>> /Annots [] /Lang (EN-US) >> endobj Your California Privacy Rights | Do Not Sell My Personal Information << /Pg 247 0 R /Type /Page /K 20 228 0 obj >> /P 55 0 R /P 351 0 R 184 0 obj Creating something new is about breaking the status quo. /S /LI /S /P >> >> /Lang (EN-US) /P 59 0 R /Pg 235 0 R I did not think the technology we were using was adequate enough to be engaging in that behavior.. /Type /Page /S /LBody >> /S /LI /Type /Pages /Type /Page Balwani, 53, of Atherton, Calif., was employed at Theranos from September of 2009 through 2016. >> << /Lang (EN-US) /S /LBody endobj /P 298 0 R Theranos was a privately held healthcare technology company founded by then 19-year-old Elizabeth Holmes in 2003. /K 203 0 R /Parent 14 0 R
/Lang (EN-US) 239 0 obj The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. /P 51 0 R /P 376 0 R /Type /MCR /K 10 311 0 obj /S /P 14 0 obj >> endobj /S /P /StructParents 12 /K 28 155 0 obj /S /LI /Lang (EN-US) /MediaBox [0 0 612 792] /K [26 388 0 R] endobj endobj /K 8 Yam said that Theranos lost $16.2 million in 2010, $27.2 million in 2011, $57 million in 2012, and $92 million in 2013. 314 0 obj endobj 182 0 obj << << endobj endobj 352 0 obj /P 55 0 R >> << /K 21 /Pg 258 0 R << << /S /P << endobj /Type /Page /K 2 Follow Mike Snider on Twitter:@mikesnider. 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. /Resources 440 0 R /S /LBody endobj << /Pg 257 0 R /Lang (EN-US) << endobj /Lang Moreover, Theranos and Holmes made "false and misleading statements" in press accounts to bolster the startup's profile. /Pg 240 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. /MCID 2 /P 335 0 R /Pg 256 0 R >> endobj << 47 0 obj Theranos dissolved in September 2018 and founder Elizabeth Holmes now faces up to 20 years in prison for fraud and conspiracy. endobj /Contents [497 0 R 498 0 R 499 0 R] >> According to Temporal Construal Theory, a compelling, unfulfilled mission can trigger this type of operational myopia. 235 0 obj << /P 8 0 R endobj 283 0 obj >> Theranos is headquartered in Palo Alto, CA. /Lang (EN-US) /S /LI /S /LI 173 0 obj >> /P 8 0 R /K 209 0 R /Lang (EN-US) endobj 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. << /Pg 238 0 R /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] The company boasted the ability to get results from very small amounts of blood, something that would be revolutionary in medical diagnostics. << /Lang (EN-US) /K 180 0 R endobj endobj << endobj << Holmes fostered a culture of fear because it served her needs. /P 51 0 R << /Count 5 Theranos's mission statement is "To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives." endobj << 206 0 R null null null 207 0 R null null null 208 0 R null THERANOS FOUNDER ELIZABETH HOLMES TO FACE TRIAL SEPARATE FROM EX-LOVER. /S /LI endobj endobj Heinz and Kraft Foods. /Lang (DE-DE) endobj >> /K 1 /P 34 0 R 143 0 obj 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. endobj 3. /Annots [] /Type /Catalog /P 371 0 R /Resources 456 0 R /S /LI /K 2 46 0 obj endobj 6 0 obj /P 272 0 R /Pg 241 0 R /S /LI The startup entrepreneurial spirit is selling a vision of a fictional product - a product that does not yet exist. endobj /K 22 /S /P /S /LBody Holmes rocketed to Silicon Valley stardom nearly a decade ago when she started speaking publicly about Theranos's vision a small . /P 50 0 R endobj endobj /K 234 0 R >> 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. /P 63 0 R /Type /Page /Lang (EN-US) 296 0 obj /Contents [417 0 R 418 0 R 419 0 R] 335 0 obj /Pg 246 0 R /S /LI /S /LBody /Pg 235 0 R /S /P /P 354 0 R 262 0 obj >> /S /LBody 214 0 obj << endobj >> /K 16 1349, and nine counts of wire fraud, in violation of 18 U.S.C. /K 14 12 0 obj >> 90 0 obj 341 0 R 342 0 R 343 0 R 344 0 R 345 0 R 346 0 R 347 0 R 348 0 R] /K 9 >> /P 390 0 R >> 53 0 obj /S /LBody /S /LI /S /L /Pg 235 0 R << << 125 0 obj Total losses surpassed $800 million, prosecutors said. /Lang (EN-US) /P 281 0 R /P 59 0 R endobj /Lang (EN-US) 189 0 obj 229 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 203 0 obj /P 51 0 R Holmes, Balwani, and Theranos also made false or misleading statements to investors about many aspects of Theranos' business, including the capabilities of its proprietary /P 48 0 R endobj >> /S /P /S /LBody /Pg 255 0 R /Pg 235 0 R /P 380 0 R 354 0 obj >> >> /Lang (EN-US) >> /P 380 0 R << 176 0 R null null null 177 0 R null null null 178 0 R null 64 0 obj /Pg 235 0 R << /K 13 /K 6 Theranos founder Elizabeth Holmes arrives at San Jose court over alleged fraud. /P 8 0 R << >> /P 300 0 R /P 282 0 R Theranos employees are most likely to be members of the Democratic Party. << In reality, Theranos couldn't perform more than 12 tests on its Edison devices, former lab . endobj /Pg 241 0 R endobj /S /P 112 0 obj uuid:f59fd1a5-0a21-408a-99c1-079770aebbbd /Contents [445 0 R 446 0 R 447 0 R] << 255 0 obj In court documents, federal prosecutors have said Holmes is a flight risk. After all, one of Theranos top achievements was the very idea Holmes herself had developed an idea she never put through the rigor of scientific testing before defining its contours. Morever, Holmes needs to grow a . >> Mutual Fund and ETF data provided byRefinitiv Lipper. The indictment charges each defendant with two counts of conspiracy to commit wire fraud, in violation of 18 U.S.C. 321 0 obj /MediaBox [0 0 612 792] /Pg 242 0 R /Rotate 0 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. << /Pg 253 0 R endobj /P 50 0 R /Lang (EN-US) 371 0 obj 3 0 obj >> >> /K 18 /K 185 0 R >> endobj /Rotate 0 >> /K 142 0 R >> endobj /Filter /FlateDecode endobj /P 378 0 R 185 0 obj /Lang (EN-US) 18 [null null 209 0 R null null null 210 0 R null null null /K 23 >> It became evident that audited financial statements hadn't been prepared since 2009. 217 0 R null null null 218 0 R null null null 219 0 R null >> /Lang (EN-US) endobj 156 0 obj 15 0 obj >> /K 14 /S /LBody << /K 11 << A March 17 hearing is scheduled on her request to stay out of prison during her appeal. 2018-03-14T09:02:10-07:00 /InlineShape /Figure << null null null null 168 0 R null null null 169 0 R null 249 0 obj /P 381 0 R >> 110 0 obj 266 0 obj << /K 28 /Pg 257 0 R endobj endobj 382 0 obj Elizabeth Holmes, the former CEO of Theranos convicted of defrauding investors, is seeking to delay the start of her 11-year prison sentence because she has "two very young children" to be with. /Pg 253 0 R 297 0 obj /K 9 << /K 6 /P 63 0 R >> endobj /P 63 0 R /K 5 /Rotate 0 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. << /Lang (EN-US) >> endobj Easy acce View the full answer << null null 220 0 R null null null 221 0 R null null] /P 8 0 R To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives. endobj >> /CropBox [0 0 612 792] /Pg 250 0 R >> 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. /Annots [] /P 8 0 R /MediaBox [0 0 612 792] /Lang (EN-US) /K 17 /Lang (EN-US) 216 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 12 /Lang (EN-US) << 2018-03-14T08:41:27-07:00 null] /Pg 249 0 R << endobj Zippia Score 4.7. 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. >> 302 0 obj /K 18 << >> endobj << /K 24 /S /LI 39 0 obj /K 2 Tim De Chant endobj /S /P D:20180314151216 355 0 obj /Lang (EN-US) << << /K 138 0 R 362 0 obj /K 17 << 92 0 obj endobj /Lang (EN-US) /S /LBody 164 0 obj << endobj >> /P 51 0 R >> endobj 213 0 obj 38 0 obj After Cheung went to the federal government, Theranos hired a private detective to spy on her, according to court documents released last week. >> /StructParents 8 << >> /K 18 /K 20 endobj 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. /Lang (EN-US) /K 163 0 R /S /LI /Tabs /S endobj /Lang (EN-US) endobj >> /Type /Page 385 0 obj /P 8 0 R /P 8 0 R endobj endobj $12,600 to the Democratic Party. /Lang (EN-US) 1 268 0 obj /Lang (EN-US) Adobe PDF Library 15.0; modified using iText 2.1.7 by 1T3XT << >> endobj /Lang (EN-US) /K 196 0 R /P 380 0 R /K 2 /Lang (EN-US) 133 0 obj /P 310 0 R endobj /Pg 250 0 R /P 312 0 R endobj /Lang (EN-US) /Pg 255 0 R 234 0 obj endobj >> /P 8 0 R /Type /MCR 244 0 obj >> >> /P 50 0 R /S /LBody /S /LBody 205 0 obj /StructParents 17 271 0 obj Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. /S /P /S /P /Lang (EN-US) /Pg 235 0 R /Count 5 endobj /Type /MCR /P 360 0 R >> /S /LI /Pg 250 0 R 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. << /K 189 0 R /K 210 0 R endobj << In part, according to the report, Theranos had neglected to use the device it marketed as the "lynchpin of its strategy," called the Edison, for the majority of the tests conducted. /Artifact /P 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. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. endobj 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. << /K 226 0 R The two pleaded not guilty to wire fraud and conspiracy to commit wire fraud. They cite a one-way plane ticket to Mexico she booked for Jan. 26, 2022, three weeksafter her conviction onfour counts of fraud and conspiracy. << /Annots [] 316 0 obj /Pg 243 0 R endobj /K 6 /TextBox /Art /K 33 endobj >> /Pg 235 0 R endobj /P 263 0 R /S /P /K [24 387 0 R] /S /P 119 0 obj The tests performed on Theranos technology, in addition, were likely to contain inaccurate and unreliable results. /P 55 0 R Holmes dropped out of Stanford University at 19 to start the medical diagnostics company in 2003. endobj /S /LBody /Pg 254 0 R /Pg 258 0 R /P 48 0 R /K [32 382 0 R] Theranos has established itself as a great place to work in California, and it is number 17 on Zippia's list of, The average employee at Theranos makes $44,094 per year. /K [18 385 0 R] 294 0 obj endobj /K 136 0 R endobj /S /LBody 226 0 obj /Pg 235 0 R << 60 0 obj >> /Kids [235 0 R 236 0 R 237 0 R 238 0 R 239 0 R] >> << >> The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. /CreationDate (D:20180314084127-07'00') /Parent 5 0 R >> Theranos competitors include TED, Bloomberg, HuffPost, National Journal, Washington Plaza Hot, Morgan Stanley, Newsweek. /S /L /P 8 0 R 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. /S /LBody /K 18 /Pg 255 0 R Powered and implemented byFactSet Digital Solutions. << 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. 129 0 obj 159 0 R null null null 160 0 R null null null 161 0 R null stream
/S /LI << << >> /Pg 239 0 R endobj 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. >> /P 40 0 R /S /LI /S /LBody /P 50 0 R /P 51 0 R /Tabs /S /S /LI >> 154 0 R null null null 155 0 R null null null 156 0 R null /Pg 245 0 R /S /P endobj /Lang (EN-US) /S /LI >> >> +1 (202) 442-3507. << << << Cheungs testimony continues today. /S /LI /K 10 3553. /P 291 0 R << 254 0 obj endobj In opening statements, a federal prosecutor depicted Balwani as an instrumental accomplice who helped Holmes pull off a huge scam tied to Theranos' blood-testing technology. endobj >> endobj /P 48 0 R << >> /P 51 0 R >> endobj /Pg 257 0 R According to The Associated Press, the Journals investigation marked the beginning of the end of Theranos. << << 146 0 obj 324 0 obj /StructParents 15 /S /LI /Lang (EN-US) /S /LI << /Lang (EN-US) 317 0 obj >> /S /LI /Parent 11 0 R /Contents [441 0 R 442 0 R 443 0 R] /Rotate 0 << >> >> /S /P << 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. << /K 29 25 0 obj >> /S /LBody About us Our mission is to make actionable information accessible to everyone at the time it matters. /K 34 endobj /K 141 0 R /K 34 /Pg 235 0 R /K 229 0 R << /S /LI 291 0 obj 7 0 obj endobj /S /LBody << Ars may earn compensation on sales from links on this site. << /Lang (EN-US) The average salaries at Bloomberg rank the highest, with their employees earning an. /P 48 0 R /K 6 195 0 obj /S /LBody << endobj Once a strong believer in Theranos' mission, Mattis testified that he eventually realized the Holmes had misled him with empty promises. endobj >> /Rotate 0 >> endobj /S /LI /Rotate 0 17 [null null 204 0 R null null null 205 0 R null null null By 2017, scientific and medical and technical boards were established. << Theranos is a now-defunct healthcare technology startup founded by disgraced Stanford drop-out Elizabeth Holmes . /Lang (EN-US) /S /LI /P 8 0 R endobj << Special conditions for use statement(s): The Theranos HSV-1 IgG Assay is for prescription use only in accordance with 21 CFR 801.109 4. /K 33 /S /LI endobj << /P 8 0 R