<< 230 0 obj << /S /LI 22 [70 0 R 71 0 R 72 0 R 73 0 R 74 0 R 75 0 R 76 0 R 77 0 R 78 0 R 79 0 R /Pg 256 0 R << 25 0 obj << >> /K 223 0 R Connor Radnovich/The Chronicle. endobj /P 339 0 R Morever, Holmes needs to grow a . << /S /LBody << Theranos is ranked #71 on the Best Start-up Companies to Work For in America list. /Pg 256 0 R /K 5 275 0 obj << >> /S /LI 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. /P 354 0 R /Lang (EN-US) /P 48 0 R 19 [null null 215 0 R null null null 216 0 R null null null endobj Using a "nanotainer" (a small device designed to draw, retain, and analyze a . /P 8 0 R /Annots [] >> endobj endobj /K 122 0 R /S /LI 91 0 obj /S /LBody /Pg 254 0 R << >> /BBox [79.9440002441 274.9559936523 453.9599914551 398.8439941406] /Type /Page endobj /K 164 0 R /K 148 0 R /S /LI << 10 0 obj << /K 182 0 R << /P 8 0 R >> /S /P << /Resources 420 0 R << /P 333 0 R /Pg 245 0 R Instead, Theranos continued to produce mounting losses. Four years after the top two Theranos executives, Elizabeth Holmes and Ramesh "Sunny" Balwani, were first indicted together on a dozen federal fraud charges stemming from their time . endobj /Lang (EN-US) /P 8 0 R endobj 105 0 obj According to The Associated Press, the Journals investigation marked the beginning of the end of Theranos. endobj << /P 63 0 R Theranos wanted to make detailed blood sample analysts accessible to all doctors in a timely manner. endstream >> /K 6 The startup was founded in Feb. 2014, was headquartered in Palo Alto, Calif., according to Bloomberg. /Lang (EN-US) 194 0 R null null null 195 0 R null null null 196 0 R null << /S /P 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. << /S /LBody /P 8 0 R << /K 10 << /Lang (EN-US) /P 262 0 R endobj << /Lang (EN-US) endobj 77 0 obj >> /StructParents 14 endobj /S /LI /MediaBox [0 0 612 792] /A 259 0 R /K 191 0 R Fear a Culture of Fear. << /K [26 383 0 R] endobj >> >> endobj 269 0 obj << endobj >> /P 8 0 R endobj /S /P /Rotate 0 /Pg 241 0 R /Pg 252 0 R /P 381 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 /Pg 256 0 R >> >> >> >> /S /LBody endobj >> /S /L 175 0 obj /K 116 0 R 1. 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. Last week, Zuckerberg was back with 3,000 words . /K 10 Did you ever provide financial projections to investors? Robert Leach, an assistant US attorney,asked Yam. /Lang (EN-US) /K 124 0 R >> 259 0 obj 1 Have you worked at Theranos? >> >> >> /Rotate 0 endobj Whistleblower and former Theranos lab tech Erika Cheung. endobj Holmes only canceled the trip after prosecutors contacted Holmes attorneys about the unauthorized flight, prosecutors said. What's everyone talking about? /P 326 0 R /S /LBody 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 393 0 R /K 9 Mutual Fund and . /K 6 /P 40 0 R endobj /K 233 0 R << stream /P 260 0 R She had a charisma to her; she was very articulate,Cheung saidof Holmes. 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. 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. /K 230 0 R /K [24 387 0 R] endobj null 49 0 R null null 157 0 R null null] /S /LBody << /S /LBody >> /S /L endobj /S /P /S /LI Theranos, Inc. is a consumer health technology company founded in 2003 by Elizabeth Holmes. /K 151 0 R >> endobj /Lang (EN-US) /S /LI 250 0 obj 35 0 obj endobj >> /S /LBody /Lang (EN-US) /MediaBox [0 0 612 792] /S /P endobj << /P 380 0 R 57 0 R 58 0 R null null 223 0 R null null null 224 0 R null 97 0 obj << 138 0 obj endobj /Lang (EN-US) << Theranos Mission Statement. /Lang (EN-US) /S /LI Opinions expressed by Forbes Contributors are their own. /P 267 0 R Avoid simply listing what your company does and shift your focus to the bigger picture: what guides your company strategy and inspires your workforce. such statements undermine confidence . 157 0 obj /K [14 389 0 R] /S /LI /Lang (EN-US) The indictment further alleges that Holmes and Balwani knew that many of their representations about the analyzer were false. 216 0 obj >> endobj /Pg 235 0 R endobj /Type /Page >> /P 8 0 R endobj /K 6 /K 162 0 R endobj << >> /P 8 0 R 3 min read. 129 0 obj /Pg 252 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. 3480 /P 380 0 R /P 55 0 R /S /LBody endobj 100 0 obj 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. << /Lang (EN-US) << endobj flagrantly vague and often outright untruthful statements. /ParentTreeNextKey 24 /Type /Pages endobj 48 0 obj >> << /Lang (EN-US) /P 379 0 R >> According to Temporal Construal Theory, a compelling, unfulfilled mission can trigger this type of operational myopia. << >> 106 0 obj /P 280 0 R /S /LBody >> /Lang (EN-US) << >> The company spent over $150,000 surveilling her and another whistleblower. /K 22 345 0 obj /Lang (EN-US) Join the Ars Orbital Transmission mailing list to get weekly updates delivered to your inbox. /Lang (DE-DE) << endobj << /S /P endobj The .gov means its official.Federal government websites often end in .gov or .mil. 391 0 obj endobj /P 42 0 R Starbucks: Inspire and nurture the human spirit - one person, one cup and one neighborhood at a time. << /Type /Page 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. >> endobj /P 293 0 R /K 9 Elizabeth Holmes dropped out of Stanford in 2003 as a 19-year-old to start Theranos. /Lang (EN-US) /Lang (EN-US) /P 8 0 R /Pg 236 0 R 306 0 obj FAQ - New Privacy Policy. >> /Lang (EN-US) endobj 350 0 obj /Pg 258 0 R /K 5 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. >> endobj /Lang (EN-US) 56 0 obj 99 0 obj /S /LI endobj 289 0 obj /P 352 0 R << /S /P null null 225 0 R null null null 226 0 R null null null /S /LBody /K 172 0 R /S /LBody /Pg 242 0 R 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 . << /S /LBody << >> /CropBox [0 0 612 792] /Type /Page /K 17 /Pg 249 0 R /P 39 0 R /S /LI << >> << /K 49 << /Type /Page << /Lang (EN-US) << /K [105 0 R 106 0 R 107 0 R 108 0 R 109 0 R] >> /K 119 0 R /K 216 0 R >> << /P 50 0 R << Brian Grossman had 20 years of experience in the healthcare space but his firm, PFM Health Sciences, invested $96 . endobj /Pg 247 0 R 239 0 obj /Pg 238 0 R 358 0 obj /Lang (EN-US) 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. /K 214 0 R /Pg 255 0 R /K [8 94 0 R] /P 48 0 R /Annots [] 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. 232 0 obj The employee data is based on information from people who have self-reported their past or current employments at Theranos. 180 0 obj /CropBox [0 0 612 792] /P 353 0 R >> 305 0 obj /Annots [] /P 377 0 R >> endobj /StructParents 11 /Pg 235 0 R >> /S /P With /Pg 251 0 R /Lang (EN-US) << /Parent 5 0 R >> /K 3 << Ad Choices, Theranos founder Elizabeth Holmes on trial as jury selection begins, Theranos downfall due to elaborate $4M conspiracy, investor says. /K 121 0 R /Tabs /S /K 228 0 R 53 0 obj endobj /S /P /S /P endobj /P 50 0 R Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. /S /LI endobj >> /Lang (EN-US) /Lang (EN-US) /K 178 0 R 114 0 obj /Contents [465 0 R 466 0 R 467 0 R] /CropBox [0 0 612 792] Department of Justice endobj /Lang (EN-US) endobj /Pg 247 0 R 3553. 314 0 obj 11 0 obj 352 0 obj >> It claims its technology can work with just a finger prick. /S /LI /Pg 238 0 R /K 51 67 0 obj 375 0 obj 73 0 obj /P 282 0 R null null 136 0 R null null null 137 0 R null null] /Lang (EN-US) /P 347 0 R /Pg 249 0 R 93 0 obj Theranos founder Elizabeth Holmes "lied and cheated" for money and fame, prosecutors alleged on the first day of the former Silicon Valley star's trial. /Lang (EN-US) /Count 5 /Pg 258 0 R /K 234 0 R /Pg 252 0 R /K 142 0 R /S /LBody /Pg 255 0 R /Rotate 0 endobj Theranos founder Elizabeth Holmes arrives at San Jose court over alleged fraud. Initially she funded Real-Time Cures with her co. /Lang (EN-US) endobj /P 8 0 R /K 183 0 R /Lang (EN-US) THERANOS FOUNDER ELIZABETH HOLMES IN COURT; ANATOMY OF A FRAUD. >> >> uuid:f59fd1a5-0a21-408a-99c1-079770aebbbd /Lang (EN-US) emblazoned in block capitals in the Theranos lobby, was 'Do or do not. >> /Pg 243 0 R Claiming and updating your company profile on Zippia is free and easy. << /K 217 0 R /K [349 0 R 350 0 R 351 0 R 352 0 R 353 0 R] << << /K 11 /Rotate 0 /K 145 0 R /Lang (EN-US) 371 0 obj /K 10 158 0 obj /Parent 13 0 R 12 0 obj /Type /MCR /K 11 << << /K 2 /K 18 /Lang (EN-US) << /S /LBody endobj /K 16 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. 398 0 obj /K [276 0 R 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R 284 0 R 285 0 R 174 0 obj 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 << It's unclear whether Theranos' rise and fall will turn out to be a dazzling mirage of "would-be" business . /Tabs /S 170 0 obj << >> /P 51 0 R >> /K 155 0 R 265 0 obj /Pg 256 0 R /Lang (EN-US) << /MediaBox [0 0 612 792] endobj 49 0 obj >> /K 6 245 0 obj /P 48 0 R >> /P 8 0 R /S /P /S /LI >> /K 128 0 R /P 8 0 R /P 8 0 R /Type /Page >> /Lang (EN-US) /S /LI /Lang (EN-US) /P 271 0 R /Pg 249 0 R Adobe PDF Library 15.0; modified using iText 2.1.7 by 1T3XT Leaving Little Space for Inspiration. endobj >> << It became evident that audited financial statements hadn't been prepared since 2009. /CropBox [0 0 612 792] /P 51 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. /P 380 0 R /P 48 0 R << 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 /Pg 251 0 R /K 6 /K 6 /MediaBox [0 0 612 792] /S /LI /Tabs /S 166 0 obj /Annots [] /S /LBody /P 381 0 R However, any sentence following conviction would be imposed by the court after consideration of the U.S. 203 0 obj /MediaBox [0 0 612 792] 64 0 obj 27 0 obj Market data provided byFactset. /Pages 5 0 R /S /LBody /P 33 0 R /K 18 /K 1 >> Theranos Inc. founder Elizabeth Holmes was criminally charged in June 2018 with defrauding investors following the collapse of her blood-testing startup. /Resources 412 0 R >> >> 87 0 obj 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. >> /Lang (EN-US) /Pg 257 0 R In court documents, federal prosecutors have said Holmes is a flight risk. The Journal reported that in 2015, the technology was only used for 15 tests. /CropBox [0 0 612 792] endobj endobj >> >> /Contents [461 0 R 462 0 R 463 0 R] >> /S /P /S /P Though highly desirable, these significant features were not as instrumental in the fulfillment of Theranos vision as they were initially pledged. << /Pg 239 0 R endobj << /Lang (EN-US) 141 0 obj /S /LI Theranos is a now-defunct healthcare technologystartup founded by disgraced Stanford drop-out Elizabeth Holmes. /S /LBody Although it is a merger of two major companies in 2015, Kraft Heinz's mission and vision statements retain the critical elements and objectives contained in the mother firms - H.J. << 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. 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. /P 316 0 R /K 7 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. /P 8 0 R /K [10 392 0 R] << /K 30 null 110 0 R null null null 111 0 R null 112 0 R null 113 0 R 71 0 obj 334 0 obj 128 0 obj /P 296 0 R << /S /LI /P 55 0 R /Lang (EN-US) >> 74 0 obj 2018-03-14T08:41:27-07:00 In November 2022, Holmes was sentenced to 135 months in prison for defrauding investors in the failed Silicon Valley startup that sought to revolutionize blood testing. Companies in Silicon Valley are wonderfully fond of describing themselves as "mission-driven.". /MCID 2 /S /LI 4 0 obj 248 0 obj /Type /Page << null] /S /LI /Pg 236 0 R endobj 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. /Pg 235 0 R /P 48 0 R /S /LI /P 51 0 R /K 33 >> 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. According to a statement from the SEC, "Theranos, Holmes, and Balwani made numerous false and misleading statements in investor presentations, product demonstrations, and media articles by which they deceived investors into believing that its key productcould conduct comprehensive blood tests from finger drops of blood, revolutionizing the . << << /Contents [437 0 R 438 0 R 439 0 R] Follow Mike Snider on Twitter:@mikesnider. << /S /LBody /K [28 391 0 R] /P 8 0 R /Lang (EN-US) /K 218 0 R endobj << 135 0 obj /P 341 0 R /S /LBody 338 0 obj 52 0 obj /Lang (EN-US) >> /K 6 endobj >> 206 0 obj endobj << << endobj endobj /Pg 235 0 R /S /LI 165 0 obj A former Theranos employee who alerted regulators to fraud at the company said he popped a bottle of champagne after a jury returned guilty verdicts against founder Elizabeth Holmes on Jan. 3. /K 139 0 R /Pg 237 0 R endobj /MediaBox [0 0 612 792] << /P 345 0 R /S /LI Its not uncommon for startups to lose money in their early years, and its not entirely unusual for the fastest burn rate to happen right before things turn around. /Resources 428 0 R /Pg 255 0 R 5 [null null 137 0 R null null null 138 0 R null null null /Lang (EN-US) 62 0 obj >> At the time, Holmes, 39,was a mother of a 1-year-old son and pregnant with another child. << /Contents [433 0 R 434 0 R 435 0 R] endobj /S /LBody endobj /S /LI /Pg 258 0 R /Pg 256 0 R 61 0 obj << >> 4 [null null 131 0 R null null null 132 0 R null null null But Theranos shared very little about its blood-testing machine with the public or medical community. /Lang (EN-US) /P 48 0 R /P 392 0 R endobj /K 22 >> /Lang (EN-US) /K 154 0 R /CropBox [0 0 612 792] /K 18 /S /L /Lang (EN-US) >> << /Lang (EN-US) /P 8 0 R >> 365 0 obj Holmes said she was inspired to start the company in response to her fear of needles. << /K 25 /P 8 0 R >> /P 51 0 R /Pg 257 0 R >> /K 28 /P 8 0 R /CropBox [0 0 612 792] /Contents [445 0 R 446 0 R 447 0 R] endobj 140 0 obj WIRED Media Group /P 324 0 R /Subtype /XML endobj 326 0 obj << 205 0 obj /S /P /P 48 0 R /Parent 13 0 R /S /LBody /P 369 0 R /S /LBody << /Pg 236 0 R 162 0 obj 76 0 obj /P 8 0 R The company claimed to be able to provide over 240 finger-prick blood tests, including ones that could reportedly detect cancer, according to The Wall Street Journal. This conspiracy misled doctors and patients about the reliability of medical tests that endangered health and lives.. 231 0 obj 329 0 obj /Lang (EN-US) << /Pg 251 0 R /P 50 0 R /S /LI 310 0 obj endobj /K 47 endobj /P 48 0 R Heinz and Kraft Foods. /S /LBody /P 48 0 R /Lang (EN-US) /Lang (EN-US) /S /LI endobj >> 31 0 obj 146 0 obj >> Theranos' mission is to make actionable information accessible to everyone at the time it matters most. 159 0 R null null null 160 0 R null null null 161 0 R null The Company's clinical laboratory offers comprehensive laboratory tests. >> endobj /P 50 0 R >> /S /LBody /Lang (EN-US) 348 0 obj /P 8 0 R /Lang (EN-US) >> >> /Lang (EN-US) /K 125 0 R >> null null 197 0 R null null null 198 0 R null null null /S /LI /P 55 0 R endobj 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. /K 18 << >> endobj 81 0 obj 34 0 obj /CropBox [0 0 612 792] 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. Here are three culture takeaways from the Theranos scandal that are relevant to all leaders and employees. << << 116 0 obj endobj /MCID 2 /Pg 257 0 R /Lang (EN-US) /P 301 0 R << >> /P 346 0 R Theranos' mission is to make actionable health information accessible to people everywhere in the world at the time it matters, enabling early detection and intervention of disease. endobj << >> 347 0 obj /Lang (EN-US) 63 0 obj /P 289 0 R 282 0 obj /Pg 253 0 R /S /L 139 0 R null null null 140 0 R null null null 141 0 R null /Lang (EN-US) 210 0 obj >> << >> /K 21 << /P 8 0 R /S /LI 385 0 obj /Pg 257 0 R /S /LI 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. She is photographed in 2014 while speaking about the company's vision at their headquarters in Palo Alto . /DropCap /Figure /Tabs /S << /K 18 /S /LBody 2. /Annots [] << 389 0 obj /Resources 436 0 R /Chart /Figure endobj Mutual Fund and ETF data provided byRefinitiv Lipper. /Lang (EN-US) endobj << Theranos was a privately held healthcare technology company founded by then 19-year-old Elizabeth Holmes in 2003. 147 0 obj /S /LI endobj << /P 48 0 R << 16 0 obj 379 0 obj 58 0 obj >> /K 169 0 R 154 0 R null null null 155 0 R null null null 156 0 R null 252 0 obj /Pg 247 0 R endobj endobj >> << /Pg 247 0 R Four Blind Spots at the Core of Theranos' Failure. /S /LI /Rotate 0 /P 370 0 R /Contents [481 0 R 482 0 R 483 0 R] /P 297 0 R 331 0 obj endobj Follow Company. /P 372 0 R /P 294 0 R endobj << 233 0 obj /P 302 0 R endobj >> >> << >> 70 0 obj 1. << 346 0 obj >> endobj 395 0 obj /Lang (EN-US) endobj /Type /MCR /Lang (EN-US) /S /LBody Instead of sticking with them, Holmes and her team could have put an equal amount of energy and ingenuity into developing a safe user-friendly technique to draw the adequate amount of blood necessary. >> And the company's downfall later became the focus of an HBO documentary, "The Inventor: Out for Blood in Silicon Valley. << Overview Salary Revenue History Demographics Competitors CEO & Executives.
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