null null 131 0 R null null] /K 222 0 R /Rotate 0 /CropBox [0 0 612 792] 213 0 obj 133 0 obj 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. >> I write about culture, leadership and ethics in business and work. /S /P The mission and vision statements of Kraft Heinz are indicative of a company that desires to lead the rest in everything it does. 338 0 obj stream
It was not only motivated blindness that may have triggered the slippery slope of unethical conduct at Theranos. /S /P << /P 306 0 R endobj Government inspectors who arrived at Theranos in response to Cheungs letter found conditions similar to those in the complaint. /P 8 0 R /Type /Page endobj /Pg 254 0 R 323 0 obj endobj /K 234 0 R /Lang (EN-US) /StructParents 10 /P 40 0 R 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. /Pg 235 0 R /Lang (EN-US) << /K 29 263 0 obj /S /P /Pg 235 0 R /Lang (EN-US) /K 20 /S /LBody >> /Lang (EN-US) /P 317 0 R 70 0 obj %PDF-1.5 232 0 obj Theranos went on to issue private stock in six rounds between 2014 and 2015, starting at 17 cents per share and ending at $17 per share, according to a document explained by Yam, with investors . /Resources 496 0 R endobj /Lang (EN-US) In fact, those challenges dwarfed in relation to the potential benefits of the vision the tech company eagerly shared with those with whom it wished to partner. /P 42 0 R >> /Type /Metadata /Lang (EN-US) 246 0 obj endobj /Pg 237 0 R /S /LI 114 0 obj /S /LI Theranos's mission statement is "To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives." /P 48 0 R Theranos was a blood testing company based in Palo Alto and Newark, Calif. Holmes used a combination of direct communications, marketing materials, statements to the media, financial statements . << >> FAQ - New Privacy Policy. /K 233 0 R endobj >> /Kids [245 0 R 246 0 R 247 0 R 248 0 R 249 0 R] endobj endobj She had a strong sense of conviction to her mission., Cheung quit after seven months on the job and filed a whistleblower complaint with the Centers for Medicare and Medicaid Services, alleging that the company used expired lab supplies for tests run on its proprietary Edison testing devices, which themselves had major stability, precision, and accuracy problems., I was uncomfortable processing patient samples, she said. /P 48 0 R /StructParents 23 /K 16 /P 355 0 R endobj /P 59 0 R In fact, Yam relied heavily on Holmes for financial projections. endobj 125 0 obj /P 276 0 R endobj << /Pg 251 0 R endobj 165 0 obj /S /P null] /P 8 0 R >> >> << /S /LI endobj /Lang (EN-US) /Lang (EN-US) !xRnE1$g9`8\\5g1^"z+. /K 210 0 R >> /P 8 0 R /Resources 416 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. /Type /Page >> endobj 176 0 R null null null 177 0 R null null null 178 0 R null /S /LI 74 0 obj /Pg 245 0 R /S /LI endobj << 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. << /S /LBody >> The extraordinary entrepreneur on Fortune's June cover explains her mission and opportunity aheadWant to see more Fortune Video? /K 5 /Lang (EN-US) << /K [26 384 0 R] 133 0 R null null null 134 0 R null null null 135 0 R null /S /LBody /Parent 13 0 R << /Pg 235 0 R endobj >> << << /S /LBody endobj >> /S /LI 2018-03-14T09:02:10-07:00 /P 381 0 R /K 26 n. o s /) was an American privately held corporation that was touted as a breakthrough health technology company. 290 0 obj endobj >> /K 151 0 R /P 380 0 R endobj endobj << /Pg 254 0 R /S /P /P 8 0 R endobj /P 50 0 R At the time, Holmes, 39,was a mother of a 1-year-old son and pregnant with another child. /S /LI << /Pg 235 0 R 281 0 obj /S /LBody /Pg 244 0 R Connor Radnovich/The Chronicle. endobj 217 0 R null null null 218 0 R null null null 219 0 R null /S /LI /P 266 0 R /P 8 0 R 198 0 obj 62 0 obj /K 0 227 0 R null null null 228 0 R null null] >> /K 2 177 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 361 0 R /S /LI /K 10 endobj 78 0 obj /P 8 0 R << /K 125 0 R This material may not be published, broadcast, rewritten, or redistributed. /Parent 5 0 R /Parent 12 0 R /Lang (EN-US) endobj /P 331 0 R 382 0 obj /K 200 0 R Theranos founder Elizabeth Holmes, now a mother of two,is asking to delay her11-year sentence for felony fraud so she can be at home with her two young children while she appeals theconviction. /Lang (EN-US) /P 50 0 R endobj An official website of the United States government. 243 0 obj endobj /MCID 2 /S /LBody >> /S /LI /P 8 0 R /Lang (DE-DE) 83 0 obj 265 0 obj >> The defendants also delivered to doctors and patients blood test results from which critical results were improperly removed. /K 155 0 R Brian Grossman had 20 years of experience in the healthcare space but his firm, PFM Health Sciences, invested $96 . /Lang (EN-US) /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 /P 8 0 R /Parent 12 0 R << endobj /K 6 << /K 24 /Parent 13 0 R /K 121 0 R 129 0 obj /P 315 0 R endobj /K [8 94 0 R] /Parent 14 0 R /S /LI >> /S /LI 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. /K 183 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. /S /LI /K 126 0 R /K 27 /S /LBody << >> /P 370 0 R /Lang (EN-US) Nov 8, 2017. /A 259 0 R >> /K 24 /Lang (EN-US) 386 0 obj /K 18 << endobj 307 0 obj /P 279 0 R >> 266 0 obj /P 8 0 R 2023 Cond Nast. /P 50 0 R /Parent 14 0 R /Pg 238 0 R /S /Table 365 0 obj /K 130 0 R /P 48 0 R /Lang (EN-US) /S /LBody 38 0 obj The startup entrepreneurial spirit is selling a vision of a fictional product - a product that does not yet exist. /Contents [417 0 R 418 0 R 419 0 R] /S /L /Kids [11 0 R 12 0 R 13 0 R 14 0 R] Total losses surpassed $800 million, prosecutors said. << /K [18 385 0 R] << 59 0 obj /Endnote /Note << The request for Holmes toremain free pending an appeal, filed Feb. 23 with the U.S. District Court for the Northern District of California, did not say when Holmes had her second baby. /Lang (EN-US) 92 0 obj /P 55 0 R >> 185 0 obj 248 0 obj 257 0 obj >> >> endobj 297 0 obj /Pg 254 0 R /Pg 241 0 R /Lang (EN-US) 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. >> /S /P /Resources 456 0 R /P 8 0 R /Pg 244 0 R /S /LBody /Resources 492 0 R /K 8 << /S /LBody Claiming and updating your company profile on Zippia is free and easy. << /Parent 14 0 R If convicted, the defendants face a maximum sentence of twenty (20) years in prison, and a fine of $250,000, plus restitution, for each count of wire fraud and for each conspiracy count. /Pg 256 0 R /K 229 0 R In court documents, federal prosecutors have said Holmes is a flight risk. /Resources 412 0 R /Annots [] /S /LI endobj >> << /P 51 0 R /Lang (EN-US) << /CropBox [0 0 612 792] /P 54 0 R endobj 189 0 obj endobj >> 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. /Pg 237 0 R They proposed revoking the companys license to test human specimens. 16 [null null 199 0 R null null null 200 0 R null null null endobj << /K 11 73 0 obj << +1 (202) 442-3507. 41 0 obj /Lang (EN-US) /P 54 0 R $1 million bail: Student accused of attacking teacher's aide over Nintendo Switch, Consumer confidence: Optimism of US consumers declined in February, reflecting fears of a recession. << /P 316 0 R /Rotate 0 << /S /LBody endobj uuid:f59fd1a5-0a21-408a-99c1-079770aebbbd /Lang (EN-US) << /StructParents 2 Before sharing sensitive information, make sure you're on a federal government site. endobj /Strikeout /Span 306 0 obj /S /L /K 156 0 R /P 8 0 R /K [26 388 0 R] endobj /P 50 0 R /Lang (EN-US) << /K 0 endobj /Pg 249 0 R 376 0 obj /P 342 0 R endobj endobj >> /P 51 0 R 94 0 obj /K [24 387 0 R] 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. /P 8 0 R endobj /StructParents 17 It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. endobj 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. /Pg 237 0 R /Lang (EN-US) /K 154 0 R /P 360 0 R The University recognizes the importance of its location in New York City and . Recalls, Market Withdrawals and Safety Alerts, Inspections, Compliance, Enforcement, and Criminal Investigations, June 15, 2018: Theranos Founder and Former Chief Operating Officer Charged in Alleged Wire Fraud Schemes. /P 8 0 R /Tabs /S Powered and implemented byFactSet Digital Solutions. /K 182 0 R /Parent 13 0 R << endobj >> /Subscript /Span /Lang (EN-US) /S /LI /P 50 0 R /CropBox [0 0 612 792] The average salaries at Bloomberg rank the highest, with their employees earning an. >> /S /LBody /Resources 432 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. /Pg 257 0 R 179 0 obj /P 50 0 R /S /LBody /Contents [453 0 R 454 0 R 455 0 R] 230 0 obj /K 141 0 R /Annots [] /S /LI 93 0 R] /S /P /Lang (EN-US) 26 0 obj /Tabs /S /P 8 0 R /CropBox [0 0 612 792] /Author () /S /TD >> /MediaBox [0 0 612 792] Doctors began using Theranos testing devices to diagnose patients and dispense medical advice. /Contents [429 0 R 430 0 R 431 0 R] /Type /Page /Annots [] /K 22 /Pg 250 0 R /P 50 0 R /Lang (EN-US) endobj >> /P 59 0 R /K 19 << /Pg 235 0 R 358 0 obj >> /P 307 0 R We searched far and wide for the best company mission statement examples. /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 The Theranos scandal has dominated headlines, and both fascinated and appalled readers worldwide, since John Carreyrou's shattering report first broke in 2015. /Pg 239 0 R /P 302 0 R endobj 1349, and nine counts of wire fraud, in violation of 18 U.S.C. /Pg 247 0 R 273 0 obj /S /P /S /P /S /LI >> /P 269 0 R 100 0 obj Yam said she had never seen the document before, nor did she know where those numbers had come from. << /K 225 0 R /K 18 278 0 obj Postal Inspection Service (USPIS) Inspector in Charge Rafael Nuez. >> /Lang (EN-US) Investors large and small from around the world are attracted to Silicon Valley by its track record, its talent, and its promise. >> endobj 296 0 obj endobj Investors have poured more than $400 million into Theranos, valuing it at $9 billion and her majority stake at more than half that. /P 8 0 R /P 284 0 R /K 205 0 R These detailed accounts show a pattern of behaviors consistent with a distorted motivational and cognitive state. /S /LI /Pg 239 0 R 151 0 obj 18 0 obj /Pg 257 0 R 75 0 obj 56 0 obj Theranos representeda potential disruptor to costly and quasi-monopolistic healthcare players that would help people get the right cure at the right time. Acrobat PDFMaker 18 for Word /S /LI . /S /LI 282 0 obj >> /K 157 0 R Legal Statement. /S /L /K 18 /S /P endobj /S /LBody << /Pg 248 0 R /K 3 330 0 obj /Pg 247 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. << John Carreyrou writes the story of a gifted 19-year-old who founded a health . /S /LI /Lang (EN-US) 194 0 R null null null 195 0 R null null null 196 0 R null 236 0 obj /K 148 0 R /Resources 448 0 R 314 0 obj /S /LBody >> /P 350 0 R /Rotate 0 >> /Pg 243 0 R >> endobj /S /LI /S /P /K 261 0 R /P 51 0 R endobj Those emails eventually made their way to Holmes, who asked, How fast can we resolve this issue? Another employee replied that, after omitting some data, the problem appeared solved. 292 0 obj /P 380 0 R endobj << /K 161 0 R /S /P endobj 3 0 obj /S /LI /Pg 243 0 R /S /LBody /Pg 246 0 R /Lang (EN-US) 372 0 obj 180 0 R null null null 181 0 R null null null 182 0 R null /P 273 0 R << 117 0 R null null null 118 0 R null null] Prosecutors allege that Holmes and Balwani deliberately misled investors, policymakers and the public about the accuracy of Theranos blood-testing technologies since 2013, at least, EX-BILLIONAIRE ELIZABETH HOLMES CAN'T PAY LAWYERS DEFENDING HER IN THERANOS FRAUD CLAIM. /Lang /K 12 /MediaBox [0 0 612 792] << /K 15 /Lang (EN-US) /Pg 235 0 R 196 0 obj - Sep 15, 2021 3:40 pm UTC. Indication(s) for use: Same as the intended use 3. endobj /S /P /Type /Page << /S /L /Lang (EN-US) /Lang (EN-US) endobj endobj 202 0 obj /K 30 << endobj << >> >> >> << /K 6 >> endobj >> null null null 231 0 R null null null 232 0 R null null >> /S /LI /Lang (EN-US) >> /S /LBody /P 8 0 R /K 135 0 R /Lang (EN-US) 329 0 obj /Type /MCR /K 37 /K 8 /P 261 0 R /Pg 247 0 R /P 55 0 R /S /Span /Pg 249 0 R >> /CropBox [0 0 612 792] /S /LBody /S /LI /K 136 0 R << 134 0 obj /K 32 Heinz and Kraft Foods. Overview Salary Revenue History Demographics Competitors CEO & Executives. endobj 374 0 obj >> << >> /S /LBody endobj /CropBox [0 0 612 792] /S /LBody /Lang (EN-US) /K 231 0 R /S /P /Pg 245 0 R /Type /Page /Pg 258 0 R 86 0 obj /CropBox [0 0 612 792] /Pg 235 0 R /P 51 0 R /K 1 >> >> /Lang (EN-US) /S /LBody The next witness was Erika Cheung, who was hired by Theranos out of undergrad as a lab associate. 3553. << Many of those statements were outright falsehoods or, more charitably, danced around the truth. /S /LI /MCID 2 /S /LI /Pg 248 0 R And at least one employee told the financial newspaper Theranos executivesdid not report test results that would have caused concerns about the machines accuracy. >> /K 185 0 R << >> 4 0 obj /MCID 2 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. Holmes, Balwani, and Theranos also made false or misleading statements to investors about many aspects of Theranos' business, including the capabilities of its proprietary 324 0 obj /S /LBody /S /LBody /P 8 0 R /K 3 /Pg 241 0 R >> endobj /Tabs /S >> >> << /S /P << /Lang (EN-US) /K 10 << endobj << Theranos, Inc. is a consumer health technology company founded in 2003 by Elizabeth Holmes. << >> /S /LBody endobj << << /P 40 0 R >> /S /LI 108 0 obj >> 308 0 obj /P 50 0 R /Rotate 0 /P 33 0 R 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. 27 0 obj Holmes rocketed to Silicon Valley stardom nearly a decade ago when she started speaking publicly about Theranos's vision a small . 171 0 R null null] /Lang (EN-US) /P 323 0 R >> << endobj /K 206 0 R endobj /K 1 << /S /LI 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 90 0 obj /P 55 0 R /P 50 0 R /K 14 /Pg 249 0 R /MediaBox [0 0 612 792] /Contents [437 0 R 438 0 R 439 0 R] /P 8 0 R /K 129 0 R /Type /Pages /S /LBody << 302 0 obj Rankings are based on government and proprietary data on salaries, company financial health, and employee diversity. 276 0 obj 25 0 R 26 0 R 27 0 R 28 0 R 29 0 R 30 0 R 31 0 R 32 0 R 33 0 R 34 0 R /P 351 0 R endobj /P 42 0 R /K 26 >> /CropBox [0 0 612 792] /K 8 165 0 R null null null 166 0 R null null null null 167 0 R >> >> >> /Lang (EN-US) /Pg 235 0 R /P 380 0 R >> /K 0 321 0 obj According to Temporal Construal Theory, a compelling, unfulfilled mission can trigger this type of operational myopia. /K 12 endobj endobj /P 55 0 R /P 281 0 R << /Pg 247 0 R /MCID 2 endobj endobj >> /CropBox [0 0 612 792] /K 22 /S /LI /Pg 251 0 R /Pg 250 0 R << /Annots [] 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. /Pg 258 0 R Holmes said she was inspired to start the company in response to her fear of needles. endobj /K 10 null null 142 0 R null null null 143 0 R null null] 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 9 Theranos's mission statement is "To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives.". /Pg 258 0 R << 367 0 obj The largest donation made to a political party by a Theranos employee was /K 170 0 R endobj /P 8 0 R /S /LBody /K 176 0 R /Lang (EN-US) /K 14 >> /P 320 0 R << /Pg 239 0 R /Outline /Span endobj endobj 180 0 obj >> endobj /S /LBody 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 << << /Type /Page /K 10 >> null 47 0 R null null 129 0 R null null null 130 0 R null << >> /S /LI /CropBox [0 0 612 792] 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. /P 48 0 R Help other job seekers by rating Theranos. /Lang (EN-US) /S /P /K 152 0 R 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. /Contents [497 0 R 498 0 R 499 0 R] 68 0 obj 216 0 obj << Elizabeth Holmes donated << 58 0 obj 136 0 obj >> /P 300 0 R /P 51 0 R /S /LBody /S /LBody /K 22 61 0 obj /K 168 0 R /S /LBody /Pg 247 0 R Holmes unflappability may have made it difficult for Theranos board members and prospective clients to raise or press on with the right questions at the right time. endobj 11 [null null 169 0 R null null null 170 0 R null null null >> /Annots [] /Lang (EN-US) << 354 0 obj >> /K 13 13 0 obj /K 12 /S /LI /Contents [425 0 R 426 0 R 427 0 R] << The Theranos story has been turned into an HBO . 344 0 obj endobj /Lang (EN-US) /P 372 0 R endobj endobj /P 55 0 R /Lang (EN-US) /P 55 0 R uuid:08e7f9c5-06b3-4447-b9e6-d8f448ec8b85 /Lang (EN-US) << /S /P The national average salary for a Theranos employee in the United States is $44,094 per year. Theranos stood as the next big breakthrough innovator in the healthcare industry offering an affirming achievement of the value of human ingenuity. endobj endobj /K 4 >> We connect the world's decision makers to accurate information on the financial markets and help them make faster, smarter decisions. /P 322 0 R The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. /Pg 256 0 R /P 51 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. /Lang (EN-US) 5 0 obj >> /Lang (EN-US) 194 0 obj /S /LI 48 0 obj << Elizabeth Holmes finished testifying in wire fraud trial. << /Creator (Acrobat PDFMaker 18 for Word) null null 197 0 R null null null 198 0 R null null null endobj >> /P 54 0 R /S /L endobj /Pg 244 0 R 364 0 obj /K 119 0 R endobj 181 0 obj 294 0 obj /K 230 0 R /S /P /S /LBody /S /LBody 182 0 obj /P 319 0 R /Pg 248 0 R endobj >> /S /LI 20 [null null 221 0 R null null null 222 0 R null null 56 0 R /S /P /Pg 258 0 R /K [32 382 0 R] >> /P 48 0 R 199 0 obj /K 188 0 R endobj >> 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. 5 [null null 137 0 R null null null 138 0 R null null null /K 232 0 R /S /LBody 279 0 obj << /P 8 0 R /Lang (EN-US) 29 0 obj endobj /Contents [421 0 R 422 0 R 423 0 R] /Lang (EN-US) WIRED Media Group /CropBox [0 0 612 792] /S /LI endobj /P 51 0 R endobj /Pg 256 0 R 277 0 obj >> endobj /S /LBody endobj /S /LBody /K 30 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 /S /L /S /P /Count 9 /MCID 2 /S /LBody null] /P 308 0 R << Theranos competitors include TED, Bloomberg, HuffPost, National Journal, Washington Plaza Hot, Morgan Stanley, Newsweek. /K 228 0 R << /CropBox [0 0 612 792] /Pg 247 0 R >> >> /K 21 /StructParents 12 The first week of Theranos founder Elizabeth Holmes' fraud trial is now complete. What we know for certain is that behind this particular corporate failure lies a cautionary tale of boundless visioning that all investors, entrepreneurs and organizations seeking breakthrough innovations should be interested in further understanding. /Lang (EN-US) THERANOS FOUNDER ELIZABETH HOLMES TO FACE TRIAL SEPARATE FROM EX-LOVER. /Pg 257 0 R /S /P /P 310 0 R 215 0 obj /K 14 << 389 0 obj endobj 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. /Lang (EN-US) 64 0 obj << /K [26 395 0 R] /StructParents 20 394 0 obj /MediaBox [0 0 612 792] /MediaBox [0 0 612 792] << 237 0 obj /K 21 endobj << 331 0 obj >> << /Parent 13 0 R /S /P Instead, Theranos continued to produce mounting losses. >> /K 14 /Pg 246 0 R /Resources 408 0 R The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. endobj << Whistleblower and former Theranos lab tech Erika Cheung. >> /Parent 12 0 R /S /Sect /S /LBody 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. endobj << All rights reserved. /Rotate 0 >> 102 0 obj /S /LI >> >> /P 8 0 R /S /P 44 0 obj 42 0 obj 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 /L /K 5 >> 66 0 R 67 0 R 68 0 R 69 0 R] /P 8 0 R /Lang (EN-US) 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 242 0 R << << endobj /K 2 << (Photo by Kristoffer Tripplaar/AP). /S /LI /Pg 244 0 R /S /LI /Lang (EN-US) /P 373 0 R /MediaBox [0 0 612 792] Theranos Mission Statement. /P 8 0 R 54 0 obj << endobj /K 180 0 R /Pg 237 0 R /Pg 235 0 R 289 0 obj /Pg 235 0 R << >> /Lang (EN-US) 219 0 obj /K 18 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. /Lang (EN-US) /P 48 0 R endobj endobj 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. /Pg 235 0 R >> /P 40 0 R 176 0 obj /Pg 256 0 R >> endobj << << /Lang (EN-US) endobj << >> /MediaBox [0 0 612 792] /S /LI /Annots [] /P 312 0 R /S /LBody << 30 0 obj For example, allegedly, Holmes and Balwani knew that the analyzer, in truth, had accuracy and reliability problems, performed a limited number of tests, was slower than some competing devices, and, in some respects, could not compete with existing, more conventional machines. /Pg 239 0 R >> /K 31 /P 63 0 R << Elizabeth Holmes dropped out of Stanford in 2003 as a 19-year-old to start Theranos. endobj /P 380 0 R << endobj endobj 192 0 obj /P 339 0 R endobj /Pg 257 0 R 167 0 obj endobj << /TextBox /Art << /Contents [489 0 R 490 0 R 491 0 R] /S /P /P 8 0 R endobj /Lang (EN-US) << It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. >> 159 0 obj /P 50 0 R << 117 0 obj /Lang (EN-US) /K 6 250 0 obj /Pg 248 0 R 1 0 obj /S /LBody << endobj >> /P 50 0 R /StructParents 19 /S /LI >> << /Lang (EN-US) 157 0 obj /Contents [409 0 R 410 0 R 411 0 R] 234 0 obj 262 0 obj 335 0 obj Pay at Theranos is significantly lower than some of its highest paying competitors, like. /Lang (EN-US) /CropBox [0 0 612 792] /K 224 0 R >> endobj 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 240 0 R /Lang (EN-US) /P 50 0 R /Rotate 0 /Pg 243 0 R /Pg 257 0 R The mission statement of Theranos is stated as, "To make actionable information accessible to everyone at the time that it matters". endobj >> << All rights reserved. << 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 8 0 R << >> /P 311 0 R endobj 104 0 obj At the peak of her career in 2015, Forbes estimated her net worth at $4.5 billion. [2] This was done through a medical device called a nanotainer, which drew, retained, and analyzed mere droplets of blood from the patient's fingertip and . endobj /Contents [413 0 R 414 0 R 415 0 R] /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 /S /P 118 0 obj >> 22 0 obj >> /MediaBox [0 0 612 792] /S /LBody /K 260 0 R endobj /P 42 0 R /P 296 0 R /S /LI /S /LBody 325 0 obj endobj >> 300 0 obj 34 0 obj 351 0 obj /K 18 endobj >> null null 121 0 R null null null 122 0 R null null null /P 8 0 R 77 0 obj << /Pg 240 0 R /Lang (EN-US) << 155 0 obj null null null null 168 0 R null null null 169 0 R null << 299 0 obj /Pg 256 0 R /S /LBody << << /S /LI /K 175 0 R 272 0 obj 336 0 obj /Lang (EN-US) /S /P 214 0 obj /S /P /P 380 0 R endobj endobj 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. endobj << /Lang (EN-US) /K 5 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 >> 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 /P 377 0 R 18 [null null 209 0 R null null null 210 0 R null null null /Pg 235 0 R << >> 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. The United States Postal Inspection Service has a long history of successfully investigating complex fraud cases, said Inspector in Charge Rafael E. Nuez. /K 144 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." 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. /K 208 0 R /S /P /Lang (EN-US) << << /Pg 235 0 R >> endobj /P 277 0 R /Underline /Span endobj >> << /K 207 0 R /K 14 Fear a Culture of Fear. /K 49 /Type /MCR /P 8 0 R /Pg 256 0 R /P 50 0 R /K 22 endobj /S /LBody << /P 292 0 R /Lang (EN-US) /Parent 11 0 R /S /LI /Lang (EN-US) 229 0 obj endobj >> << /Lang (EN-US) /Type /Page endobj /P 8 0 R /K 212 0 R The tests performed on Theranos technology, in addition, were likely to contain inaccurate and unreliable results. /K 9 /P 344 0 R /K 14 /K 2 /S /LI >> /K [10 392 0 R]
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