/P 50 0 R >> << /Pg 257 0 R 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. 294 0 obj null] null 49 0 R null null 157 0 R null null] /S /LBody /Lang (EN-US) 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. 329 0 obj 166 0 obj >> 339 0 obj << /P 316 0 R /S /TD /S /LBody /S /LI A sign outside of the headquarters of Theranos in Palo Alto, California on January 24, 2016. >> endobj /MCID 2 /Subtype /XML /P 347 0 R /S /LBody /S /P /K 261 0 R /Type /MCR /K 24 /S /LI >> /Tabs /S 176 0 obj /K 22 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 << /Pg 249 0 R As years went by, whenever employees or experts raised warnings . endobj /P 326 0 R /Type /Page << >> /Type /MCR endobj /P 340 0 R >> << /Pg 235 0 R endobj >> /K 10 /Lang (EN-US) << The story raised concerns about the accuracy of Theranos blood-testing technology, which put patients at risk of having conditions either misdiagnosed or ignored. /P 8 0 R There are at least four biases that can let a belief about a desired future state shape reality despite its disconnectedness from reality. /P 296 0 R 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. 239 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 . Total losses surpassed $800 million, prosecutors said. >> /K 122 0 R endobj 3. Holmes fostered a culture of fear because it served her needs. << /Contents [429 0 R 430 0 R 431 0 R] /K 10 /MediaBox [0 0 612 792] 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. 156 0 obj endobj >> /S /LBody endobj /S /P Through these advertisements, the defendants explicitly represented to individuals that Theranoss blood tests were cheaper than blood tests from conventional laboratories to induce individuals to purchase Theranoss blood tests. /P 301 0 R >> /K 26 << endobj endobj >> /Lang (EN-US) endobj /P 51 0 R >> /Parent 14 0 R /Pg 249 0 R /Resources 500 0 R Starbucks: Inspire and nurture the human spirit - one person, one cup and one neighborhood at a time. 118 0 obj >> /S /P << >> /P 376 0 R 219 0 obj In many ways, Theranos is the embodiment of Silicon Valley startup culture. Photographer: David Paul Morris/Bloomberg *** Local Caption *** Elizabeth Holmes. << /S /LBody >> << /K 115 0 R /MCID 2 For example, the defendants represented to investors that Theranos conducted its patients tests using Theranos-manufactured analyzers; when, in truth, Holmes and Balwani knew that Theranos purchased and used for patient testing third party, commercially-available analyzers. 11 0 obj /Lang (DE-DE) 65 0 R 66 0 R 67 0 R 68 0 R 69 0 R 70 0 R 71 0 R 72 0 R 73 0 R 74 0 R /P 48 0 R << /S /LBody 345 0 obj 161 0 obj /Type /Page >> endobj /K 275 0 R endobj << A March 17 hearing is scheduled on her request to stay out of prison during her appeal. Elizabeth Holmes is the founder and former CEO of Theranos (2003-2018), a company that created and distributed blood testing devices. To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives. >> /S /LBody /K 6 55 0 obj 61 0 obj << /Lang (EN-US) Help other job seekers by rating Theranos. >> endobj /Pg 235 0 R The site is secure. endobj Have you worked at Theranos? /S /P >> /Pg 253 0 R /S /LBody Balwani, 53, of Atherton, Calif., was employed at Theranos from September of 2009 through 2016. endobj /Resources 436 0 R /Lang (EN-US) /P 336 0 R << 199 0 obj 176 0 R null null null 177 0 R null null null 178 0 R null /S /P << /S /LI /Pg 235 0 R endobj /Lang (EN-US) /P 286 0 R 274 0 obj /Lang (EN-US) << /Contents [489 0 R 490 0 R 491 0 R] << endobj 95 0 obj /P 48 0 R Palantir has . << endobj /K 12 /Type /Metadata Mutual Fund and . endobj /S /P /S /LBody /P 8 0 R 225 0 obj 197 0 obj /S /P endobj /Tabs /S /S /LBody >> << The tests performed on Theranos technology, in addition, were likely to contain inaccurate and unreliable results. /Pg 258 0 R << /P 8 0 R /Type /MCR endobj The Journal reported that in 2015, the technology was only used for 15 tests. >> /Annots [] endobj /P 55 0 R /P 8 0 R >> 4 [null null 131 0 R null null null 132 0 R null null null +1 (202) 442-3507. << /Resources 456 0 R /Pg 241 0 R /Rotate 0 /Pg 251 0 R >> endobj /P 50 0 R >> 255 0 obj << endobj /P 8 0 R /P 44 0 R /Lang (EN-US) /S /LBody /Lang (EN-US) /S /LI 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. >> /Parent 11 0 R /P 294 0 R /MediaBox [0 0 612 792] /Pg 235 0 R << /Lang (EN-US) 3 [null null 125 0 R null null 43 0 R null null 126 0 R null /Pg 238 0 R /K [28 394 0 R] >> 293 0 obj /S /P endobj /Rotate 0 /K 180 0 R 21 0 obj /Pg 235 0 R << 280 0 obj Holmes will head to trial starting Aug. 4, and Balwani will be tried afterthe conclusion of Holmes case, Bloomberg reported. /S /LI /P 42 0 R endobj 183 0 obj 300 0 obj /Pg 257 0 R /Lang (EN-US) << >> Cheungs testimony continues today. << /P 381 0 R /P 54 0 R >> /K 1 endobj endobj 313 0 obj 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. 64 0 obj >> 66 0 obj /Lang (EN-US) << << 234 0 obj 170 0 obj endobj /Resources 460 0 R endobj /Pg 245 0 R 74 0 obj << endobj /P 278 0 R /P 380 0 R /S /LBody /P 50 0 R endobj null null 197 0 R null null null 198 0 R null null null /Pages 5 0 R /CropBox [0 0 612 792] /Rotate 0 >> /Kids [240 0 R 241 0 R 242 0 R 243 0 R 244 0 R] << /Diagram /Figure endobj /Lang (EN-US) /S /LI 310 0 obj Surprisingly, few paid much attention to that unchecked gap before the truth began to come out. Theranos is in the biotechnology industry. >> << /CropBox [0 0 612 792] endobj >> /K 18 Follow Mike Snider on Twitter:@mikesnider. /Strikeout /Span 266 0 obj null 233 0 R null null null 234 0 R null null 64 0 R 65 0 R << >> >> /S /LI /P 351 0 R Theranos founder Elizabeth Holmes arrives at San Jose court, Theranos CEO on companys blood testing system. Theranos CEO Elizabeth Holmes on her company and the landscape of U.S. diagnostic-lab industry. /P 379 0 R /K 20 "That's a crime . /S /Sect >> 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. /Lang (EN-US) Indication(s) for use: Same as the intended use 3. >> << /P 48 0 R /Annots [] 305 0 obj null null 174 0 R null null null 175 0 R null null null /Endnote /Note /K 10 << << Mission statements, where crafted and utilized effectively, have been proven to drive billions of dollars in corporate value. << /Pg 253 0 R /K 14 /K 6 /P 8 0 R /K 10 /Lang (EN-US) Read company statement regarding investor . /Pg 244 0 R /Lang (EN-US) Elizabeth Holmes arriving to . endobj << endobj >> << /P 333 0 R /StructParents 22 /S /LI >> /CropBox [0 0 612 792] /K 2 /P 8 0 R /CropBox [0 0 612 792] /Pg 251 0 R /P 166 0 R Most of the tests that Theranos was performing for clients were done on devices made by other companies, Cheung testified. /P 302 0 R 191 0 obj /P 48 0 R /K 151 0 R endobj /S /P /Contents [409 0 R 410 0 R 411 0 R] /K 192 0 R /Lang (EN-US) Todays indictment alleges that through their company, Theranos, CEO Elizabeth Holmes and COO Sunny Balwani not only defrauded investors, but also consumers who trusted and relied upon their allegedly-revolutionary blood-testing technology., This indictment alleges a corporate conspiracy to defraud financial investors, said Special Agent in Charge Bennett. endobj 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. endobj 44 0 obj endobj /P 272 0 R /K 22 endobj /P 318 0 R << /Lang (EN-US) >> >> endobj >> /Pg 237 0 R 189 0 obj /Lang (EN-US) At the time, Holmes, 39,was a mother of a 1-year-old son and pregnant with another child. /ParentTreeNextKey 24 /Marked true >> /P 292 0 R << /P 345 0 R /Contents [461 0 R 462 0 R 463 0 R] 337 0 obj /Parent 5 0 R >> /S /LBody /K [26 388 0 R] 328 0 obj /Filter /FlateDecode /S /LI 115 0 obj /S /LI /Rotate 0 107 0 obj /P 51 0 R /Contents [493 0 R 494 0 R 495 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. Holmes dropped out of Stanford University at 19 to start the medical diagnostics company in 2003. /K 18 >> >> endobj /K 139 0 R endstream 395 0 obj endobj << /P 381 0 R /S /LI 284 0 obj Theranos may also be known as or be related to Theranos, Theranos Inc, Theranos Inc. and Theranos, Inc. We calculated the diversity score of companies by measuring multiple factors, including the ethnic background, gender identity, and language skills of their workforce. >> Theranos stood as the next big breakthrough innovator in the healthcare industry offering an affirming achievement of the value of human ingenuity. endobj /Pg 238 0 R /S /LBody /Lang (EN-US) 276 0 obj >> >> /K 4 /Pg 258 0 R >> Those biases can be understood as the blindness brought about by what seems preeminently important, the righteousness generated by what sounds inherently right, the operational myopia triggered by what is situated far away from us and the sense of potency derived from endeavoring to create something new. 371 0 obj /Lang (EN-US) 360 0 obj /Pg 244 0 R /Pg 252 0 R 391 0 obj 112 0 obj Help us make this company more transparent. We searched far and wide for the best company mission statement examples. /Rotate 0 endobj /Annotation /Span endobj /Parent 11 0 R << 57 0 R 58 0 R null null 223 0 R null null null 224 0 R null /Lang (EN-US) 9 [null null 157 0 R null null null 158 0 R null null null /S /LI >> >> /S /LI /Lang (EN-US) << 212 0 obj /S /LI 224 0 obj << << /K 215 0 R 355 0 obj /Lang (EN-US) 180 0 obj /S /LI endobj 397 0 obj endobj null null 225 0 R null null null 226 0 R null null null /Lang (EN-US) 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. /P 269 0 R /Kids [250 0 R 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R 257 0 R 258 0 R] 172 0 obj Avoid simply listing what your company does and shift your focus to the bigger picture: what guides your company strategy and inspires your workforce. endobj /K 166 0 R /P 59 0 R /Pg 255 0 R 218 0 obj >> /K 191 0 R /Lang (EN-US) /Resources 480 0 R >> << << >> 144 0 obj /K 181 0 R /K 21 >> /S /LBody 48 0 obj /K 20 endobj 5 0 obj /Lang (EN-US) /S /P endobj /K 0 /S /LI The Indictment Alleges That Investors Were Defrauded. << /Lang (EN-US) Holmes rocketed to Silicon Valley stardom nearly a decade ago when she started speaking publicly about Theranos's vision a small . /StructParents 14 90 0 obj /K 19 /StructParents 21 endobj endobj /S /LBody /CropBox [0 0 612 792] 210 0 obj /P 380 0 R null null 191 0 R null null null 192 0 R null null] 268 0 obj endobj /S /P /S /LI << /Tabs /S endobj /S /Span /MCID 2 << 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.". endobj /S /LI << >> 352 0 obj >> /Lang (EN-US) << /MediaBox [0 0 612 792] endobj << >> >> /S /LI /S /LI /Contents [469 0 R 470 0 R 471 0 R] The Theranos story has been turned into an HBO . /K 141 0 R Before sharing sensitive information, make sure you're on a federal government site. /P 360 0 R /P 8 0 R /S /LBody /K 22 endobj << >> /Rotate 0 << >> /S /LBody Consider Elizabeth Holmes obsession with producing as small a micro-Lab as possible or with using just a few drops of blood in order to conduct the myriad of tests Theranos promised. by Elizabeth Holmes. 5 [null null 137 0 R null null null 138 0 R null null null /K [28 391 0 R] << (Photo by Brad Barket/Invision/AP). /S /LBody /S /LI >> /K 22 /P 50 0 R /K 138 0 R 187 0 obj 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 << /P 55 0 R /Lang (EN-US) >> /K 20 << 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 /Lang (EN-US) >> /K 6 /P 50 0 R /P 354 0 R << /CropBox [0 0 612 792] 163 0 obj /P 381 0 R 120 0 obj In a reply, Holmes said she was projecting $100 million for 2015, nearly ten times less than what she told investors at one point. /K 213 0 R >> endobj /P 59 0 R /S /LBody /StructParents 18 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 33 0 R 3 min read. 192 0 obj CNMN Collection /S /LI (Photo by Kristoffer Tripplaar/AP). /P 8 0 R >> /Lang (EN-US) 98 0 obj << endobj << 2023 Cond Nast. 173 0 obj endobj /S /LI >> /P 299 0 R endobj << /Pg 246 0 R /K 22 /P 48 0 R Legal Statement. /Pg 237 0 R endobj endobj /K 18 endobj /S /P /StructParents 11 Ars may earn compensation on sales from links on this site. /P 40 0 R 353 0 obj << 31 0 obj /Lang (EN-US) 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 . 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) >> /K [26 383 0 R] << 281 0 obj Doctors began using Theranos testing devices to diagnose patients and dispense medical advice. /Contents [477 0 R 478 0 R 479 0 R] endobj /Parent 12 0 R << /Rotate 0 /P 357 0 R /S /LBody /Lang (EN-US) /P 8 0 R The Theranos scandal has dominated headlines, and both fascinated and appalled readers worldwide, since John Carreyrou's shattering report first broke in 2015. /S /LBody 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 /S /LBody 254 0 obj 2. /Lang (EN-US) >> /K 144 0 R << endobj /Rotate 0 endobj << endobj >> >> 240 0 obj /P 8 0 R /P 23 0 R It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. 362 0 obj << /Parent 12 0 R << /S /LI /S /LBody /S /LI 264 0 obj The indictment charges each defendant with two counts of conspiracy to commit wire fraud, in violation of 18 U.S.C. endobj endobj /P 39 0 R << /P 50 0 R 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. /S /LBody << endobj << /P 344 0 R /P 8 0 R /Pg 256 0 R /Type /MCR /K 393 0 R /Lang (EN-US) /K 14 /Lang (EN-US) /S /LBody /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 146 0 obj . /StructParents 20 /S /L << FAQ - New Privacy Policy. /Lang (EN-US) endobj /S /LBody >> /Lang (EN-US)