/P 166 0 R endobj /P 355 0 R /K 137 0 R /Pg 238 0 R 346 0 obj >> 74 0 obj /K 2 /Pg 248 0 R /Count 24 /Producer (Adobe PDF Library 15.0; modified using iText 2.1.7 by 1T3XT) However, any sentence following conviction would be imposed by the court after consideration of the U.S. /P 8 0 R endobj >> >> 69 0 obj Theranos, CEO Holmes, and Former President Balwani Charged With - SEC >> endobj >> 93 0 R] /K 6 << The startup was founded in Feb. 2014, was headquartered in Palo Alto, Calif., according to Bloomberg. Theranos burned through $2M a week as investors were given rosy Holmes only canceled the trip after prosecutors contacted Holmes attorneys about the unauthorized flight, prosecutors said. /Type /MCR 354 0 obj 139 0 obj This office, along with our other law enforcement partners in the Bay Area, will vigorously investigate and prosecute those who do not play by the rules that make Silicon Valley work. /Annots [] << endobj /Parent 14 0 R 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. << endobj >> The University recognizes the importance of its location in New York City and . /Parent 13 0 R endobj The conduct alleged in these charges erodes public trust in the safety and effectiveness of medical products, including diagnostics. /Pg 258 0 R /P 8 0 R 368 0 obj >> Holmes, 34, of Los Altos Hills, Calif., founded Theranos in 2003. >> /Pg 250 0 R null] 128 0 obj /K 32 /P 8 0 R /K 220 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. >> endobj >> >> /S /LBody /K [22 386 0 R] /Lang (EN-US) endobj endobj /K 261 0 R << /Lang (EN-US) /P 8 0 R 326 0 obj 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 . >> /K 190 0 R 380 0 obj Doctors began using Theranos testing devices to diagnose patients and dispense medical advice. 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. /K 10 /S /LBody /P 277 0 R (Photo by Brad Barket/Invision/AP). 160 0 obj The first week of Theranos founder Elizabeth Holmes' fraud trial is now complete. >> endobj 113 0 obj >> >> /P 8 0 R << To conduct any kind of research for any company in any industry. /S /L /ParentTree 9 0 R << 123 0 obj >> /Superscript /Span /P 63 0 R endobj /P 317 0 R >> /K 117 0 R /S /P /Pg 258 0 R /Pg 244 0 R 5 [null null 137 0 R null null null 138 0 R null null null 187 0 obj Many of those statements were outright falsehoods or, more charitably, danced around the truth. /Resources 488 0 R << endobj /S /LBody 210 0 obj /MediaBox [0 0 612 792] >> /Footnote /Note >> /Lang (EN-US) /Pg 240 0 R 381 0 obj >> endobj 106 0 obj 274 0 obj endobj Elizabeth Holmes looms large on first day of Sunny Balwani's Theranos /S /LBody /K 4 << Kraft Heinz Mission and Vision Statement Analysis 328 0 obj /Type /Page /P 8 0 R /K 13 384 0 obj << /CropBox [0 0 612 792] Holmes said she was inspired to start the company in response to her fear of needles. /Pg 254 0 R Creating something new is about breaking the status quo. endobj /S /P endobj endobj 227 0 obj 250 0 obj >> The next witness was Erika Cheung, who was hired by Theranos out of undergrad as a lab associate. /Type /Metadata 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. /Pg 255 0 R Photographer: David Paul Morris/Bloomberg *** Local Caption *** Elizabeth Holmes. 248 0 obj >> /S /LI /K 6 /P 51 0 R /S /LBody endobj /S /LBody << /MediaBox [0 0 612 792] 330 0 obj 2018-03-14T09:02:10-07:00 /K 15 379 0 obj /P 8 0 R /K 41 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. /Type /MCR /Pg 235 0 R The . << /P 63 0 R 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. << /P 299 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. Theranos dissolved in September 2018 and founder Elizabeth Holmes now faces up to 20 years in prison for fraud and conspiracy. >> /Pg 257 0 R << It included jury selection, opening statements, released text messages, and an unexpected . >> /P 8 0 R Theranos founder Elizabeth Holmes arrives at San Jose court over alleged fraud. The Trial of Theranos's Elizabeth Holmes Opens << Adobe PDF Library 15.0; modified using iText 2.1.7 by 1T3XT /Parent 12 0 R 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. << >> /Resources 460 0 R 242 0 obj endobj << /S /LI >> /Lang (EN-US) 12 0 obj /Lang (EN-US) /P 290 0 R /P 316 0 R << /Lang (EN-US) << /TextBox /Art >> /S /LI We all knew it was coming. >> /K 168 0 R /Lang (EN-US) 14 0 obj /Lang (EN-US) Elizabeth Holmes is the founder and former CEO of Theranos (2003-2018), a company that created and distributed blood testing devices. /S /LI /Parent 13 0 R endobj Theranos representeda potential disruptor to costly and quasi-monopolistic healthcare players that would help people get the right cure at the right time. >> >> /P 340 0 R << endobj /P 51 0 R 212 0 obj /Type /Page 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. /Outline /Span /S /P << /S /P /K 205 0 R endobj 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. Powered and implemented byFactSet Digital Solutions. 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. << << Attorneys Jeff Schenk, Robert S. Leach, and John C. Bostic are prosecuting the case with the assistance of Laurie Worthen and Bridget Kilkenny. To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives. /P 59 0 R >> Instead, a vision made boundless by its sharp divide from reality and its extraordinarily narrow goals ended up only perpetuating a state of motivated blindness. 341 0 obj 185 0 R null null] /Lang (EN-US) /Pg 248 0 R /Lang (EN-US) 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. In addition, the defendants delivered to doctors and patients blood results that were inaccurate, unreliable, and improperly validated. /InlineShape /Figure 286 0 obj >> Hot Startup Theranos Has Struggled With Its Blood-Test Technology Yam said she had never seen the document before, nor did she know where those numbers had come from. /K 150 0 R 266 0 obj endobj << /Pg 250 0 R /P 368 0 R /K 9 June 15, 2018: Theranos Founder and Former Chief Operating Officer /Lang (EN-US) /K 218 0 R endobj 365 0 obj >> /K 4 /Pg 235 0 R endobj /Resources 412 0 R 167 0 obj /Lang (EN-US) Fraud, or just a failure? Theranos founder Elizabeth Holmes's trial "That's a crime . /P 380 0 R null null 220 0 R null null null 221 0 R null null] It became evident that audited financial statements hadn't been prepared since 2009. /K 18 >> /S /P /S /LBody /K 14 348 0 obj >> /P 63 0 R /P 306 0 R >> endobj 147 0 obj Elizabeth Holmes (Reuters); Ramesh "Sunny" Balwani (Getty Images). /K 12 /S /LI The prosecution is the result of an investigation by the FDA Office of Criminal Investigations, the FBI, and the US Postal Inspection Service. 9 [null null 157 0 R null null null 158 0 R null null null >> << >> /K 14 /StructParents 18 /K 0 Theranos Company Profile - Office Locations, Competitors, Revenue /Lang (EN-US) /P 42 0 R << endobj 268 0 obj << /Lang (EN-US) null null null null 168 0 R null null null 169 0 R null >> >> It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. >> /K 14 endobj Now a mom of two, ex-Theranos CEO Elizabeth Holmes wants to delay /Lang (EN-US) 7 [null null 147 0 R null null null 148 0 R null null null /S /LI /Lang (EN-US) /Rotate 0 /Rotate 0 110 0 obj << While working at Theranos, Cheung sent an email to others in the company, sharing her concerns about the Edison machines. /Tabs /S >> 329 0 obj /P 8 0 R /Lang (EN-US) /P 8 0 R 51 0 obj /K 193 0 R /K 2 /Lang (EN-US) >> /MediaBox [0 0 612 792] 16 [null null 199 0 R null null null 200 0 R null null null endobj >> /P 48 0 R How Theranos's Big Investors Were Taken - Forbes >> << endobj 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 endobj 120 0 obj >> endobj /K 10 >> >> /Lang (EN-US) >> >> 146 0 obj /P 8 0 R endobj /Pg 238 0 R /K [24 387 0 R] >> It's unclear . /S /LI /P 373 0 R /P 8 0 R /Parent 11 0 R 60 0 obj The False Promise of Silicon Valley's Quest to Save the World /K 18 /P 42 0 R /S /LBody 31 0 obj 281 0 obj The Theranos scandal has dominated headlines, and both fascinated and appalled readers worldwide, since John Carreyrou's shattering report first broke in 2015. /S /LI /K 7 The Associated Press contributed to this report. endobj Theranos Mission Statement. null null 142 0 R null null null 143 0 R null null] << >> << /S /LI endobj /S /LBody endobj /K 184 0 R /K 25 << endobj 3553. /Lang (EN-US) 278 0 obj /P 8 0 R 183 0 obj Elizabeth Holmes' fate in jurors' hands after fiery closing arguments << Best Mission Statements: 12 Examples You Need to See - Fond /Pg 256 0 R 133 0 obj >> endobj >> /Rotate 0 endobj /Annots [] 1. /K 14 /P 40 0 R endobj >> /BBox [79.9440002441 274.9559936523 453.9599914551 398.8439941406] /Tabs /S << << /P 322 0 R /Annots [] >> >> 171 0 R null null] /S /P /K 6 /K 21 endobj /K [28 394 0 R] /P 44 0 R 396 0 obj 258 0 obj /S /LBody uuid:08e7f9c5-06b3-4447-b9e6-d8f448ec8b85 /P 51 0 R >> 150 0 obj Elizabeth Holmes finishes testifying in Theranos trial - The Washington overstating the extent of Theranos' relationships with commercial partners and government entities, to whom they had also made misrepresentations . /K 6 49 0 obj 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. Theranos Inc. founder Elizabeth Holmes was criminally charged in June 2018 with defrauding investors following the collapse of her blood-testing startup. /P 48 0 R >> /Pg 245 0 R << /S /LBody 130 0 obj >> 179 0 obj /S /LBody /K 9 endobj endobj 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. /Type /Page << /Parent 14 0 R /Pg 244 0 R << /Creator (Acrobat PDFMaker 18 for Word) /Lang (EN-US) /RoleMap 7 0 R /Contents [461 0 R 462 0 R 463 0 R] >> endobj << /P 42 0 R /P 266 0 R /Parent 14 0 R << endobj /K 6 >> /MediaBox [0 0 612 792] /S /LBody 176 0 R null null null 177 0 R null null null 178 0 R null /P 48 0 R 135 0 obj /P 171 0 R /S /LI 213 0 obj /S /L /K 14 /S /LI endobj << << << /P 8 0 R /S /P /S /LBody endobj endobj endobj /K 207 0 R The motion for release said that Holmes is not a flight risk and "is highly motivated to continue complying with her conditions of release sothat she can work with her lawyers while she pursues her appeal.". 149 0 R null null null 150 0 R null null null 151 0 R null Leaving Little Space for Inspiration. Before sharing sensitive information, make sure you're on a federal government site. /MCID 2 /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 333 0 obj /S /LI 39 0 obj endobj The Journal reported that in 2015, the technology was only used for 15 tests. >> endobj /K [374 0 R 375 0 R 376 0 R 377 0 R 378 0 R 379 0 R] The mission and vision statements of Kraft Heinz are indicative of a company that desires to lead the rest in everything it does. /P 301 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] << 70 0 obj /K 170 0 R /Lang (EN-US) /S /L 1 >> /K 22 << /Lang (EN-US) /S /LI /P 8 0 R 1349, and nine counts of wire fraud, in violation of 18 U.S.C. endobj /Lang (EN-US) endobj >> >> /K 34 352 0 obj THERANOS FOUNDER ELIZABETH HOLMES TO FACE TRIAL SEPARATE FROM EX-LOVER. endobj << >> /K 24 endobj 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 /Rotate 0 319 0 obj /Pg 257 0 R << >> endobj Theranos founder and CEO Elizabeth Holmes speaks at the Fortune Global Forum in San Francisco, California, on Monday, Nov. 2, 2015. >> << /P 48 0 R 22 0 obj 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. /StructParents 11 6 [null null 143 0 R null null null 144 0 R null null null /Tabs /S 1. 302 0 obj >> /P 330 0 R The defendants also delivered to doctors and patients blood test results from which critical results were improperly removed. endobj 115 0 obj /S /P /Pg 240 0 R /Tabs /S endobj endobj But Theranos shared very little about its blood-testing machine with the public or medical community. 27 0 obj /P 48 0 R endobj 271 0 obj Elizabeth Holmes wants to delay her prison sentence after giving birth null null 152 0 R null null] >> /Pg 235 0 R /S /LI endobj /S /LI Lessons from the Theranos Whistleblower - Ideas & Insights << << /Marked true /K 32 >> 190 0 obj /K 154 0 R /S /LBody /Pg 256 0 R 273 0 obj How to run amok with $900M of VC funding /K 12 /S /LI /Pg 252 0 R endobj << /S /P /P 352 0 R 188 0 obj +1 (202) 442-3507. /Pg 238 0 R /K 196 0 R endobj Theranos founder Elizabeth Holmes, now a mother of two, is asking to delay her 11-year sentence for felony fraud so she can be at home with her two young children while she appeals the conviction. 317 0 obj << /Type /Page That journey ended not, as it could have been, when the promises of its vision delivered their potential, but it ended when somebody, finally, brought reality into the picture. I write about culture, leadership and ethics in business and work. /Lang (EN-US) The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. >> /S /LI << << /Lang (EN-US) /P 270 0 R /Pg 240 0 R /K 14 In court documents, federal prosecutors have said Holmes is a flight risk. Read company statement regarding investor . endobj /K 223 0 R Theranos Founder Elizabeth Holmes Found Guilty of Investor Fraud << 184 0 obj >> /P 50 0 R << endobj << << >> !xRnE1$g9`8\\5g1^"z+. /K 37 /S /LBody /P 288 0 R /MediaBox [0 0 612 792] 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. endobj endobj /S /LBody endobj /Pg 249 0 R /K 2 /Type /Page /K 15 63 0 obj endobj /S /P >> << such statements undermine confidence . Market data provided byFactset. >> /S /LBody >> endobj /S /LI >> /Resources 468 0 R >> endobj For the small private firm, the publically traded company or the large enterprise vision, effort and determination needs to be firmly tied to the track - compliance. /CropBox [0 0 612 792] /Lang (EN-US) >> endobj endobj endobj /P 342 0 R /Lang (EN-US) /P 360 0 R << /S /L << endobj /P 335 0 R endobj /Pg 235 0 R /S /LI /P 8 0 R 264 0 obj /Annotation /Span /Type /Page 251 0 obj >> 364 0 R 365 0 R 366 0 R 367 0 R] /Parent 12 0 R endobj 293 0 obj /S /LBody /K 30 /S /P << /S /P /P 55 0 R << Theranos is a now-defunct healthcare technology startup founded by disgraced Stanford drop-out Elizabeth Holmes . /P 370 0 R endobj 353 0 obj /K 22 << /Type /Pages /S /LI endobj /Contents [477 0 R 478 0 R 479 0 R] 263 0 obj << Nov 16, 2021, 6:17 PM PST. /Pg 239 0 R 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. /Pg 235 0 R The boundless part of her visioning deserves extra attention. /S /LBody endobj /K 6 /S /LI 269 0 obj /Pg 253 0 R /Lang (EN-US) /P 55 0 R /Pg 235 0 R /S /LBody /K 18 /Pg 244 0 R /MediaBox [0 0 612 792] endobj << 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 >> 235 0 obj /K 7 /S /TD /Bibliography /BibEntry >> /P 362 0 R << /S /LBody 2 [null null 119 0 R null null null 120 0 R null null 41 0 R /Tabs /S /K 11 /S /LI /K 0 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. 177 0 obj << >> << << 77 0 obj /K 120 0 R Understanding the Theranos Scandal: 'I Make All the Decisions Here.' endobj 337 0 obj 42 0 obj >> /Lang (EN-US) /Pg 255 0 R 375 0 obj /Resources 484 0 R << 121 0 obj /K 2 application/pdf /Lang (EN-US) /Lang (EN-US) null 114 0 R null] Morever, Holmes needs to grow a . << >> << 171 0 obj << 388 0 obj /Pg 244 0 R endobj /Lang (EN-US) << << 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. 296 0 R 297 0 R 298 0 R 299 0 R 300 0 R 301 0 R 302 0 R 303 0 R] /Lang (DE-DE) 394 0 obj >> << Ars may earn compensation on sales from links on this site. 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. endobj 200 0 obj ] CNN . >> << /K 129 0 R 397 0 obj Theranos' mission is to make actionable information accessible to everyone at the time it matters most. /P 321 0 R /Lang (EN-US) /Rotate 0 << Your California Privacy Rights | Do Not Sell My Personal Information << 1. endobj endobj /Pg 258 0 R /P 48 0 R /Pg 258 0 R The company's stated mission was to "revolutionize medical laboratory testing," according to the Department of Justice. /K 139 0 R 21 0 obj /K 2 Theranos Was Losing Hundreds Of Millions As Elizabeth Holmes Talked Up /Lang (EN-US) endobj endobj Holmes, who founded Theranos in 2003 at age 19 with the lofty mission of revolutionizing blood testing, has pleaded not guilty. /Lang (EN-US) /StructParents 6 The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. << Who is Elizabeth Holmes and what did she do? - USA TODAY /P 333 0 R /Parent 14 0 R Theranos Announces Expansion of Board of Directors and New /P 278 0 R endobj /ModDate (D:20180314090210-07'00') /P 381 0 R >> /Lang (EN-US) 284 0 obj endobj endobj /K 9 /Lang (EN-US) /Lang (EN-US) /S /Span /P 8 0 R >> He . /P 8 0 R << >> 243 0 obj /S /LI 194 0 obj /StructParents 21 endobj Avoid simply listing what your company does and shift your focus to the bigger picture: what guides your company strategy and inspires your workforce. /P 8 0 R >> 25 0 obj /Kids [245 0 R 246 0 R 247 0 R 248 0 R 249 0 R] /Pg 255 0 R 351 0 obj /P 284 0 R Elizabeth Holmes donated << /S /LI >> /S /LI << /P 59 0 R 399 0 obj /Lang (EN-US) << /Parent 13 0 R endobj 180 0 R null null null 181 0 R null null null 182 0 R null << /S /LI 126 0 obj /Tabs /S /Contents [409 0 R 410 0 R 411 0 R] /S /LBody /Resources 472 0 R We just didn't know what new form it would take. << /Lang (EN-US) /K 6 /S /LI << << /S /LI /Type /Page /P 332 0 R >> >> Theranos - Wikipedia /Annots [] >> 140 0 obj /Lang (EN-US) The Theranos founder intentionally deceived investors, a US . /Count 5 endobj Around the time that Theranos was losing nearly $2 million per week, investors in the blood-testing startup were being told that the company would soon be bringing in almost $1 billion per year. /S /P >> /P 48 0 R 358 0 obj /Lang (EN-US) 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 222 0 R 259 0 obj 224 0 obj << /K 6 /Contents [481 0 R 482 0 R 483 0 R] endobj >> /Pg 251 0 R >> endobj << /S /LBody /P 393 0 R /Lang (EN-US) 318 0 obj /P 8 0 R >> The United States Postal Inspection Service has a long history of successfully investigating complex fraud cases, said Inspector in Charge Rafael E. Nuez. /S /P 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. /K 10 /S /LBody /K 22 /Parent 5 0 R /Lang (EN-US) 267 0 obj /Pg 256 0 R Entrepreneurship lives in the realm of threading between the present and the future. 114 0 obj /Resources 496 0 R /Pg 241 0 R D:20180314151216 << n. o s /) was an American privately held corporation that was touted as a breakthrough health technology company.