitors of Theranos include Bloomberg, Morgan Stanley, and National Journal. << /Lang (EN-US) /K 9 /Lang (EN-US) /MCID 2 /Type /MCR /K 45 /Resources 440 0 R Rankings are based on government and proprietary data on salaries, company financial health, and employee diversity. "Sunny Balwani did not start Theranos," said the lawyer . /P 8 0 R /P 8 0 R /K 234 0 R Quotes displayed in real-time or delayed by at least 15 minutes. 116 0 obj >> /P 8 0 R 246 0 obj The company claimed to be able to provide over 240 finger-prick blood tests, including ones that could reportedly detect cancer, according to The Wall Street Journal. /P 55 0 R endobj << /Pg 255 0 R 191 0 obj But Theranos shared very little about its blood-testing machine with the public or medical community. /K 6 Companies in Silicon Valley are wonderfully fond of describing themselves as "mission-driven.". 324 0 R 325 0 R 326 0 R 327 0 R 328 0 R 329 0 R 330 0 R] /Lang (EN-US) /S /P >> endobj << /S /LI << /P 55 0 R << /S /LBody << << The mission and vision statements of Kraft Heinz are indicative of a company that desires to lead the rest in everything it does. /K 182 0 R endobj endobj /Pg 252 0 R /Lang (EN-US) It was not only motivated blindness that may have triggered the slippery slope of unethical conduct at Theranos. /P 380 0 R /P 8 0 R endobj /S /TR /P 8 0 R /S /LBody >> /S /P /Annots [] /Pg 254 0 R 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. << >> /P 33 0 R >> 370 0 obj /K [331 0 R 332 0 R 333 0 R 334 0 R 335 0 R 336 0 R 337 0 R 338 0 R 339 0 R 340 0 R 215 0 obj Connor Radnovich/The Chronicle. /S /LI /Parent 5 0 R /P 8 0 R /S /LBody << >> endobj During the trial Holmes accused her ex-boyfriend and business partner, Ramesh "Sunny" Balwani, of emotional and sexual abuse at the time of the alleged crimes, impairing her mental state. >> >> endobj /S /LBody /K 199 0 R 277 0 obj >> >> << 310 0 obj /Annots [] /Pg 240 0 R << 1. >> GET FOX BUSINESS ON THE GO BY CLICKING HERE. uuid:08e7f9c5-06b3-4447-b9e6-d8f448ec8b85 >> /S /LBody << /Pg 235 0 R /Lang (EN-US) << Further, defendants allegedly represented to investors that Theranos had a profitable and revenue-generating business relationship with the United States Department of Defense and that Theranoss technology had deployed to the battlefield when, in truth, Theranos had limited revenue from military contracts and its technology was not deployed in the battlefield. /K 17 /P 48 0 R /MediaBox [0 0 612 792] /S /LBody /Lang (EN-US) /K 30 endobj /Pg 241 0 R endobj 388 0 obj >> /P 8 0 R /P 380 0 R /S /LBody endobj >> /S /P /Pg 255 0 R /K 24 << /P 380 0 R >> endobj 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.". /S /LI >> >> endobj /K 110 0 R The data presented on this page does not represent the view of Theranos and its employees or that of Zippia. << endobj << Elizabeth Holmes speaks on stage at the Glamour Women of the Year Awards where she receives an award, in New York, NY on Nov. 9, 2015. >> /P 48 0 R /K 212 0 R /K 18 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. endobj /K 31 endobj /K 187 0 R Brian Grossman had 20 years of experience in the healthcare space but his firm, PFM Health Sciences, invested $96 . 319 0 obj stream >> null 24 0 R 25 0 R 26 0 R 27 0 R 28 0 R 29 0 R 30 0 R 31 0 R 32 0 R << /Pg 238 0 R /S /LI << >> << 118 0 obj endobj /S /LBody >> >> >> /Lang (EN-US) /K 14 /S /P 197 0 obj There are at least four biases that can let a belief about a desired future state shape reality despite its disconnectedness from reality. /S /P /S /P /P 55 0 R /K 10 /Pg 258 0 R 46 0 obj /S /LBody >> endobj /K 9 /Count 5 >> >> 80 0 R 81 0 R 82 0 R] /Type /MCR According to the March 2018 statement from the SEC, Theranos, . 229 0 obj /Lang (EN-US) endobj << The effects of cheating in the service of good are not only treacherous for those who cheat, but also for those who interact and deal with the cheaters. /K 14 Morever, Holmes needs to grow a . /Lang (EN-US) The tests performed on Theranos technology, in addition, were likely to contain inaccurate and unreliable results. << /K 28 /P 59 0 R The next witness was Erika Cheung, who was hired by Theranos out of undergrad as a lab associate. /Type /StructTreeRoot >> << /S /P The indictment charges each defendant with two counts of conspiracy to commit wire fraud, in violation of 18 U.S.C. Bundled together, these biases not only warped Holmes sense of truth, but they likely slanted the perspective of key stakeholders who were attracted to the many promises made by Theranos. 205 0 obj /K 119 0 R endobj endobj 188 0 obj >> >> >> !xRnE1$g9`8\\5g1^"z+. With endobj 392 0 obj endobj /K 12 /Pg 249 0 R /Rotate 0 That journey ended not, as it could have been, when the promises of its vision delivered their potential, but it ended when somebody, finally, brought reality into the picture. But what may be less intuitive is the effect that such optimism likely had on the ability of the companys senior leadership to consider the implications of their decisions and following actions. endobj /Pg 257 0 R 4 [null null 131 0 R null null null 132 0 R null null null endobj >> /K 4 None of the information on this page has been provided or approved by Theranos. << 190 0 obj Here's Robert Leach, assistant U.S. attorney, who is prosecuting the case against Holmes: "This is a case about fraud, about lying and cheating to get money," Leach says. endobj >> /P 8 0 R 369 0 obj /CropBox [0 0 612 792] /Annots [] /P 55 0 R endobj endobj /Contents [465 0 R 466 0 R 467 0 R] 316 0 obj /S /LBody /K 21 null null 136 0 R null null null 137 0 R null null] /MediaBox [0 0 612 792] >> /Contents [449 0 R 450 0 R 451 0 R] /P 380 0 R endobj >> endobj /K 34 endobj << << /S /P /K 226 0 R /Pg 256 0 R endobj While some are vague affirmations, others can sharpen employees' minds and give them a sense of identity and belonging. 131 0 obj << /P 8 0 R /P 358 0 R /P 8 0 R >> endobj /P 269 0 R << 194 0 R null null null 195 0 R null null null 196 0 R null 134 0 obj /Lang (EN-US) /S /LI << endobj Walgreens ended its blood-testing partnership with the company, and the Department of Health and Human Services effectively banned Theranos in 2016 from doing any blood testing work at all. /Rotate 0 /P 300 0 R << >> /K 26 /S /LI >> 145 0 R null null null 146 0 R null null null 147 0 R null << << << >> << n. o s /) was an American privately held corporation that was touted as a breakthrough health technology company. /K 2 /Rotate 0 /P 59 0 R endobj /P 50 0 R University Mission Statement. >> >> >> /S /P /Annots [] >> 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. Theranos founder and CEO Elizabeth Holmes speaks at the Fortune Global Forum in San Francisco, California, on Monday, Nov. 2, 2015. /S /LBody /K 2 /S /LBody << /Pg 235 0 R /Pg 256 0 R endobj endobj She already settled with the Securities and Exchange Commission (SEC) for a $500,000 penalty and 10-year ban on serving as an officer or director of a public company. /StructParents 2 /S /LI >> endobj << /P 51 0 R /P 48 0 R << 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 Theranos employees are most likely to be members of the Democratic Party. /P 48 0 R /K 49 346 0 obj 49 0 obj /K 9 endobj 318 0 obj /S /LBody Mutual Fund and . << /K 16 >> /P 8 0 R 152 0 obj . /Pg 248 0 R endobj /CropBox [0 0 612 792] endobj << /MCID 2 /Lang (EN-US) << About us Our mission is to make actionable information accessible to everyone at the time it matters. /S /P Surprisingly, few paid much attention to that unchecked gap before the truth began to come out. endobj /S /LBody /Pg 237 0 R /K 131 0 R >> /P 48 0 R 22 [70 0 R 71 0 R 72 0 R 73 0 R 74 0 R 75 0 R 76 0 R 77 0 R 78 0 R 79 0 R In the end, the innovations Theranos was after were not only meant for its own success but to secure a better future for millions of people. << 137 0 obj /Pg 257 0 R There is no try', stolen from . /MediaBox [0 0 612 792] /Lang (EN-US) endobj >> 67 0 obj /K 4 2023 Cond Nast. /Type /Page /S /P /S /LBody 28 0 obj 358 0 obj >> /CropBox [0 0 612 792] /ITXT (2.1.7) /K 6 /Lang (EN-US) /P 290 0 R << /S /LI /S /LI << /Pg 235 0 R /S /LI /Pg 235 0 R 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] 110 0 obj /K 8 >> /Type /MCR << /S /LBody endobj /K 217 0 R /Pg 251 0 R endobj /S /LI /S /LI endobj The defendants are charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. /P 268 0 R /Pg 235 0 R /Rotate 0 /Annots [] 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 . 18 0 obj >> Nies was hired at Theranos in March 2015 for $185,000 a year to be the senior manager of customer service and call center operations at the company's headquarters in Palo Alto, Calif., according . /S /LI /S /P /Lang (EN-US) /Pg 257 0 R

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