>> /Type /Page /Pg 240 0 R /K 30 /Lang (EN-US) /S /LBody 131 0 obj << But Theranos shared very little about its blood-testing machine with the public or medical community. /P 8 0 R /S /LI endobj endobj /P 51 0 R << /S /P /Pg 253 0 R endobj /S /LI >> << /P 50 0 R /Pg 235 0 R /Pg 240 0 R /Pg 251 0 R /K 10 << /Lang (EN-US) In a reply, Holmes said she was projecting $100 million for 2015, nearly ten times less than what she told investors at one point. 89 0 obj Help us make this company more transparent. /K 12 152 0 obj /K 161 0 R /S /LBody endobj << /Pg 238 0 R >> Heinz and Kraft Foods. /K 220 0 R endobj /P 51 0 R /Type /Page /Lang (EN-US) /P 63 0 R /K 14 << /P 8 0 R Holmes dropped out of Stanford University at 19 to start the medical diagnostics company in 2003. /Lang (EN-US) /S /LBody /P 289 0 R endobj /S /LI 199 0 obj 75 0 obj /Lang (EN-US) We calculated the performance score of companies by measuring multiple factors, including revenue, longevity, and stock market performance. >> /P 8 0 R /Lang (EN-US) /P 8 0 R /MediaBox [0 0 612 792] /S /LI /P 284 0 R /P 51 0 R /Pg 238 0 R 367 0 obj Using a "nanotainer" (a small device designed to draw, retain, and analyze a . /K 6 >> /S /LI /Tabs /S /Pg 245 0 R endobj /S /LBody /P 166 0 R << /S /LBody >> >> /Pg 248 0 R >> endobj /S /LI /Lang (EN-US) /K 2 /Pg 256 0 R /Pg 250 0 R endobj /Pg 246 0 R /Parent 5 0 R /K 132 0 R >> << 132 0 obj endobj >> 202 0 obj 329 0 obj /Pg 235 0 R /P 308 0 R /K 184 0 R << Holmes said she was inspired to start the company in response to her fear of needles. /Pg 235 0 R /P 8 0 R << Nov 8, 2017. /S /LI endobj /S /LI /Pg 243 0 R << << /Lang (EN-US) /Contents [469 0 R 470 0 R 471 0 R] /Resources 440 0 R In many ways, Theranos is the embodiment of Silicon Valley startup culture. /S /LI /Pg 248 0 R << /S /LI /Pg 258 0 R /P 379 0 R /S /LBody The story raised concerns about the accuracy of Theranos blood-testing technology, which put patients at risk of having conditions either misdiagnosed or ignored. endobj >> >> /Type /MCR /Resources 444 0 R endobj 57 0 R 58 0 R null null 223 0 R null null null 224 0 R null All rights reserved. 224 0 obj University Mission Statement. >> >> The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. /Pg 238 0 R 114 0 obj /Pg 255 0 R null null null null 168 0 R null null null 169 0 R null It claims its technology can work with just a finger prick. 68 0 obj >> 161 0 obj /Lang (EN-US) /Lang (EN-US) << /P 271 0 R /MediaBox [0 0 612 792] endobj /Parent 14 0 R endobj /Tabs /S /K 5 << << /Pg 256 0 R /Pg 238 0 R >> /P 8 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. 183 0 obj /K 9 /P 381 0 R /Type /Pages Rankings are based on government and proprietary data on salaries, company financial health, and employee diversity. endobj >> /Rotate 0 /Pg 238 0 R 344 0 obj /Type /Page << 66 0 obj 204 0 obj /Pg 253 0 R >> 115 0 obj /K 2 /Lang (EN-US) << /P 50 0 R /Annots [] endobj /S /P /StructParents 4 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. /Lang (EN-US) Theranos is a now-defunct healthcare technology startup founded by disgraced Stanford drop-out Elizabeth Holmes . endobj endobj >> Legal Statement. endobj /K 143 0 R << endobj 70 0 obj 309 0 obj 95 0 obj /Lang (EN-US) /P 48 0 R 73 0 obj 3480 /Count 9 /P 48 0 R /P 59 0 R >> /P 50 0 R The defendants knew Theranos was not capable of consistently producing accurate and reliable results for certain blood tests, including the tests for calcium, chloride, potassium, bicarbonate, HIV, Hba1C, hCG, and sodium. >> /S /LI 265 0 obj 14 [null null 186 0 R null null null 187 0 R null null null /Rotate 0 << The .gov means its official.Federal government websites often end in .gov or .mil. endobj >> /K 14 endobj << 122 0 obj << 48 0 obj Investors have poured more than $400 million into Theranos, valuing it at $9 billion and her majority stake at more than half that. /K 10 /P 340 0 R 58 0 obj endobj /S /LBody << /S /LI 315 0 obj 333 0 obj 359 0 obj 266 0 obj /Lang (EN-US) /P 44 0 R 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. >> 9 [null null 157 0 R null null null 158 0 R null null null /S /LI /Lang (EN-US) >> endobj 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 48 0 R /S /TD /S /L >> << 104 0 obj >> Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. /Lang (EN-US) endobj /K 170 0 R /S /LI endobj 234 0 obj /Lang (EN-US) << /S /LBody /CropBox [0 0 612 792] endobj endobj /P 63 0 R /K 19 81 0 obj << /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 /S /LI She now has "two very young children hertoddler and an infant," according to a recent court filing. >> << /P 50 0 R << /K 116 0 R When Yam was working with an analytics firm to price stock options, she asked Holmes for some key financial forecasts, including projected revenue, because the CEO had the best information. During that process, Yam had emailed Holmes asking her how much revenue she was anticipating. endobj According to the March 2018 statement from the SEC, Theranos, . /P 310 0 R << /S /LBody /Pg 243 0 R 390 0 obj 383 0 obj /S /LBody 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 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. /Lang (DE-DE) << /K 10 /Pg 256 0 R 93 0 R] /Lang (EN-US) /K 18 Instead, Theranos continued to produce mounting losses. /Lang (EN-US) endobj << The business had garnered hundreds of millions of dollars in investments and was valued at $9 billion in 2015, when a Journal expose showed the company had some not-so-favorable secrets. /S /LBody /P 273 0 R The Theranos HSV-1 IgG Assay is for use with the Theranos System which performs automated sample processing steps and result analysis. /Lang (EN-US) endobj endobj /S /LI There is no try', stolen from . 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. 253 0 obj 106 0 obj >> /Pg 247 0 R 72 0 obj /K 34 /Parent 14 0 R Yam said she had never seen the document before, nor did she know where those numbers had come from. /Filter /FlateDecode >> /S /LI A sign outside of the headquarters of Theranos in Palo Alto, California on January 24, 2016. 1. endobj 85 0 obj /P 260 0 R 327 0 obj << /S /P /S /LI /Pg 235 0 R Tech workers are using company mission statements to hold their CEOs accountable. >> << >> By 2017, scientific and medical and technical boards were established. << << /Resources 480 0 R /Pg 242 0 R 160 0 obj endobj /Pg 256 0 R null null 136 0 R null null null 137 0 R null null] /P 48 0 R 20 0 obj /Lang (EN-US) 46 0 obj endobj Leaving Little Space for Inspiration. /P 8 0 R /Rotate 0 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. /P 42 0 R >> /K 10 /Type /Page << >> 21 [60 0 R 61 0 R 62 0 R null null 229 0 R null null null 230 0 R /Annots [] << >> endobj << /Parent 12 0 R /K 12 /P 51 0 R /Rotate 0 /StructParents 18 /S /P /Type /MCR /Pg 236 0 R 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. /Type /Page << 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. /P 305 0 R << 167 0 obj /S /LBody /Rotate 0 /K 25 endobj /Type /MCR endobj /S /P /Lang (EN-US) << /S /P /Lang (EN-US) /Pg 250 0 R >> /Lang (EN-US) -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. . /Type /Page >> /K 10 Many of those statements were outright falsehoods or, more charitably, danced around the truth. 1 [null null 115 0 R null null null 116 0 R null null null << endobj "Sunny Balwani did not start Theranos," said the lawyer . << /P 336 0 R /Lang (EN-US) 289 0 obj << Claiming and updating your company profile on Zippia is free and easy. Theranos's mission statement is "To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives." /CropBox [0 0 612 792] << /Lang (EN-US) << application/pdf /Lang (EN-US) 13 [null null 178 0 R null null null 179 0 R null null null /Pg 257 0 R 312 0 obj /Lang (EN-US) Here are three culture takeaways from the Theranos scandal that are relevant to all leaders and employees. endobj /K 8 0 R /Pg 245 0 R endobj 296 0 obj >> >> $12,600 to the Democratic Party. >> The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. /K 10 /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 << /S /LBody /Lang (EN-US) Elizabeth Holmes and her ill-fated blood-testing start up, Theranos, are the subjects of the latest exceptional read. >> 149 0 obj /P 8 0 R endobj John Carreyrou writes the story of a gifted 19-year-old who founded a health . >> WIRED Media Group 243 0 obj /Type /Page /Type /Page /S /LI The matter was assigned to the Honorable Lucy H. Koh, U.S. District Judge, for further proceedings. << << /K 165 0 R 301 0 obj << /Pg 248 0 R endobj /Pg 241 0 R >> Holmes rocketed to Silicon Valley stardom nearly a decade ago when she started speaking publicly about Theranos's vision a small . /S /L /Pg 235 0 R 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 141 0 R 341 0 R 342 0 R 343 0 R 344 0 R 345 0 R 346 0 R 347 0 R 348 0 R] << << endobj /Lang (EN-US) /P 318 0 R << >> /Type /Page << 60 0 obj >> /MediaBox [0 0 612 792] /P 380 0 R >> /P 48 0 R /Pg 257 0 R << 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 62 0 obj /P 297 0 R 205 0 obj 92 0 obj /K 158 0 R /K 150 0 R 213 0 obj endobj /Lang (EN-US) /K [26 397 0 R] >> 277 0 obj 284 0 obj /S /P /P 48 0 R /K 14 << 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. /Rotate 0 >> endobj Easy acce View the full answer << /K [8 94 0 R] >> endobj 116 0 obj /Pg 254 0 R /S /LI /K 204 0 R << 93 0 obj << >> /S /LI /K 163 0 R endobj >> << /P 8 0 R >> /S /L Holmes grew up in Houston, Texas and studied chemical engineering at . /K 9 endobj << But in February, the pair had a number of charges dropped, excluding wire fraud. And although entrepreneurship is very much about turning an imagined future state into reality, the vast and unchecked gap between Theranos vision and the technological incompetence of its operations was breathtaking. /S /P 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. Most of the tests that Theranos was performing for clients were done on devices made by other companies, Cheung testified. /K 126 0 R /Creator (Acrobat PDFMaker 18 for Word) endobj >> /P 8 0 R endobj 369 0 obj 247 0 obj >> /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /S /LI endobj endobj /Rotate 0 Last week, Zuckerberg was back with 3,000 words . Though highly desirable, these significant features were not as instrumental in the fulfillment of Theranos vision as they were initially pledged. /Resources 420 0 R /Lang (EN-US) /K 14 /K 159 0 R /CreationDate (D:20180314084127-07'00') /K 14 /Pg 256 0 R >> /K 160 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. /K 24 /Pg 256 0 R << << /K 11 /Pg 239 0 R 126 0 obj /S /LBody /P 55 0 R 42 0 obj This district, led by Silicon Valley, is at the center of modern technological innovation and entrepreneurial spirit; capital investment makes that possible. 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. /MarkInfo 2 0 R /Lang (EN-US) >> /P 380 0 R /P 311 0 R /Lang (EN-US) /Resources 412 0 R 56 0 obj /K 7 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 At the peak of her career in 2015, Forbes estimated her net worth at $4.5 billion. >> >> /Parent 14 0 R >> /S /LBody /CropBox [0 0 612 792] 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. Theranosonce valued at approximately $10 billionis no more. << /P 362 0 R 99 0 obj /K [26 383 0 R] endobj << 2 0 obj Next to a perfectly dosed narrative of black turtlenecks, sprawling office facilities, glossy paper spreads and alluring marketing campaigns, the supposed Apple look-alike of the health technology industry tantalized investors and consumers with its mission, to facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives. Its no surprise that many bought into it. << >> 387 0 obj /K 13 /Pg 239 0 R >> >> >> /K 137 0 R endobj /Resources 436 0 R endobj /Lang (EN-US) /Parent 13 0 R 127 0 obj >> /Contents [473 0 R 474 0 R 475 0 R] << /Lang (EN-US) << Postal Inspection Service (USPIS) Inspector in Charge Rafael Nuez. /S /LI /StructParents 2 /K 166 0 R 177 0 obj /Pg 255 0 R endobj << /Lang (EN-US) /K 6 303 0 obj << << /S /LBody 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. 2023 Cond Nast. << /Pg 257 0 R endobj /S /LBody Former Theranos board member and former Secretary of Defense James "Mad Dog" Mattis testified last week in the criminal trial of former Theranos CEO Elizabeth Holmes. This is how Theranos's huge valuation was birthed and where a critical legal problem lies. endobj /Pg 250 0 R /S /LBody endobj /Lang (EN-US) /P 364 0 R >> /Pg 255 0 R /Pg 247 0 R /Pg 239 0 R >> /P 8 0 R << /Pg 253 0 R << endobj /Annots [] 148 0 obj << /S /LI /BBox [79.9440002441 274.9559936523 453.9599914551 398.8439941406] endobj endobj endobj endobj 229 0 obj /Pg 256 0 R << endobj << /S /LBody 141 0 obj /Lang (EN-US) /S /LI /Pg 258 0 R /Lang (EN-US) /S /LI /Pg 235 0 R Theranos was a privately held healthcare technology company founded by then 19-year-old Elizabeth Holmes in 2003. /K 14 << 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. << /K 146 0 R /P 8 0 R /S /LBody /P 380 0 R endobj 262 0 obj /Resources 488 0 R The Associated Press contributed to this report. /K [26 395 0 R] 105 0 obj /S /LI 184 0 obj /S /P 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. /StructParents 23 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.
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