stream /K 131 0 R /P 319 0 R /P 8 0 R /Parent 5 0 R >> 131 0 obj endobj /Annots [] /P 380 0 R >> endobj /Parent 12 0 R /Pg 251 0 R /P 59 0 R >> /P 326 0 R /Lang (EN-US) >> /P 8 0 R >> /Lang (EN-US) /K 0 /P 358 0 R << /P 48 0 R >> >> >> With endobj /ParentTree 9 0 R >> Postal Inspection Service (USPIS) Inspector in Charge Rafael Nuez. << << /K [374 0 R 375 0 R 376 0 R 377 0 R 378 0 R 379 0 R] >> /K 6 208 0 obj /S /LI << 307 0 obj /K 32 /CropBox [0 0 612 792] /P 48 0 R >> endobj 188 0 R null null null 189 0 R null null null 190 0 R null endobj Mr. Balwani's lawyer started his opening statement by deflecting blame onto Ms. Holmes, who was the chief executive of Theranos. >> << 79 0 obj /Tabs /S endobj << (REUTERS/Carlo Allegri). Cheungs testimony continues today. /P 59 0 R /P 8 0 R The two pleaded not guilty to wire fraud and conspiracy to commit wire fraud. endobj /P 51 0 R >> /Lang (EN-US) << 2018-03-14T09:02:10-07:00 >> /Pg 237 0 R >> null 110 0 R null null null 111 0 R null 112 0 R null 113 0 R >> /P 8 0 R >> /MediaBox [0 0 612 792] /P 59 0 R 140 0 obj /Resources 416 0 R /Lang (EN-US) endobj >> 13 0 obj >> /Outline /Span /Artifact /P 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. And at least one employee told the financial newspaper Theranos executivesdid not report test results that would have caused concerns about the machines accuracy. 123 0 obj 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. >> endobj /K 8 /Annots [] endobj 357 0 obj >> /K 8 << << She is photographed in 2014 while speaking about the company's vision at their headquarters in Palo Alto . Walgreens ended its blood-testing partnership with the company, and the Department of Health and Human Services effectively banned Theranos in 2016 from doing any blood testing work at all. >> >> /Chart /Figure /Pg 238 0 R /S /LBody /K 182 0 R /K 140 0 R /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 330 0 R << /Pg 258 0 R >> << /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 /Pg 256 0 R /Lang (EN-US) /Lang (EN-US) /Diagram /Figure /Annots [] << 369 0 obj << endobj /Tabs /S /Lang (EN-US) /Contents [469 0 R 470 0 R 471 0 R] << /K 119 0 R /Creator (Acrobat PDFMaker 18 for Word) Yam said she had never seen the document before, nor did she know where those numbers had come from. 50 0 obj 386 0 obj >> endobj endobj endobj Theranos dissolved in September 2018 and founder Elizabeth Holmes now faces up to 20 years in prison for fraud and conspiracy. << << Holmes fostered a culture of fear because it served her needs. endobj /Pg 235 0 R >> /K 12 /Rotate 0 /Contents [449 0 R 450 0 R 451 0 R] /Lang (EN-US) /K 10 >> /Pg 249 0 R endobj endobj GET FOX BUSINESS ON THE GO BY CLICKING HERE. For many years, in Facebook's case, its mission statement was "To give people the power to share and make the world more open and connected". In addition, the defendants represented to investors that Theranos would soon dramatically increase the number of Wellness Centers within Walgreens stores when, in truth, Holmes and Balwani knew by late 2014 that Theranoss retail Walgreens rollout had stalled because of several issues, including that Walgreenss executives had concerns with Theranoss performance. 99 0 obj 250 0 obj << 3553. /Parent 5 0 R endobj >> >> endobj /S /LBody 159 0 R null null null 160 0 R null null null 161 0 R null >> /CropBox [0 0 612 792] /StructParents 18 /Rotate 0 /P 294 0 R /Tabs /S /O /Layout /Lang (EN-US) endobj /K 7 << /Lang (EN-US) /K 5 169 0 obj << /S /LI /Lang (EN-US) 202 0 obj /Lang (EN-US) 1343. /StructParents 6 /Type /Metadata /Pg 250 0 R endobj /Rotate 0 << /P 8 0 R << >> >> >> /Pg 235 0 R 64 0 obj /S /LI 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. << 123 0 R null null null 124 0 R null null] /Lang (EN-US) Join the Ars Orbital Transmission mailing list to get weekly updates delivered to your inbox. /Lang (EN-US) /K 171 0 R CNN . endobj 392 0 obj << /MediaBox [0 0 612 792] /S /LBody Holmes faces up to 20 years in prison. endobj /S /LI John Carreyrou writes the story of a gifted 19-year-old who founded a health . >> << /Lang (EN-US) >> /P 314 0 R The defendants claimed the analyzer was able to perform a full range of clinical tests using small blood samples drawn from a finger stick. endobj Did you ever provide financial projections to investors? Robert Leach, an assistant US attorney,asked Yam. << 382 0 obj endobj >> /P 289 0 R endobj /S /LBody /K 232 0 R /K 22 endobj 393 0 obj /K 29 /P 390 0 R << >> >> /S /P /S /LI >> << /Pg 250 0 R /P 376 0 R 71 0 obj /K 6 /K 190 0 R 252 0 obj /S /LBody /StructParents 17 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.". Ms Holmes faces 12 fraud charges over her . 242 0 obj /S /LI /Filter /FlateDecode /Annots [] /P 48 0 R /K 138 0 R /Parent 11 0 R /P 327 0 R endobj 285 0 obj >> endobj /Pg 235 0 R /Lang (EN-US) /Lang (EN-US) /StructParents 23 /K 163 0 R /P 334 0 R >> /Lang (EN-US) /Type /Page 354 0 obj 286 0 obj /P 278 0 R /K 8 0 R All rights reserved. 81 0 obj >> << /MCID 2 120 0 obj /Lang (EN-US) endobj << << /K 14 362 0 obj /S /P >> << << /K 224 0 R /Pg 257 0 R /P 389 0 R 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. 319 0 obj /S /LBody << 15 0 obj 18 0 obj << /Type /Page /Kids [240 0 R 241 0 R 242 0 R 243 0 R 244 0 R] /K 2 << /S /LI /S /L 309 0 obj << /Pg 250 0 R 92 0 obj /S /P >> 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. endobj /RoleMap 7 0 R 334 0 obj /K 148 0 R D:20180314151216 It then allegedly used those articles to generate financial interest. >> endobj endobj /Lang (EN-US) /P 8 0 R >> /K 20 /Type /Page >> endobj /P 8 0 R "Sunny Balwani did not start Theranos," said the lawyer . /Pg 258 0 R /K [380 0 R 381 0 R] /S /LBody /MCID 2 << /P 270 0 R >> /Lang (EN-US) /SourceModified (D:20180314151216) /Pg 241 0 R /Annots [] /Lang (EN-US) /P 48 0 R 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 8 0 R endobj 230 0 obj /StructParents 16 endobj endobj 264 0 obj /K 7 >> /P 8 0 R << /Lang (EN-US) /Underline /Span 335 0 obj >> >> endobj /P 50 0 R [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 . 305 0 obj uuid:f59fd1a5-0a21-408a-99c1-079770aebbbd /S /LI 192 0 obj << /StructParents 2 /Annots [] 190 0 obj /P 262 0 R endobj endobj /Lang (EN-US) 364 0 obj /P 379 0 R << << The defendants knew Theranos was not capable of consistently producing accurate and reliable results for certain blood tests, including the tests for calcium, chloride, potassium, bicarbonate, HIV, Hba1C, hCG, and sodium. 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. >> >> endobj /P 260 0 R null] /K 14 /P 8 0 R >> According to The Associated Press, the Journals investigation marked the beginning of the end of Theranos. endobj /Lang (EN-US) /P 8 0 R << 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 << /S /LBody /Lang (EN-US) 9 0 obj /Parent 14 0 R endobj /Pg 256 0 R /S /P /P 8 0 R The once-lauded businesswoman ultimately stepped down from the company, which announced in Sept. 2018 it would be closing. /K 150 0 R 1 [null null 115 0 R null null null 116 0 R null null null 368 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 >> << /P 8 0 R 7 0 obj /MediaBox [0 0 612 792] endobj /K 117 0 R /Pg 248 0 R We calculated the performance score of companies by measuring multiple factors, including revenue, longevity, and stock market performance. 116 0 obj 23 [83 0 R 84 0 R 85 0 R 86 0 R 87 0 R 88 0 R 89 0 R 90 0 R 91 0 R 92 0 R /S /LBody >> /K 211 0 R /P 51 0 R << >> /Rotate 0 /Pg 258 0 R /P 8 0 R >> /S /LBody /Type /Page << /Lang (EN-US) endobj He . endobj /P 50 0 R /Type /MCR 214 0 obj Brian Grossman had 20 years of experience in the healthcare space but his firm, PFM Health Sciences, invested $96 . /S /P /S /LBody 139 0 obj endobj endobj endobj 218 0 obj /K 21 >> >> >> endobj 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. /K 30 >> /Pg 235 0 R << /K 14 /S /LBody /P 51 0 R endobj /P 51 0 R /Pg 256 0 R Jumping off the track ends not with a win for consumers, physicians, investors and the company but with charges from the DOJ and the SEC. /K 45 46 0 obj /P 8 0 R /S /LI /S /LBody endobj /P 55 0 R /K 221 0 R << 13 [null null 178 0 R null null null 179 0 R null null null >> << 187 0 obj The startup was founded in Feb. 2014, was headquartered in Palo Alto, Calif., according to Bloomberg. 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 2 The employee data is based on information from people who have self-reported their past or current employments at Theranos. - Sep 15, 2021 3:40 pm UTC. 349 0 obj >> << 163 0 obj endobj The data presented on this page does not represent the view of Theranos and its employees or that of Zippia. << 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. << << The mission and vision statements of Kraft Heinz are indicative of a company that desires to lead the rest in everything it does. << endobj >> /Pg 258 0 R /Pg 242 0 R /Pg 242 0 R 280 0 obj Fear a Culture of Fear. /Lang (EN-US) >> application/pdf /S /LI 333 0 obj /P 166 0 R << /Pg 253 0 R >> And the company's downfall later became the focus of an HBO documentary, "The Inventor: Out for Blood in Silicon Valley. /CropBox [0 0 612 792] >> 63 0 obj >> /P 280 0 R /P 50 0 R >> >> /Tabs /S << The mission statement conveys no values such as honesty, transparency, or integrity. /P 54 0 R 144 0 obj 289 0 obj /P 40 0 R endobj 1. /P 48 0 R 259 0 obj /Rotate 0 endobj If convicted, they could each face maximum penalties of 20 years in prisona $2.75 million fine and possiblyrestitution, the Department of Justice said. /Resources 428 0 R << 201 0 R null null null 202 0 R null null null 203 0 R null /P 266 0 R 324 0 R 325 0 R 326 0 R 327 0 R 328 0 R 329 0 R 330 0 R] /P 8 0 R /K 10 210 0 obj When he sentenced Holmes, U.S. District Judge Edward Davila pushed to April 27 her report date to a prison in Byron, Texas, so she could give birth to her second child before being incarcerated. /S /LI /Lang (EN-US) /P 50 0 R >> >> endobj 396 0 obj /P 8 0 R 94 0 obj /S /P 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. endobj /Tabs /S /S /LBody /K 11 /Contents [441 0 R 442 0 R 443 0 R] << << /K 10 Have you worked at Theranos? << 16 [null null 199 0 R null null null 200 0 R null null null 97 0 obj Theranos wanted to make detailed blood sample analysts accessible to all doctors in a timely manner. >> << endobj /Pg 248 0 R << /Type /Page /Parent 14 0 R >> 238 0 obj >> << >> << /Lang (EN-US) << /K 36 /Pg 253 0 R /P 46 0 R endobj 178 0 obj >> << /Pg 235 0 R /Pg 254 0 R /K 125 0 R /K 215 0 R To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives. /S /LBody /K 22 130 0 obj 138 0 obj 383 0 obj 361 0 obj 221 0 obj 211 0 R null null null 212 0 R null null null 213 0 R null /Lang (EN-US) /P 40 0 R endobj /Lang (EN-US) << << endobj /Type /MCR /Type /MCR /P 8 0 R >> /K 18 /Type /Page 165 0 R null null null 166 0 R null null null null 167 0 R 122 0 obj endobj /Pg 254 0 R /Strikeout /Span null null 121 0 R null null null 122 0 R null null null /Type /Page endobj >> 336 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. /K 144 0 R /P 8 0 R /K 22 75 0 obj /K 18 135 0 obj /P 48 0 R 108 0 obj 337 0 obj /Length 501 0 R /K 196 0 R endobj The company grew to be worth more than $9 billion, employing more than800 employees attracting investors such asLarry Ellison, founder of Oracle; Rupert Murdoch, billionaire media mogul; and the Walton family, who founded Walmart. The Company's clinical laboratory offers comprehensive laboratory tests. << 67 0 obj An indictment merely alleges that crimes have been committed, and the defendants are presumed innocent until proven guilty beyond a reasonable doubt. << Elizabeth Holmes donated 139 0 R null null null 140 0 R null null null 141 0 R null /K 22 SAN JOSE - A federal grand jury has indicted Elizabeth A. Holmes and Ramesh Sunny Balwani, announced Acting United States Attorney Alex G. Tse, Federal Bureau of Investigation (FBI) Special Agent in Charge John F. Bennett; Food and Drug Administration (FDA) Commissioner Scott Gottlieb; and U.S. As years went by, whenever employees or experts raised warnings . /Rotate 0 /P 353 0 R This district, led by Silicon Valley, is at the center of modern technological innovation and entrepreneurial spirit; capital investment makes that possible. endobj /Lang (EN-US) /Pg 258 0 R The average salaries at Bloomberg rank the highest, with their employees earning an. endobj 109 0 obj /Contents [465 0 R 466 0 R 467 0 R] endobj /Pg 239 0 R >> /K 24 >> /S /L /S /LBody /S /P 176 0 obj >> endobj 147 0 obj /K [111 0 R 112 0 R 113 0 R 114 0 R] /S /P University Mission Statement. /S /LBody 219 0 obj /K 18 << /StructParents 7 /Contents [433 0 R 434 0 R 435 0 R] 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. /P 364 0 R 322 0 obj /Length 10 0 R /StructParents 3 << The Theranos story has been turned into an HBO . endobj /Pg 235 0 R /Contents [413 0 R 414 0 R 415 0 R] endobj >> 42 0 obj >> The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. /Tabs /S Avoid simply listing what your company does and shift your focus to the bigger picture: what guides your company strategy and inspires your workforce. 321 0 obj /S /LI 49 0 obj /Pg 235 0 R 355 0 obj endobj /S /P endobj >> A mission that reads more like a fact sheet than something that explains a company's reason for existing won't be effective. >> /S /L 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. 318 0 obj Mission statements, where crafted and utilized effectively, have been proven to drive billions of dollars in corporate value. /S /L 311 0 obj << All rights reserved. Theranos founder and CEO Elizabeth Holmes speaks at the Fortune Global Forum in San Francisco, California, on Monday, Nov. 2, 2015. 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.
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