/P 293 0 R flagrantly vague and often outright untruthful statements. << /K 38 /Lang (EN-US) << << /S /LBody << /S /LBody /P 48 0 R Four Blind Spots at the Core of Theranos' Failure. /K 24 These detailed accounts show a pattern of behaviors consistent with a distorted motivational and cognitive state. Elizabeth Holmes finished testifying in wire fraud trial. /P 8 0 R 201 0 R null null null 202 0 R null null null 203 0 R null << /P 8 0 R << >> << Theranos Mission Statement. !xRnE1$g9`8\\5g1^"z+. endobj /K 16 /P 51 0 R << Fear a Culture of Fear. /Lang (EN-US) /S /TD << As years went by, whenever employees or experts raised warnings . /Pg 244 0 R /K 137 0 R /S /P endobj /P 55 0 R /K 200 0 R /CropBox [0 0 612 792] The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. That innovation combined with the use of technology to build a somewhat bulkier though still miniature and portable yet more reliable version of the micro-Lab would have provided plenty of opportunity to make strides towards the dream of empowering people with reliable, timely and inexpensive blood testing. 256 0 obj /K 24 /Lang (EN-US) /S /P /Lang (EN-US) 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 endobj >> << >> The conduct alleged in these charges erodes public trust in the safety and effectiveness of medical products, including diagnostics. /Lang (EN-US) Specifically, the defendants claimed that Theranos developed a revolutionary and proprietary analyzer that the defendants referred to by various names, including as the TSPU, Edison, or minilab. /S /P << /Rotate 0 /K 127 0 R /Pg 236 0 R endobj 116 0 obj /P 335 0 R /S /LBody /S /P endobj The Theranos story has been turned into an HBO . endobj /Lang (EN-US) null null null 231 0 R null null null 232 0 R null null /K [26 383 0 R] 229 0 obj /S /LBody THERANOS FOUNDER ELIZABETH HOLMES IN COURT; ANATOMY OF A FRAUD. /P 8 0 R 201 0 obj /K 3 146 0 obj 318 0 obj Assistant U.S. endobj 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 /Pg 244 0 R << endobj /Type /Page << /StructParents 23 << >> /Type /MCR /S /P 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. >> overstating the extent of Theranos' relationships with commercial partners and government entities, to whom they had also made misrepresentations . 241 0 obj endobj 141 0 obj 314 0 R 315 0 R 316 0 R 317 0 R 318 0 R 319 0 R 320 0 R 321 0 R 322 0 R 323 0 R /P 48 0 R /P 55 0 R /Lang (EN-US) /P 334 0 R /P 380 0 R << However, any sentence following conviction would be imposed by the court after consideration of the U.S. >> /S /LBody /P 377 0 R /S /LBody 66 0 R 67 0 R 68 0 R 69 0 R] 361 0 obj 3 min read. /Pg 242 0 R endobj >> >> /K 28 << The defendants also delivered to doctors and patients blood test results from which critical results were improperly removed. /S /P endobj 57 0 R 58 0 R null null 223 0 R null null null 224 0 R null endobj /S /P 394 0 obj endobj 384 0 obj /K 167 0 R endobj >> /Pg 255 0 R 175 0 obj /P 48 0 R With endobj /P 299 0 R /Lang (EN-US) /K 201 0 R Elizabeth Holmes dropped out of Stanford in 2003 as a 19-year-old to start Theranos. /S /LI 269 0 obj /CreationDate (D:20180314084127-07'00') /Pg 254 0 R /P 51 0 R << /S /L /P 8 0 R 38 0 obj endobj /K 209 0 R /Lang (EN-US) /Lang (EN-US) >> >> 326 0 obj /MediaBox [0 0 612 792] /Pg 238 0 R endobj /K [30 396 0 R] endobj /K 190 0 R endobj /Lang (EN-US) /S /LI 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. 187 0 obj 58 0 obj /S /P << /Rotate 0 >> null null 121 0 R null null null 122 0 R null null null /S /LBody /S /P /S /LBody Easy acce View the full answer /S /LI /Lang (EN-US) /P 360 0 R >> /S /LBody /S /P << << >> 144 0 obj 10 [null null 163 0 R null null null 164 0 R null null null endobj /Rotate 0 /S /P /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] 1. /P 324 0 R /S /LBody /K 21 >> /S /LI << Holmes only canceled the trip after prosecutors contacted Holmes attorneys about the unauthorized flight, prosecutors said. >> . Theranos dissolved in September 2018 and founder Elizabeth Holmes now faces up to 20 years in prison for fraud and conspiracy. /S /LI /Kids [235 0 R 236 0 R 237 0 R 238 0 R 239 0 R] >> >> /Lang (EN-US) /K 10 /P 361 0 R null null 136 0 R null null null 137 0 R null null] 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. >> /S /LBody Theranos founder Elizabeth Holmes, now a mother of two, is asking to delay her 11-year sentence for felony fraud so she can be at home with her two young children while she appeals the conviction. /P 8 0 R /MCID 2 /S /LBody /S /LBody /Annots [] endobj << /Tabs /S /Pg 245 0 R /P 51 0 R /P 354 0 R >> endobj 282 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 << endobj 263 0 obj /Rotate 0 /Contents [433 0 R 434 0 R 435 0 R] 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. /P 362 0 R >> /S /P Early on, experts inside and outside of the company questioned the technology. >> /P 381 0 R /S /LBody << << << /Pg 256 0 R Nov 8, 2017. 360 0 obj 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. 380 0 obj >> /K 168 0 R /Type /MCR /S /LI /K 1 /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, . >> endobj << /Lang (EN-US) /K 144 0 R 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. null null 183 0 R null null null 184 0 R null null null << /S /LI Elizabeth Holmes and her ill-fated blood-testing start up, Theranos, are the subjects of the latest exceptional read. >> endobj /S /LBody /Lang (EN-US) Investors who put a total of $632 million into Theranos in its latest funding round from 2014 to 2015 included " Rupert Murdoch and family-controlled Cox Enterprises Inc., -- [Cox family holdings . 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. /K 34 341 0 R 342 0 R 343 0 R 344 0 R 345 0 R 346 0 R 347 0 R 348 0 R] >> /P 42 0 R /K 22 /Lang (EN-US) 154 0 R null null null 155 0 R null null null 156 0 R null endobj << 265 0 obj << >> /A 259 0 R Ms. Holmes's lawyers have said the entrepreneur dedicated 15 years to Theranos's mission and her only crime was having a startup that failed, as so many do << /Filter /FlateDecode endobj 242 0 obj /K 125 0 R >> << /Pg 255 0 R /K 6 The company grew to be worth more than $9 billion, employing more than800 employees attracting investors such asLarry Ellison, founder of Oracle; Rupert Murdoch, billionaire media mogul; and the Walton family, who founded Walmart. 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 279 0 R >> /Pg 257 0 R 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. /K 188 0 R /Pg 235 0 R << /Lang (EN-US) << endobj Prosecutors Call Theranos Ex-CEO Elizabeth Holmes A Liar And A Cheat As Trial Opens Defense lawyers say Holmes believed the company could screen for hundreds of diseases with just a finger prick . /P 381 0 R 20 0 obj /P 8 0 R >> /S /P endobj 83 0 obj /K 185 0 R /K 10 << << /P 8 0 R 198 0 obj /Lang (EN-US) /K 204 0 R 1343. >> endobj /S /LBody << /Type /Page << /Lang (EN-US) % endobj /Pg 258 0 R /Pg 242 0 R /K 6 Surprisingly, few paid much attention to that unchecked gap before the truth began to come out. << endobj >> /S /LBody /Rotate 0 /Lang (EN-US) 279 0 obj >> null] /K 8 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. /Lang (EN-US) The mission statement of Theranos is stated as, "To make actionable information accessible to everyone at the time that it matters". /K 33 << 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. >> endobj << << >> /Rotate 0 . endobj /S /LI << /S /LI 16 0 obj /Lang (EN-US) 391 0 obj /S /P << /P 8 0 R << endobj /S /LBody /K 5 210 0 obj /S /LI /K 2 10 0 obj /P 8 0 R /Lang (EN-US) /K 2 /K [368 0 R 369 0 R 370 0 R 371 0 R 372 0 R 373 0 R] /Pg 253 0 R /P 51 0 R 117 0 obj /S /P /S /LBody The next witness was Erika Cheung, who was hired by Theranos out of undergrad as a lab associate. endobj Doctors began using Theranos testing devices to diagnose patients and dispense medical advice. /Pg 252 0 R /Tabs /S /K 5 /Pg 248 0 R << /P 8 0 R /P 50 0 R >> >> /Pg 236 0 R endobj << 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. 6 [null null 143 0 R null null null 144 0 R null null null In fact, those challenges dwarfed in relation to the potential benefits of the vision the tech company eagerly shared with those with whom it wished to partner. endobj /K 138 0 R endobj /S /P ] 213 0 obj /Pg 258 0 R /Lang (EN-US) endobj /CropBox [0 0 612 792] /K 175 0 R << >> /K 14 133 0 obj /Lang (EN-US) 324 0 R 325 0 R 326 0 R 327 0 R 328 0 R 329 0 R 330 0 R] >> 249 0 obj /Pg 251 0 R Postal Inspection Service (USPIS) Inspector in Charge Rafael Nuez. >> /S /LBody 142 0 obj /K 14 217 0 obj /S /LI << 45 0 R 46 0 R 47 0 R 48 0 R 49 0 R 50 0 R 51 0 R 52 0 R 53 0 R 54 0 R << 80 0 obj /S /LI /Lang (EN-US) << /Lang (EN-US) /K 6 /MCID 2 /K 14 /Pg 252 0 R Learn about working at Theranos from employee reviews and detailed data on culture, salaries, demographics, management, financial, and more. /K 157 0 R >> /P 55 0 R /P 296 0 R endobj /Resources 476 0 R >> /Lang (EN-US) /K 47 As company founder Elizabeth Holmes is sentenced to over eleven years in prison and TV adaptation The Dropout earns star Amanda Seyfried an Emmy, we reveal everything you need to know about the Theranos controversy. /Pg 254 0 R 184 0 obj /S /L << /Parent 14 0 R /S /L 163 0 obj << /Lang (EN-US) /Pg 247 0 R The Company's clinical laboratory offers comprehensive laboratory tests. endobj Cultivating a boundless vision until the very end completely untethered from the status quo, rules, requirements and the demands of the here and now Holmes and Theranos were on a special kind of journey. /Pg 242 0 R /S /LI /P 48 0 R << /S /LBody endobj >> 190 0 obj /S /LI >> /Lang (EN-US) /StructParents 2 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. 339 0 obj null null 142 0 R null null null 143 0 R null null] /Parent 12 0 R /K 12 /P 51 0 R /Parent 11 0 R /K 2 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. endobj /Lang (EN-US) >> << /P 50 0 R /Pg 247 0 R 291 0 obj 397 0 obj /MediaBox [0 0 612 792] /S /LI /P 48 0 R /MediaBox [0 0 612 792] /Pg 240 0 R 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. endobj >> /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] endobj /P 270 0 R /S /LI 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. /Pg 235 0 R /S /LBody /K 215 0 R 192 0 obj << /P 8 0 R /S /P /P 51 0 R /S /P 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. /P 48 0 R /Lang (EN-US) >> >> >> /P 392 0 R /S /LI /K 223 0 R /Pg 257 0 R >> /Annots [] >> >> << endobj /Pg 241 0 R 145 0 obj endobj 168 0 obj /Type /MCR endobj << /S /LI /Pg 246 0 R What's everyone talking about? >> Both schemes involved efforts to promote Palo Alto, Calif.-based Theranos. /Lang (EN-US) /P 48 0 R /P 8 0 R /P 8 0 R >> /Pg 235 0 R /K 183 0 R The story raised concerns about the accuracy of Theranos blood-testing technology, which put patients at risk of having conditions either misdiagnosed or ignored. 227 0 obj endobj /K 133 0 R endobj Brian Grossman had 20 years of experience in the healthcare space but his firm, PFM Health Sciences, invested $96 . /K 19 139 0 obj /P 355 0 R << /P 8 0 R << /K 155 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." /S /LBody >> >> /S /LBody endobj >> In fact, Yam relied heavily on Holmes for financial projections. << 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 << << << endobj endobj Holmes fostered a culture of fear because it served her needs. /P 51 0 R >> /P 50 0 R /Contents [465 0 R 466 0 R 467 0 R] /K 11 /Type /Page /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. >> 2018-03-14T08:41:27-07:00 << endobj >> /Pg 235 0 R /Lang (EN-US) >> The company grew to become a business worth billions. endobj /Lang (EN-US) endobj 84 0 obj /Pg 255 0 R 88 0 obj /TextBox /Art >> 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. The Theranos founder intentionally deceived investors, a US . /Pg 235 0 R /P 48 0 R 136 0 obj /Pg 254 0 R /K 233 0 R /S /LI /K 10 << 344 0 obj 204 0 obj /Pg 249 0 R << /P 40 0 R >> /Resources 444 0 R /K 14 /P 55 0 R /Pg 237 0 R Theranos Inc. (/ r. endobj And at least one employee told the financial newspaper Theranos executivesdid not report test results that would have caused concerns about the machines accuracy. endobj << /P 8 0 R 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. /Lang (EN-US) A mission that reads more like a fact sheet than something that explains a company's reason for existing won't be effective. /P 8 0 R /StructParents 1 /K 1 /P 260 0 R Theranos founder Elizabeth Holmes arrives at San Jose court over alleged fraud. /P 339 0 R >> endobj /K 22 endobj endobj << /Lang (EN-US) << 123 0 obj /Lang (EN-US) /Lang (EN-US) /P 51 0 R A March 17 hearing is scheduled on her request to stay out of prison during her appeal. /CropBox [0 0 612 792] /K 152 0 R >> endobj /Lang (EN-US) Tech workers are using company mission statements to hold their CEOs accountable. /S /LI /K [26 395 0 R] /K 186 0 R 223 0 obj 105 0 obj /Lang (EN-US) /K 21 >> endobj >> /K 14 /P 316 0 R /Pg 251 0 R /S /LBody endobj endobj 82 0 obj 16 [null null 199 0 R null null null 200 0 R null null null endobj 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. /S /P 306 0 obj -mission statement: to make actionable information accessible to everyone at the time it matters. 63 0 obj /S /LI /Pg 243 0 R >> /Lang (EN-US) << << /S /LBody /S /LI null null 162 0 R null null null 163 0 R null null] >> /CropBox [0 0 612 792] >> /K 18 195 0 obj FAQ - New Privacy Policy. /Pg 240 0 R /P 40 0 R /S /P >> >> /K 234 0 R /S /L /Lang (EN-US) endobj /P 341 0 R 302 0 obj endobj /Pg 245 0 R 110 0 obj >> /P 54 0 R /Pg 247 0 R /Rotate 0 /S /LBody << /K 23 /Pg 235 0 R << /CropBox [0 0 612 792] /Annots [] Theranos CEO Elizabeth Holmes on her company and the landscape of U.S. diagnostic-lab industry. By 2017, scientific and medical and technical boards were established. /Kids [11 0 R 12 0 R 13 0 R 14 0 R] 89 0 obj 298 0 obj /Lang endobj /Pg 243 0 R /P 50 0 R endobj /Pg 239 0 R 259 0 obj /Lang (EN-US) $12,600 to the Democratic Party. /S /LI << >> /Lang (EN-US) /K 51 /P 365 0 R /P 329 0 R << /Lang (EN-US) Tim De Chant 13 0 obj 112 0 obj 362 0 obj Elizabeth Holmes donated 314 0 obj /Resources 428 0 R endobj /P 379 0 R /K [32 382 0 R] endobj /K 5 /Tabs /S /P 54 0 R endobj /K 18 197 0 obj /S /LI /S /LBody >> << Using a "nanotainer" (a small device designed to draw, retain, and analyze a . emblazoned in block capitals in the Theranos lobby, was 'Do or do not. /P 55 0 R /P 55 0 R /Rotate 0 208 0 obj /S /P 356 0 obj /Pg 256 0 R endobj /Lang (EN-US) 47 0 obj According to the indictment, the defendants also allegedly made numerous misrepresentations to potential investors about Theranoss financial condition and its future prospects. 211 0 obj << /S /L >> >> It claims its technology can work with just a finger prick. /S /LBody 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 The tests performed on Theranos technology, in addition, were likely to contain inaccurate and unreliable results. endobj The . 57 0 obj 228 0 obj >> >> by Elizabeth Holmes. endobj /P 48 0 R << /P 50 0 R /S /LBody /Parent 14 0 R endobj /K 195 0 R endobj /K 16 /Pg 244 0 R /S /LBody /P 48 0 R >> >> endobj >> >> Carreyous account of Safeways engagement with Theranos is powerful. endobj /Rotate 0 endobj /P 370 0 R 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 /Lang (EN-US) /P 269 0 R /S /LBody /P 346 0 R endobj 315 0 obj /P 380 0 R /P 277 0 R /K 14 endobj endobj 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. /Annots [] null null 225 0 R null null null 226 0 R null null null /S /LBody << Claim This Company. >> /Underline /Span << << << 1349, and nine counts of wire fraud, in violation of 18 U.S.C. 62 0 obj endobj Instead, Theranos continued to produce mounting losses. /Lang (EN-US) We searched far and wide for the best company mission statement examples. /Lang (EN-US) /P 340 0 R /Type /Page endobj null 49 0 R null null 157 0 R null null] /K 10 75 0 obj 3480 /P 330 0 R 94 0 obj 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 . 167 0 obj /K [111 0 R 112 0 R 113 0 R 114 0 R] >> /Rotate 0 308 0 obj endobj /S /LI 301 0 obj /Lang (EN-US) /Annots [] /K 146 0 R 1. >> /K 8 /Lang (EN-US) /Lang (EN-US) << Morever, Holmes needs to grow a . /P 328 0 R /S /P Palo Alto, United States August 18, 2016: Elizabeth Holmes accepts The Entrepreneur award at, the 25th Annual Glamour Women of the Year Awards on Nov. 9, 2015, in New York. /P 359 0 R << /Rotate 0 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. /P 363 0 R Theranos stood as the next big breakthrough innovator in the healthcare industry offering an affirming achievement of the value of human ingenuity. Theranos is in the biotechnology industry. >> /S /LI /K 9 170 0 obj >> 206 0 R null null null 207 0 R null null null 208 0 R null /Filter /FlateDecode Join the Ars Orbital Transmission mailing list to get weekly updates delivered to your inbox.