252 0 obj /Lang (EN-US) endobj /S /LI /Lang (EN-US) endobj /Pg 258 0 R The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. 85 0 obj /StructParents 7 /Pg 237 0 R 165 0 R null null null 166 0 R null null null null 167 0 R 178 0 obj /S /P /S /P >> /S /LBody << endobj endobj 23 [83 0 R 84 0 R 85 0 R 86 0 R 87 0 R 88 0 R 89 0 R 90 0 R 91 0 R 92 0 R 248 0 obj >> /K 132 0 R Indication(s) for use: Same as the intended use 3. /P 8 0 R This district, led by Silicon Valley, is at the center of modern technological innovation and entrepreneurial spirit; capital investment makes that possible. /Count 24 /K 127 0 R >> /Pg 245 0 R /P 326 0 R /Tabs /S Legal Statement. /Pg 235 0 R The rise and fall of Theranos: A timeline - CNN endobj /P 48 0 R . 392 0 obj /Pg 240 0 R Theranos took shortcuts as blood-testing technology failed, prosecutors /CreationDate (D:20180314084127-07'00') /K 10 << /K [304 0 R 305 0 R 306 0 R 307 0 R 308 0 R 309 0 R 310 0 R 311 0 R 312 0 R 313 0 R /Contents [465 0 R 466 0 R 467 0 R] /Annots [] Nov 16, 2021, 6:17 PM PST. /S /LI /Lang (EN-US) << << << /Pg 243 0 R 277 0 obj /Pg 257 0 R 345 0 obj endobj << endobj /Lang (EN-US) Theranos representeda potential disruptor to costly and quasi-monopolistic healthcare players that would help people get the right cure at the right time. /S /LBody /Pg 255 0 R << /K 185 0 R endobj /K 6 /Pg 241 0 R << >> << endobj 271 0 obj /S /LI endobj >> /Type /Page In many ways, Theranos is the embodiment of Silicon Valley startup culture. null null 127 0 R null null 45 0 R null null 128 0 R null 24 0 obj /Contents [473 0 R 474 0 R 475 0 R] << /P 378 0 R /Kids [245 0 R 246 0 R 247 0 R 248 0 R 249 0 R] endobj /S /LI endobj /Rotate 0 /Rotate 0 226 0 obj Theranos's mission statement is "To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives.". Elizabeth Holmes and her ill-fated blood-testing start up, Theranos, are the subjects of the latest exceptional read. << << /S /LI >> Elizabeth Holmes and Theranos: How "The Change in Healthcare" Turned /P 51 0 R /P 55 0 R /Pg 235 0 R >> >> /S /P 3553. << >> >> /Pg 254 0 R /K 12 292 0 obj >> << /Lang (EN-US) 238 0 obj /K 24 >> 344 0 obj /P 55 0 R << endobj << 224 0 obj 259 0 obj /MediaBox [0 0 612 792] 51 0 obj endobj >> /Tabs /S /S /LI The Theranos story has been turned into an HBO . 114 0 obj /S /LI << << The extraordinary entrepreneur on Fortune's June cover explains her mission and opportunity aheadWant to see more Fortune Video? /CropBox [0 0 612 792] >> /MediaBox [0 0 612 792] /Pg 243 0 R /P 8 0 R /S /LI Holmes only canceled the trip after prosecutors contacted Holmes attorneys about the unauthorized flight, prosecutors said. /Resources 496 0 R endobj 327 0 obj /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 203 0 obj /Pg 254 0 R 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. /P 263 0 R /K 10 /Pg 255 0 R /K [24 387 0 R] << /P 265 0 R << endobj << >> >> /Pg 252 0 R /K 14 Theranos Was Losing Hundreds Of Millions As Elizabeth Holmes Talked Up << It then allegedly used those articles to generate financial interest. endobj >> Elizabeth Holmes is the founder and former CEO of Theranos (2003-2018), a company that created and distributed blood testing devices. /Pg 236 0 R Fear a Culture of Fear. 290 0 obj endobj endobj /P 39 0 R endobj /A 259 0 R endobj endobj 305 0 obj << /S /TD >> If convicted, they could each face maximum penalties of 20 years in prisona $2.75 million fine and possiblyrestitution, the Department of Justice said. /Pg 255 0 R /Resources 456 0 R /S /LBody null] /S /LI /S /LBody /Lang (EN-US) 340 0 obj Northern District of California, FOR IMMEDIATE RELEASEFriday,June 15, 2018, Elizabeth Holmes and Ramesh Sunny Balwani Are Alleged to Have Perpetrated Multi-million Dollar Schemes to Defraud Investors, Doctors, and Patients. /Pg 244 0 R 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 363 0 obj << /P 288 0 R 311 0 obj /K 21 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. /Pg 257 0 R 192 0 obj /Lang (EN-US) /StructParents 16 We all knew it was coming. /Pg 235 0 R /Pg 238 0 R The Securities and Exchange Commission today charged Silicon Valley-based private company Theranos Inc., its founder and CEO Elizabeth Holmes, and its former President Ramesh "Sunny" Balwani with raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company's technology, business, and financial . For example, the defendants represented to investors that Theranos conducted its patients tests using Theranos-manufactured analyzers; when, in truth, Holmes and Balwani knew that Theranos purchased and used for patient testing third party, commercially-available analyzers. << 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. endobj >> /P 8 0 R Surprisingly, few paid much attention to that unchecked gap before the truth began to come out. /Pg 255 0 R /Lang (EN-US) endobj /K 22 endstream /S /LI >> << endobj 145 0 obj /P 8 0 R << /Tabs /S endobj /K 162 0 R /S /LBody /Type /Pages Easy acce View the full answer /Pg 256 0 R /Pg 235 0 R /Lang (EN-US) 117 0 obj /S /LBody 397 0 obj /S /LI Elizabeth Holmes looms large on first day of Sunny Balwani's Theranos >> /S /LI << endobj 4 [null null 131 0 R null null null 132 0 R null null null /K 0 /Pg 253 0 R << /P 48 0 R In reality, Theranos couldn't perform more than 12 tests on its Edison devices, former lab . /Pg 243 0 R /Lang (EN-US) >> endobj /S /P << endobj /P 260 0 R endobj 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. /Pg 246 0 R 75 0 obj Theranos eventually settled that matter with the government, voluntarily closing all of its labs. endobj /Lang (EN-US) 240 0 obj /P 8 0 R /S /LBody /MCID 2 /P 48 0 R /P 327 0 R >> About Columbia | Columbia University in the City of New York /S /Table 6 [null null 143 0 R null null null 144 0 R null null null >> << << /P 34 0 R endobj /K 177 0 R /S /LBody endobj /K 10 endobj endobj /S /LI /Pg 256 0 R /P 8 0 R << << 129 0 obj The . /P 8 0 R /Pg 249 0 R 257 0 obj /Lang (EN-US) /K [368 0 R 369 0 R 370 0 R 371 0 R 372 0 R 373 0 R] Subscribe to our channelhttp. Adobe PDF Library 15.0; modified using iText 2.1.7 by 1T3XT << << endobj 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. /Type /Page /P 54 0 R /S /LI /P 289 0 R /Lang (EN-US) /Resources 440 0 R 3 [null null 125 0 R null null 43 0 R null null 126 0 R null endobj /K 216 0 R >> >> /P 349 0 R /P 338 0 R endobj /S /LI /K 4 /S /LBody endobj << endobj /S /L >> << /Lang (EN-US) 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. /Pg 247 0 R << << 140 0 obj /Resources 460 0 R /Parent 5 0 R The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. >> 205 0 obj /P 48 0 R Elizabeth Holmes finishes testifying in Theranos trial - The Washington endobj /P 42 0 R /K 203 0 R 286 0 R 287 0 R 288 0 R 289 0 R 290 0 R 291 0 R 292 0 R 293 0 R 294 0 R 295 0 R /S /LI /Annots [] 131 0 obj /P 316 0 R >> 1343. >> The two pleaded not guilty to wire fraud and conspiracy to commit wire fraud. endobj Elizabeth Holmes dropped out of Stanford in 2003 as a 19-year-old to start Theranos. 30 0 obj /CropBox [0 0 612 792] << /K 15 /Pg 251 0 R >> 135 0 obj endobj /S /LBody >> endobj /Pg 243 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 . /Lang (EN-US) endobj /Rotate 0 /Resources 472 0 R endobj 31 0 obj /P 8 0 R >> /Lang (EN-US) >> << >> /S /P It's unclear . << endobj /K 228 0 R /K 124 0 R /K 142 0 R /S /LI << /K 390 0 R The startup was founded in Feb. 2014, was headquartered in Palo Alto, Calif., according to Bloomberg. 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 This material may not be published, broadcast, rewritten, or redistributed. /Lang (EN-US) /P 8 0 R /Lang (EN-US) 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 After all, one of Theranos top achievements was the very idea Holmes herself had developed an idea she never put through the rigor of scientific testing before defining its contours. /S /LBody 123 0 R null null null 124 0 R null null] All rights reserved. null null 225 0 R null null null 226 0 R null null null /P 304 0 R /Parent 14 0 R >> endobj stream << 26 0 obj /P 50 0 R /K 22 endobj /K 14 "I was taken with the idea . /Lang (EN-US) << In addition, the defendants delivered to doctors and patients blood results that were inaccurate, unreliable, and improperly validated. 1 endobj While working at Theranos, Cheung sent an email to others in the company, sharing her concerns about the Edison machines. /K 10 >> 151 0 obj /P 50 0 R /K 3 /Parent 5 0 R /Pg 256 0 R << Theranos is in the biotechnology industry. endobj << The fact that key stakeholders at Safeway remained upbeat despite the arrogant and secretive behaviors of Theranos executives and the lack of any real hard proof associated with many of the claims Theranos was making is extremely revealing. According to a statement from the SEC, "Theranos, Holmes, and Balwani made numerous false and misleading statements in investor presentations, product demonstrations, and media articles by which they deceived investors into believing that its key productcould conduct comprehensive blood tests from finger drops of blood, revolutionizing the . /Parent 14 0 R << endobj /K 14 /Pg 255 0 R /K 10 /S /P /P 303 0 R /Pg 246 0 R We just didn't know what new form it would take. /S /P Former Theranos board member, investor testifies against Elizabeth /K [18 385 0 R] endobj /S /LBody /Parent 14 0 R << endobj /Type /Page /K 213 0 R endobj 334 0 obj /K 14 endobj /S /LBody /S /LI /P 293 0 R /MediaBox [0 0 612 792] 64 0 obj << /Pg 255 0 R /StructParents 10 /Lang (EN-US) /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] /K 193 0 R /Parent 14 0 R 102 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. endobj /K 20 >> /Bibliography /BibEntry << /S /LI /S /P >> 312 0 obj Theranos founder Elizabeth Holmes arrives at San Jose court over alleged fraud. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated 1/1/20) and Privacy Policy and Cookie Statement (updated 1/1/20) and Ars Technica Addendum (effective 8/21/2018). << endobj . >> endobj /Pg 254 0 R endobj /Pg 249 0 R >> >> /Lang (EN-US) /S /LI endobj /K 2 U.S. Attorneys Office >> << After Cheung went to the federal government, Theranos hired a private detective to spy on her, according to court documents released last week. /K 6 13 [null null 178 0 R null null null 179 0 R null null null >> /K 10 << THERANOS FOUNDER ELIZABETH HOLMES IN COURT; ANATOMY OF A FRAUD. The indictment further alleges that Holmes and Balwani knew that many of their representations about the analyzer were false. /Lang (EN-US) >> << /K 14 /K [374 0 R 375 0 R 376 0 R 377 0 R 378 0 R 379 0 R] 88 0 obj According to Temporal Construal Theory, a compelling, unfulfilled mission can trigger this type of operational myopia. << 188 0 obj endobj /S /P Mission statement examples: 16 of the best to inspire you /S /LI endobj /Type /MCR /S /LBody endobj /CropBox [0 0 612 792] << /S /P /K 149 0 R endobj 15 0 obj 95 0 obj Jumping off the track ends not with a win for consumers, physicians, investors and the company but with charges from the DOJ and the SEC. /S /LBody >> Theranos whistleblower toasted Elizabeth Holmes verdict - New York Post /MediaBox [0 0 612 792] Claiming and updating your company profile on Zippia is free and easy. >> << << /Resources 484 0 R endobj /S /LBody /Lang (EN-US) /CropBox [0 0 612 792] /S /LBody endobj >> Hot Startup Theranos Has Struggled With Its Blood-Test Technology In fact, Yam relied heavily on Holmes for financial projections. /Lang (EN-US) endobj >> /Pg 235 0 R endobj The defendants claimed the analyzer was able to perform a full range of clinical tests using small blood samples drawn from a finger stick. In court documents, federal prosecutors have said Holmes is a flight risk. The startup entrepreneurial spirit is selling a vision of a fictional product - a product that does not yet exist. /S /P /Tabs /S /P 274 0 R << /K [10 392 0 R] endobj endobj /Pg 252 0 R 175 0 obj endobj /Pg 238 0 R /S /LI uuid:f59fd1a5-0a21-408a-99c1-079770aebbbd /Rotate 0 << The Theranos HSV-1 IgG Assay is for use with the Theranos System which performs automated sample processing steps and result analysis. Several months later, with encouragement from her professor, Channing Robertson, Holmes quit Stanford. /Resources 420 0 R /StructParents 22 /K 24 << /Annots [] 352 0 obj /MarkInfo 2 0 R /K 14 /S /P 142 0 obj << Answer 1. endobj He . /P 48 0 R /Pg 238 0 R /P 51 0 R endobj endobj /P 393 0 R /TextBox /Art << 66 0 obj << 310 0 obj /Type /Page /S /LI /S /LBody endobj << /S /P 354 0 obj /K 144 0 R PDF 1 JINA L. CHOI (NY Bar No. 2699718) ERIN E. SCHNEIDER (Cal. Bar - SEC /P 48 0 R << Theranos was a private health care company, with a mission to revolutionize lab testing through innovative methods for drawing blood, testing blood, and interpreting resulting patient data. 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. /P 8 0 R Employees in the top 10 percent can make over $68,000 per year, while employees at the bottom 10 percent earn less than $28,000 per year. /Pg 247 0 R /S /LI >> /K 170 0 R << Theranos was a privately held healthcare technology company founded by then 19-year-old Elizabeth Holmes in 2003. /S /LBody >> /S /LI >> >> 100 0 obj 208 0 obj /Lang (EN-US) << 60 0 obj >> << Elizabeth Holmes wants to delay her prison sentence after giving birth /S /LBody Researchshows that unethical conduct is more likely when people are tempted with the opportunity to cheat on behalf of a good cause, and that cheaters may feel more at ease with their own behavior if they cheat on behalf of the common good. 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] /Lang (EN-US) /K 163 0 R endobj << : 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. << /S /LI << /P 8 0 R << 55 0 obj /Pg 256 0 R It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. /Lang (EN-US) /S /LBody /K 8 endobj >> In a reply, Holmes said she was projecting $100 million for 2015, nearly ten times less than what she told investors at one point. /P 40 0 R /Parent 13 0 R /Resources 464 0 R /Pg 250 0 R endobj Holmes, Balwani, and Theranos also made false or misleading statements to investors about many aspects of Theranos' business, including the capabilities of its proprietary endobj endobj 364 0 R 365 0 R 366 0 R 367 0 R] >> 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. 284 0 obj 321 0 obj /P 51 0 R /P 8 0 R << /MCID 2 /P 344 0 R /Pg 235 0 R << /Lang (EN-US) /K 14 null null 214 0 R null null] >> >> /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /K 18 << endobj Carreyous account of Safeways engagement with Theranos is powerful. endobj . endobj /Lang (EN-US) The mission statement of Theranos is stated as, "To make actionable information accessible to everyone at the time that it matters". /Pg 235 0 R >> /Pg 248 0 R /K 18 /S /LBody /Lang (EN-US) 365 0 obj /Type /Page /Lang (EN-US) /BBox [79.9440002441 274.9559936523 453.9599914551 398.8439941406] /Lang (EN-US) /Pg 236 0 R /K 169 0 R /Parent 13 0 R << Based in Palo Alto, CA, Theranos is a small health care company with only 100 employees and an annual revenue of $55.3M. << /Tabs /S /K 3 /Pg 256 0 R >> /K 36 Entrepreneurship lives in the realm of threading between the present and the future. Holmes said she was inspired to start the company in response to her fear of needles. /P 285 0 R << << Theranos burned through $2M a week as investors were given rosy

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