<< /S /LI /K 14 << /Type /Page /Metadata 4 0 R Both schemes involved efforts to promote Palo Alto, Calif.-based Theranos. All rights reserved. endobj /Type /Page 131 0 obj 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. /Pg 242 0 R /S /L endobj /Pg 238 0 R /K 2 /P 8 0 R >> /CropBox [0 0 612 792] << endobj /K 192 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. /Pg 235 0 R endobj endobj /P 50 0 R 9 0 obj /StructParents 4 /Lang (EN-US) /K 170 0 R /P 381 0 R /P 48 0 R << 47 0 obj 305 0 obj 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 /Parent 13 0 R >> /P 332 0 R 396 0 obj << /Lang (EN-US) 125 0 obj >> /S /LBody /P 166 0 R /Pg 236 0 R /Tabs /S /Type /Page 381 0 obj Though highly desirable, these significant features were not as instrumental in the fulfillment of Theranos vision as they were initially pledged. Holmes, Balwani, and Theranos also made false or misleading statements to investors about many aspects of Theranos' business, including the capabilities of its proprietary 69 0 obj /K 8 >> << >> << >> Adobe PDF Library 15.0; modified using iText 2.1.7 by 1T3XT 2018-03-14T09:02:10-07:00 >> It's unclear . >> /S /LBody /Rotate 0 /P 55 0 R /K 127 0 R /P 50 0 R endobj /S /P endobj /Lang (EN-US) 328 0 obj /K 196 0 R /P 51 0 R /S /P >> << 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. Theranos Mission Statement. 74 0 obj 265 0 obj << /P 51 0 R /S /L << Holmes will head to trial starting Aug. 4, and Balwani will be tried afterthe conclusion of Holmes case, Bloomberg reported. 311 0 obj /Parent 12 0 R /S /L /S /P /Pg 251 0 R Join the Ars Orbital Transmission mailing list to get weekly updates delivered to your inbox. /S /LBody In reality, Theranos couldn't perform more than 12 tests on its Edison devices, former lab . endobj /K 21 /K 136 0 R She had a charisma to her; she was very articulate,Cheung saidof Holmes. /K 233 0 R /K 28 /K 229 0 R Mission Statement. << Holmes, at one point the nations youngest self-made female billionaire, and her former chief operating officer Ramesh Balwani, were indicted by federal prosecutors in June 2018 and charged with two counts conspiracy to commit wire fraud and nine counts of wire fraud each. Elizabeth Holmes (Reuters); Ramesh "Sunny" Balwani (Getty Images). /Contents [477 0 R 478 0 R 479 0 R] << endobj /S /LI /S /P /S /LBody /P 34 0 R /S /LI endobj << /S /P /MediaBox [0 0 612 792] /S /LI /Lang (EN-US) endobj 267 0 obj endobj >> 7 0 obj Holmes, who founded Theranos in 2003 at age 19 with the lofty mission of revolutionizing blood testing, has pleaded not guilty. endobj /P 8 0 R Assistant U.S. /Tabs /S /Rotate 0 /Resources 416 0 R /S /P endobj << >> Entrepreneurship lives in the realm of threading between the present and the future. Balwani, who was convicted on 12 counts of fraud and conspiracy and sentenced to nearly 13 years in prison, is also seeking to remain free amidan appeal. /P 263 0 R /Contents [465 0 R 466 0 R 467 0 R] /K [28 391 0 R] According to the indictment returned yesterday and unsealed today, the charges stem from allegations Holmes and Balwani engaged in a multi-million dollar scheme to defraud investors, and a separate scheme to defraud doctors and patients. Balwani . /K 190 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. Holmes said she was inspired to start the company in response to her fear of needles. endobj endobj >> /Lang (EN-US) /P 48 0 R endobj /S /LI endobj 345 0 obj /S /P << /P 381 0 R >> >> /K 18 /Type /Page >> 326 0 obj /P 59 0 R endobj 314 0 obj >> This is how Theranos's huge valuation was birthed and where a critical legal problem lies. endobj /S /P /P 287 0 R Total losses surpassed $800 million, prosecutors said. /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 35 0 R 36 0 R 37 0 R 38 0 R 39 0 R 40 0 R 41 0 R 42 0 R 43 0 R 44 0 R >> 173 0 obj Several months later, with encouragement from her professor, Channing Robertson, Holmes quit Stanford. endobj /Pg 250 0 R endobj /K 139 0 R >> /P 8 0 R /K 168 0 R /Lang (EN-US) endobj /S /LBody 19 [null null 215 0 R null null null 216 0 R null null null /K 14 endobj endobj 1349, and nine counts of wire fraud, in violation of 18 U.S.C. /S /LI /K 3 106 0 obj >> << 355 0 obj >> << /Pg 235 0 R >> /Type /Page 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. . /P 361 0 R >> Legal Statement. Zippia's Best Places to Work lists provide unbiased, data-based evaluations of companies. /Pg 249 0 R endobj >> /S /LBody endobj << null null 127 0 R null null 45 0 R null null 128 0 R null >> endobj /P 42 0 R endobj >> The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. The Journal reported that in 2015, the technology was only used for 15 tests. /P 48 0 R /P 299 0 R 352 0 obj /P 50 0 R << >> /K 18 59 0 obj /P 8 0 R The Securities and Exchange Commission also brought civil fraud charges against Holmes and Balwani. /MediaBox [0 0 612 792] >> >> /Lang (EN-US) 77 0 obj /Creator (Acrobat PDFMaker 18 for Word) << endobj /S /LBody endobj endobj An indictment merely alleges that crimes have been committed, and the defendants are presumed innocent until proven guilty beyond a reasonable doubt. /Lang (EN-US) Theranos' mission is to make actionable health information accessible to people everywhere in the world at the time it matters, enabling early detection and intervention of disease. /Lang (EN-US) /S /LI /P 282 0 R << 45 0 obj /S /P /Lang (EN-US) endobj endobj >> /S /LBody CNN . /P 369 0 R 236 0 obj It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. >> >> endobj null 47 0 R null null 129 0 R null null null 130 0 R null /Pg 250 0 R << endobj /S /LI /S /LBody endobj << << /Pg 235 0 R >> >> /Annots [] /K 1 endobj /K 14 /K 10 Companies in Silicon Valley are wonderfully fond of describing themselves as "mission-driven.". >> /Parent 14 0 R /S /LI /K 0 Have you worked at Theranos? /CropBox [0 0 612 792] /P 8 0 R /Lang (EN-US) We just didn't know what new form it would take. 14 0 obj >> << 309 0 obj /S /P endobj 36 0 obj /P 367 0 R endobj << 295 0 obj /K 122 0 R /Pg 235 0 R >> /S /P endobj endobj >> /K 26 /Lang (EN-US) /Tabs /S >> /K 6 /S /LBody 39 0 obj /StructParents 10 << 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 239 0 R /Type /MCR /P 51 0 R /Annots [] /Lang (EN-US) /Pg 253 0 R Theranos is a now-defunct healthcare technologystartup founded by disgraced Stanford drop-out Elizabeth Holmes. 116 0 obj /P 48 0 R /P 305 0 R endstream 1. >> << >> 35 0 obj /Pg 256 0 R Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. >> >> /Annots [] /K 223 0 R /Lang (EN-US) /P 51 0 R /P 8 0 R /Rotate 0 /S /LI endobj 51 0 obj >> /StructParents 12 /P 392 0 R /K 24 /Pg 241 0 R Theranos is ranked #71 on the Best Start-up Companies to Work For in America list. And the company's downfall later became the focus of an HBO documentary, "The Inventor: Out for Blood in Silicon Valley. /S /LI >> /StructParents 18 Theranos gambit may have extended over time precisely because all four biases played a role in the making of a dream that was never fully tested against the constraints of reality. /S /LI >> /ModDate (D:20180314090210-07'00') endobj >> 117 0 obj /P 321 0 R << << 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. >> endobj Based in Palo Alto, CA, Theranos is a small health care company with only 100 employees and an annual revenue of $55.3M. endobj /K 141 0 R << endobj 123 0 R null null null 124 0 R null null] /Pg 245 0 R << /K 198 0 R /K 188 0 R /Lang (EN-US) endobj endobj The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. endobj The extraordinary entrepreneur on Fortune's June cover explains her mission and opportunity aheadWant to see more Fortune Video? 81 0 obj endobj /P 55 0 R /Lang (EN-US) << /S /LI << << /S /LI /Pg 235 0 R >> /P 390 0 R /Lang (EN-US) /Pg 235 0 R >> 299 0 obj /S /LI /Pg 245 0 R >> 393 0 obj 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. /Pg 247 0 R << /Parent 5 0 R /S /LI /P 8 0 R >> >> Investors have poured more than $400 million into Theranos, valuing it at $9 billion and her majority stake at more than half that. /Lang (EN-US) >> /Pg 238 0 R 156 0 obj /InlineShape /Figure A sign outside of the headquarters of Theranos in Palo Alto, California on January 24, 2016. endobj endobj >> /K 218 0 R /K 176 0 R 302 0 obj /K 33 /MediaBox [0 0 612 792] >> /K 8 Theranos CEO Elizabeth Holmes on her company and the landscape of U.S. diagnostic-lab industry. /Parent 11 0 R /Parent 12 0 R 188 0 R null null null 189 0 R null null null 190 0 R null /K 221 0 R /K 22 353 0 obj /S /P /P 50 0 R 250 0 obj But in February, the pair had a number of charges dropped, excluding wire fraud. << 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. /K 138 0 R << /P 370 0 R << /MediaBox [0 0 612 792] >> 3 min read. /MediaBox [0 0 612 792] /Pg 253 0 R /Pg 249 0 R 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. << /Pg 240 0 R 372 0 obj >> 377 0 obj /P 306 0 R 149 0 R null null null 150 0 R null null null 151 0 R null 279 0 obj << /Annots [] /P 51 0 R /Pg 256 0 R /Parent 11 0 R >> >> >> /S /LI /Lang (EN-US) 228 0 obj endobj /K 10 /S /LI /Contents [449 0 R 450 0 R 451 0 R] >> >> /S /LBody 313 0 obj << << /Lang (EN-US) /K 17 /P 50 0 R 182 0 obj At the peak of her career in 2015, Forbes estimated her net worth at $4.5 billion. An official website of the United States government. /Lang (EN-US) /P 50 0 R 18 0 obj << endobj << The .gov means its official.Federal government websites often end in .gov or .mil. /K 22 /Pg 247 0 R /P 51 0 R There are at least four biases that can let a belief about a desired future state shape reality despite its disconnectedness from reality. /Tabs /S n. o s /) was an American privately held corporation that was touted as a breakthrough health technology company. They are also attracted by the fact that behind the innovation and entrepreneurship are rules of law that require honesty, fair play, and transparency. There are at least four biases that can let a belief about a desired future state shape reality despite its disconnectedness from reality. 251 0 obj /Pg 258 0 R /Lang (EN-US) /P 8 0 R >> 198 0 obj /K [273 0 R 274 0 R] 55 0 obj Further, the indictment alleges that based on the defendants misrepresentations and omissions, many hundreds of patients paid, or caused their medical insurance companies to pay, Theranos, or Walgreens acting on behalf of Theranos, for blood tests and test results, sometimes following referrals from their defrauded doctors. >> /P 8 0 R The FDA would like to extend our thanks to our federal law enforcement partners for sending a strong message to Theranos executives and others that these types of actions will not be tolerated, said Catherine A. Hermsen, Acting Director, FDA Office of Criminal Investigations. << >> 169 0 obj endobj /P 270 0 R /Lang (EN-US) /P 50 0 R /Lang (EN-US) /S /P 316 0 obj /P 327 0 R endobj /S /LBody << By Elizabeth Lopatto / @ mslopatto. >> /S /P /S /LBody endobj /P 8 0 R /K 157 0 R 297 0 obj 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 University Mission Statement. endobj /Type /Page /Pg 256 0 R endobj The Theranos story has been turned into an HBO . /Pg 256 0 R /K 260 0 R /S /L 342 0 obj /S /LBody /S /LBody >> /MCID 2 << endobj /P 51 0 R /CropBox [0 0 612 792] /Pg 243 0 R /S /LI endobj Holmes said in the recent court filing, she had planned to attend a wedding of close friends in Mexico and theticket was canceled immediately when the governmentraised the issue. /Lang (EN-US) /K 10 /Lang (DE-DE) >> /K 119 0 R /Lang (EN-US) /K 9 /Pg 249 0 R << /Contents [417 0 R 418 0 R 419 0 R] Elizabeth Holmes and her ill-fated blood-testing start up, Theranos, are the subjects of the latest exceptional read. Theranos employees are most likely to be members of the Democratic Party. endobj It then allegedly used those articles to generate financial interest. /Pg 257 0 R /P 48 0 R /Annots [] /Artifact /P << /K 18 1349, and nine counts of wire fraud, in violation of 18 U.S.C. 308 0 obj Theranos eventually settled that matter with the government, voluntarily closing all of its labs. endobj 145 0 R null null null 146 0 R null null null 147 0 R null endobj /P 48 0 R /Pg 251 0 R endobj << /Lang (EN-US) The Associated Press contributed to this report. None of the information on this page has been provided or approved by Theranos. 158 0 obj >> endobj 351 0 obj /S /LI /K 7 /CropBox [0 0 612 792] /S /LI /Filter /FlateDecode /Lang (EN-US) /K 164 0 R 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. endobj /Pg 239 0 R /P 378 0 R endobj /Tabs /S 121 0 obj null null 136 0 R null null null 137 0 R null null] endobj 271 0 obj endobj /MediaBox [0 0 612 792] /S /LI endobj /MCID 2 /P 262 0 R /K 137 0 R /Pg 246 0 R /Lang (EN-US) << /P 8 0 R /S /Table /Lang (EN-US) Holmes only canceled the trip after prosecutors contacted Holmes attorneys about the unauthorized flight, prosecutors said. << << << /S /LBody /S /LI /S /LI /Lang (EN-US) >> /StructParents 20 /K 16 /S /P /K 22 /S /P /K [26 383 0 R] /Pg 239 0 R Ad Choices, Theranos founder Elizabeth Holmes on trial as jury selection begins, Theranos downfall due to elaborate $4M conspiracy, investor says. /S /LBody /Lang (EN-US) /P 266 0 R /S /LBody << Easy acce View the full answer /S /P 206 0 obj << /Pg 245 0 R endobj 244 0 obj 1 /StructTreeRoot 3 0 R /Contents [481 0 R 482 0 R 483 0 R] /K [26 395 0 R] /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 . Read our affiliate link policy. /MediaBox [0 0 612 792] 127 0 obj /P 8 0 R /Lang (EN-US) /Lang (EN-US) /S /LBody 291 0 obj >> << endobj endobj /Lang (EN-US) /Lang (EN-US) 143 0 obj 176 0 R null null null 177 0 R null null null 178 0 R null /Pg 257 0 R << 17 [null null 204 0 R null null null 205 0 R null null null 370 0 obj 255 0 obj 50 0 obj /Annots [] 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 endobj Theranos's mission statement is "Our mission is to make actionable information accessible to everyone at the time it matters". 249 0 obj >> 282 0 obj /Pg 248 0 R << This material may not be published, broadcast, rewritten, or redistributed. endobj /P 8 0 R /Pg 241 0 R /K 177 0 R << endobj endobj /S /LI >> /Pg 244 0 R /Pg 254 0 R endobj 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. 159 0 obj /Parent 13 0 R /P 23 0 R << 373 0 obj /Pg 258 0 R This conspiracy misled doctors and patients about the reliability of medical tests that endangered health and lives.. /K 148 0 R /Pg 235 0 R /P 294 0 R >> >> /K 10 endobj << endobj /S /LBody << /S /LBody /PageLayout /OneColumn /Pg 256 0 R The engrossing optimism that this may have generated in its founder, Elizabeth Holmes, and other champions of the companys vision is understandable. << /K 9 /Pg 254 0 R A mission that reads more like a fact sheet than something that explains a company's reason for existing won't be effective. /Pg 238 0 R It was not only motivated blindness that may have triggered the slippery slope of unethical conduct at Theranos. /Pg 256 0 R /Tabs /S /S /LI 192 0 obj /S /LI /Pg 248 0 R /S /P Founded in 2003 by then 19-year-old Elizabeth Holmes, Theranos raised more than US$700 million from venture capitalists and private investors, resulting in a $10 billion valuation at its peak in 2013 and 2014. /K 10 endobj /Parent 14 0 R /Annots [] /Lang (EN-US) endobj null] It's unclear whether Theranos' rise and fall will turn out to be a dazzling mirage of "would-be" business . 53 0 obj >> /P 315 0 R endobj /K 18 /Contents [445 0 R 446 0 R 447 0 R] endobj 223 0 obj /K 199 0 R /K 1 << /Pg 252 0 R /S /LI /K 14 /S /LBody endobj endobj 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. Theranos is in the biotechnology industry. /P 322 0 R /Resources 444 0 R /Type /Page endobj 171 0 obj /P 59 0 R endobj /S /LI >> /P 48 0 R /Lang (EN-US) /Lang (EN-US) /Tabs /S /K 10 /Pg 255 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.
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