<< 1 0 obj endobj /S /P /Lang (EN-US) << >> /S /P 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. /P 48 0 R endobj >> /S /LI >> 115 0 obj endobj endobj /K 21 /MediaBox [0 0 612 792] /Pg 249 0 R /P 376 0 R >> /P 48 0 R 187 0 obj >> /P 336 0 R << /K 188 0 R 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. << /CropBox [0 0 612 792] >> 1349, and nine counts of wire fraud, in violation of 18 U.S.C. /P 40 0 R >> >> << This district, led by Silicon Valley, is at the center of modern technological innovation and entrepreneurial spirit; capital investment makes that possible. << endobj /K 49 298 0 obj << null 233 0 R null null null 234 0 R null null 64 0 R 65 0 R /Underline /Span null null 191 0 R null null null 192 0 R null null] Holmes was found guilty on four felony fraud counts associated with a loss to victims of at least $120 million. /Lang (EN-US) 303 0 obj 262 0 obj /S /LBody /Lang (EN-US) Balwani, 53, of Atherton, Calif., was employed at Theranos from September of 2009 through 2016. 201 0 obj << /K 18 << /P 48 0 R << /S /LI /S /LBody /K 22 << The site is secure. << >> /CropBox [0 0 612 792] endobj endobj /Pg 242 0 R 351 0 obj endobj None of the information on this page has been provided or approved by Theranos. /K 138 0 R << << >> /Lang (EN-US) /S /LI Theranos presenting poster on an investigational ELISA for the serodiagnosis of #Zika virus infection - today at the American Society of Tropical Medicine & Hygiene . /P 299 0 R endobj endobj 153 0 obj /Lang (EN-US) << 16 0 obj 113 0 obj /S /LBody Instead of sticking with them, Holmes and her team could have put an equal amount of energy and ingenuity into developing a safe user-friendly technique to draw the adequate amount of blood necessary. /K 28 /TextBox /Art 65 0 R 66 0 R 67 0 R 68 0 R 69 0 R 70 0 R 71 0 R 72 0 R 73 0 R 74 0 R 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. /Parent 11 0 R << >> << Did you ever provide financial projections to investors? Robert Leach, an assistant US attorney,asked Yam. /K 28 << Easy acce View the full answer /S /L /Lang (DE-DE) << << 271 0 obj /K 7 endobj endobj We all knew it was coming. >> /P 50 0 R /P 393 0 R overstating the extent of Theranos' relationships with commercial partners and government entities, to whom they had also made misrepresentations . "I was taken with the idea . /CropBox [0 0 612 792] /K 191 0 R The indictment alleges Holmes and Balwani defrauded doctors and patients by making false claims concerning Theranoss ability to provide accurate, fast, reliable, and cheap blood tests and test results, and through omissions concerning the limits of and problems with Theranoss technologies. /Lang (EN-US) endobj 192 0 obj endobj /K [26 388 0 R] >> << /S /P << /Kids [235 0 R 236 0 R 237 0 R 238 0 R 239 0 R] >> 234 0 obj /K 2 endobj << << Before sharing sensitive information, make sure you're on a federal government site. /Lang (EN-US) >> << /Lang (EN-US) Theranos's mission statement is "Our mission is to make actionable information accessible to everyone at the time it matters". Doctors began using Theranos testing devices to diagnose patients and dispense medical advice. >> /Pg 257 0 R /S /L endobj 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. /P 374 0 R /Annots [] /Rotate 0 << 242 0 obj But Theranos shared very little about its blood-testing machine with the public or medical community. /P 344 0 R 83 0 obj endobj endobj << 4 0 obj Theranos is a now-defunct healthcare technology startup founded by disgraced Stanford drop-out Elizabeth Holmes . << /S /LI << /Resources 416 0 R /Pg 250 0 R /K 34 /K 126 0 R /CropBox [0 0 612 792] /Pg 256 0 R /Lang (EN-US) << /Parent 11 0 R << >> << Total losses surpassed $800 million, prosecutors said. Holmes will head to trial starting Aug. 4, and Balwani will be tried afterthe conclusion of Holmes case, Bloomberg reported. /S /P /Pg 238 0 R endobj 344 0 obj endobj /S /LBody /P 48 0 R /P 358 0 R endobj /Strikeout /Span 15 0 obj << endobj /K 118 0 R << x+ | endobj 250 0 obj /Type /Page /K 22 /S /P 260 0 obj /S /LBody /S /LI endobj 323 0 obj 104 0 obj endobj /Type /MCR 272 0 obj /Pg 253 0 R /P 50 0 R >> /Length 501 0 R /Rotate 0 394 0 obj 320 0 obj /K 157 0 R /K 25 /P 59 0 R /P 278 0 R /P 171 0 R endobj /Pg 258 0 R /K 21 >> >> /K 22 /Pg 245 0 R /Lang (EN-US) << endobj << By 2017, scientific and medical and technical boards were established. /Type /Page /P 48 0 R 5 0 obj << /Pg 240 0 R /P 260 0 R >> /S /P /Lang (EN-US) 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. Although it is a merger of two major companies in 2015, Kraft Heinz's mission and vision statements retain the critical elements and objectives contained in the mother firms - H.J. endobj /Diagram /Figure 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 /S /LI /Lang (EN-US) /S /LBody /P 281 0 R /Resources 476 0 R The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. /P 8 0 R >> 103 0 obj endobj 300 0 obj /P 54 0 R 330 0 obj endobj endobj /S /LBody /P 8 0 R << Just 12 tests were performed on Edison devices, and the Edison analyzer could only run one type of test for one patient at a given time, she said. endobj >> /K 13 endobj endobj endobj /P 8 0 R << Theranosonce valued at approximately $10 billionis no more. /Lang (EN-US) /Kids [250 0 R 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R 257 0 R 258 0 R] /S /Sect << endobj /K 173 0 R << 189 0 obj /K 216 0 R << /S /LI endobj endobj >> << << 76 0 obj /P 50 0 R /P 300 0 R /Contents [477 0 R 478 0 R 479 0 R] /S /LBody Both defendants appeared today before U.S. Magistrate Judge Susan van Keulen for their initial appearances. /Annots [] endobj >> /Pg 250 0 R /S /LI /Tabs /S /P 48 0 R >> /Lang (EN-US) endstream /S /LI Similarly, defendants purchased and used commercially-available analyzers to test patient blood, while representing to investors that Theranos conducted its patients tests using Theranos-manufactured analyzers. 217 0 R null null null 218 0 R null null null 219 0 R null /Lang (EN-US) >> /P 338 0 R << 154 0 R null null null 155 0 R null null null 156 0 R null /Pg 237 0 R >> /Pg 256 0 R Mission Statement. /S /LI >> Your California Privacy Rights | Do Not Sell My Personal Information /P 59 0 R null null 225 0 R null null null 226 0 R null null null /P 50 0 R 75 0 obj /Type /MCR 310 0 obj /Type /MCR >> /MediaBox [0 0 612 792] /K 10 Subscribe to our channelhttp. 161 0 obj /P 378 0 R endobj /Lang (EN-US) >> /Type /Pages /MCID 2 /P 8 0 R 74 0 obj /Lang (EN-US) 118 0 obj The defendants are charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. << 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. /P 8 0 R /Lang (EN-US) endobj << endobj << "Sunny Balwani did not start Theranos," said the lawyer . /P 390 0 R /Lang (EN-US) 290 0 obj /StructParents 20 34 0 obj 2023 Cond Nast. << . << /S /LBody << >> >> /K 140 0 R In 2013, things had "started to get a bit tight," Yam said. >> /Lang (EN-US) /Lang (EN-US) endobj /P 361 0 R >> /P 59 0 R /S /LBody endobj Mutual Fund and ETF data provided byRefinitiv Lipper. << /StructParents 4 /S /P 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. /K 2 We calculated the performance score of companies by measuring multiple factors, including revenue, longevity, and stock market performance. /Pg 249 0 R endobj In many ways, Theranos is the embodiment of Silicon Valley startup culture. endobj endobj /Contents [445 0 R 446 0 R 447 0 R] /Lang (EN-US) << /Pg 235 0 R /S /LBody >> /K 174 0 R /K 10 /P 8 0 R /Contents [398 0 R 399 0 R 400 0 R 401 0 R 402 0 R 403 0 R 404 0 R 405 0 R 406 0 R 407 0 R] /Lang (EN-US) /Lang (EN-US) There is no try', stolen from . /P 8 0 R /Tabs /S /P 8 0 R >> /O /Layout /P 8 0 R With /S /LBody >> /Lang (EN-US) 257 0 obj /Lang (EN-US) /P 50 0 R /Pg 241 0 R endobj << << << << 237 0 obj /K 2 /P 54 0 R /S /LBody /Lang (EN-US) Theranos' mission was "to make actionable health information accessible to people everywhere in the world, at the time they most need it." It was a lofty, inspiring, and valiantly unifying purpose, . /P 48 0 R endobj /Tabs /S >> /S /LBody << /Pg 235 0 R /P 8 0 R /K [368 0 R 369 0 R 370 0 R 371 0 R 372 0 R 373 0 R] /Pg 235 0 R endobj 229 0 obj /K 136 0 R /P 51 0 R It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. 173 0 obj endobj Avoid simply listing what your company does and shift your focus to the bigger picture: what guides your company strategy and inspires your workforce. 92 0 obj /Parent 13 0 R << /Type /Page /Pg 257 0 R /Pg 257 0 R << endobj /Tabs /S /Rotate 0 The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. 332 0 obj /Annots [] An official website of the United States government. /Lang (EN-US) "That's a crime . The defendants nevertheless used interstate electronic wires to purchase advertisements intended to induce individuals to purchase Theranos blood tests at Walgreens stores in California and Arizona. endobj /P 50 0 R >> << /K 7 /K 6 << << /Lang (EN-US) << 17 0 obj << >> Answer 1. /S /LBody endobj /P 316 0 R /P 317 0 R /K 134 0 R endobj /Type /Page 287 0 obj /P 339 0 R /K [273 0 R 274 0 R] /Pg 249 0 R Elizabeth Holmes donated Elizabeth Holmes, the infamous biotech chief executive who promised to revolutionize blood testing, has been found guilty of fraud. 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. /S /LI << 166 0 obj /K 229 0 R endobj /Contents [461 0 R 462 0 R 463 0 R] >> /Pg 248 0 R Getty Images. 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. 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. 8 0 obj >> Learn about working at Theranos from employee reviews and detailed data on culture, salaries, demographics, management, financial, and more. null null 121 0 R null null null 122 0 R null null null endobj >> 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. endobj << >> /P 42 0 R << endobj << << /K 232 0 R /S /LBody endobj /P 303 0 R >> Join the Ars Orbital Transmission mailing list to get weekly updates delivered to your inbox. /P 63 0 R null null null null 168 0 R null null null 169 0 R null endobj /Lang (EN-US) >> 6 [null null 143 0 R null null null 144 0 R null null null >> /K 22 /P 8 0 R /S /P >> /Lang (EN-US) Holmes faces up to 20 years in prison. She pitched its technology as a cheaper way to run dozens of blood tests with just a prick of a finger and a few droplets of blood. /Parent 14 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 /S /P /S /P /CropBox [0 0 612 792] /S /L 167 0 obj /P 266 0 R /K 3 /P 48 0 R 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. /Endnote /Note /S /LI /Lang (EN-US) Leaving Little Space for Inspiration. 110 0 obj /P 59 0 R /Pg 241 0 R /P 381 0 R << /CropBox [0 0 612 792] /S /P /Lang (EN-US) << /P 8 0 R But constantly focusing on a desired future state may have the effect of giving extra highlight to the positives of a distant vision at the expense of the operational challenges that are taking place in the here and now. /S /LI /Lang (EN-US) 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 /S /LBody /Rotate 0 << null null 220 0 R null null null 221 0 R null null] endobj << /K 6 Claiming and updating your company profile on Zippia is free and easy. /P 381 0 R /Tabs /S /Tabs /S 266 0 obj endobj /Lang (EN-US) endobj 38 0 obj /S /LBody /P 50 0 R /S /LI 94 0 obj >> /K 10 /P 3 0 R endobj << /Pg 258 0 R /Superscript /Span << endobj /S /P endobj >> /S /LBody (REUTERS/Carlo Allegri). endobj endobj << 73 0 obj 340 0 obj /K 16 /Rotate 0 296 0 obj While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. /S /P << /S /LI >> 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. << /Annots [] /P 8 0 R 210 0 obj >> >> /K 227 0 R Theranos wanted to make detailed blood sample analysts accessible to all doctors in a timely manner. 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. Theranos' mission: a blood test requiring only a pinprick of blood, enough to run dozens of medical tests on the startup's hi-tech machines. endobj /S /LI null null 127 0 R null null 45 0 R null null 128 0 R null endobj /S /LBody /S /LI << >> 283 0 obj >> Elizabeth Holmes (Reuters); Ramesh "Sunny" Balwani (Getty Images). >> /Lang (EN-US) /Parent 14 0 R >> /P 330 0 R /Lang (EN-US) The Theranos founder intentionally deceived investors, a US . /Pg 235 0 R 158 0 obj null null null 231 0 R null null null 232 0 R null null endobj 36 0 obj /K 220 0 R . >> /Lang (EN-US) /K 167 0 R 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. /Rotate 0 An indictment merely alleges that crimes have been committed, and the defendants are presumed innocent until proven guilty beyond a reasonable doubt. 85 0 R 86 0 R 87 0 R 88 0 R 89 0 R 90 0 R 91 0 R 92 0 R 93 0 R] /S /LBody endobj 324 0 obj endobj /Annots [] /S /P /Annots [] /MediaBox [0 0 612 792] /S /LI /Pg 254 0 R The data presented on this page does not represent the view of Theranos and its employees or that of Zippia. The Theranos HSV-1 IgG Assay is for use with the Theranos System which performs automated sample processing steps and result analysis. /P 8 0 R >> Here are three culture takeaways from the Theranos scandal that are relevant to all leaders and employees. /Lang (EN-US) /Contents [489 0 R 490 0 R 491 0 R] Cheungs testimony continues today. 154 0 obj /Pg 254 0 R /Producer (Adobe PDF Library 15.0; modified using iText 2.1.7 by 1T3XT) /P 295 0 R << /Lang (EN-US) 352 0 obj 220 0 obj << /Tabs /S /K 2 << >> << And at least one employee told the financial newspaper Theranos executivesdid not report test results that would have caused concerns about the machines accuracy. /Lang (EN-US) Theranos Inc. (/ r. 149 0 R null null null 150 0 R null null null 151 0 R null The tests performed on Theranos technology, in addition, were likely to contain inaccurate and unreliable results. endobj 25 0 obj Balwani . 339 0 obj 16 [null null 199 0 R null null null 200 0 R null null null 2 0 obj endobj >> >> Assistant U.S. /Type /Page /K 14 292 0 obj /K 10 /Pg 235 0 R /K [24 387 0 R] /S /LI >> endobj /S /P /Type /Page << 3 min read. /S /LBody /Pg 240 0 R /MediaBox [0 0 612 792] 305 0 obj /K 130 0 R << /K 219 0 R /S /P 301 0 obj << /Lang (EN-US) << endobj Through these advertisements, the defendants explicitly represented to individuals that Theranoss blood tests were cheaper than blood tests from conventional laboratories to induce individuals to purchase Theranoss blood tests. /Contents [421 0 R 422 0 R 423 0 R] /P 8 0 R endobj /S /LI endobj endobj /CropBox [0 0 612 792] /P 55 0 R 29 0 obj /P 55 0 R /S /LBody /P 269 0 R endobj /Type /Page /P 319 0 R /P 51 0 R endobj 235 0 obj /Resources 444 0 R /Lang (EN-US) << The indictment alleges that the defendants used a combination of direct communications, marketing materials, statements to the media, financial statements, models, and other information to defraud potential investors. /Contents [437 0 R 438 0 R 439 0 R] /P 51 0 R 179 0 obj >> /K 10 /Pg 235 0 R << endobj 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. /K 0 /S /LBody 107 0 obj 145 0 R null null null 146 0 R null null null 147 0 R null /K 31 /S /P 343 0 obj Starbucks: Inspire and nurture the human spirit - one person, one cup and one neighborhood at a time. /P 8 0 R /InlineShape /Figure /K [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 24 0 R Nov 16, 2021, 6:17 PM PST. /Contents [417 0 R 418 0 R 419 0 R] /S /LBody << /Type /Pages << 267 0 obj >> /Rotate 0 endobj << endobj << /Parent 13 0 R >> In the age of corporate purpose, the mission statement serves as a reminder of why an organization exists. endobj /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 endobj /P 389 0 R /MediaBox [0 0 612 792] /Pg 257 0 R /CropBox [0 0 612 792] /P 51 0 R 21 [60 0 R 61 0 R 62 0 R null null 229 0 R null null null 230 0 R While some are vague affirmations, others can sharpen employees' minds and give them a sense of identity and belonging. 274 0 obj /P 8 0 R /Lang (EN-US) 379 0 obj << 67 0 obj >> 30 0 obj endobj endobj The matter was assigned to the Honorable Lucy H. Koh, U.S. District Judge, for further proceedings. >> We connect the world's decision makers to accurate information on the financial markets and help them make faster, smarter decisions. 334 0 obj /P 380 0 R /P 353 0 R /K 119 0 R /Parent 13 0 R /Pg 240 0 R >> /K 38 >> /MediaBox [0 0 612 792] 312 0 obj Department of Justice Elizabeth Holmes and her ill-fated blood-testing start up, Theranos, are the subjects of the latest exceptional read. 64 0 obj /Type /MCR /K 137 0 R endobj /K 14 1. The once-lauded businesswoman ultimately stepped down from the company, which announced in Sept. 2018 it would be closing. /Lang (EN-US) /S /LBody >> /S /LBody 117 0 obj /S /LI /S /P << flagrantly vague and often outright untruthful statements. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. /Contents [409 0 R 410 0 R 411 0 R] /K 9 /K 231 0 R /K 45 /P 8 0 R << endobj /K 228 0 R It included jury selection, opening statements, released text messages, and an unexpected . endobj endobj /K 221 0 R /Type /Page 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 /Lang (EN-US) endobj 276 0 obj Holmes, who founded Theranos in 2003 at age 19 with the lofty mission of revolutionizing blood testing, has pleaded not guilty. /Pg 243 0 R >> /K 132 0 R /K [262 0 R 263 0 R 264 0 R 265 0 R 266 0 R 267 0 R] /K 144 0 R << 279 0 obj /K 10 /Type /Pages /K 19 endobj >> /Type /Page 236 0 obj 227 0 R null null null 228 0 R null null] >> /K 37 /K 6 /K 213 0 R /P 55 0 R /S /LI The Theranos scandal has dominated headlines, and both fascinated and appalled readers worldwide, since John Carreyrou's shattering report first broke in 2015. /P 8 0 R /Pg 247 0 R Four years after the top two Theranos executives, Elizabeth Holmes and Ramesh "Sunny" Balwani, were first indicted together on a dozen federal fraud charges stemming from their time .