>> 11 0 obj 307 0 obj >> << /Resources 468 0 R /Resources 424 0 R /P 63 0 R -Theranos is now worth $9 billion dollars; Holmes currently owns about half the company-Forbes named her one of the youngest female self-made billionaire before the age of 30. . /S /LI >> /K 14 /Lang (EN-US) /K 215 0 R Creating something new is about breaking the status quo. << /K 18 /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] /S /LBody >> /Pg 245 0 R /K 24 313 0 obj >> /S /P /S /LBody /MediaBox [0 0 612 792] /S /LBody /Pg 239 0 R /S /LI >> 311 0 obj /Pg 239 0 R >> >> /S /LI << The Theranos HSV-1 IgG Assay is for use with the Theranos System which performs automated sample processing steps and result analysis. 227 0 R null null null 228 0 R null null] /CropBox [0 0 612 792] >> /S /LBody /S /LBody 174 0 obj 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. << /Pg 235 0 R /K 24 << 3553. /K 5 /P 369 0 R << /K 162 0 R 38 0 obj endobj null null 131 0 R null null] /K [26 388 0 R] /Pg 235 0 R endobj 75 0 R 76 0 R 77 0 R 78 0 R 79 0 R 80 0 R 81 0 R 82 0 R 83 0 R 84 0 R /P 34 0 R 255 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. 4 0 obj /K 2 >> 5 0 obj 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. The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. /K 119 0 R 355 0 obj endobj << 185 0 obj endobj >> 81 0 obj /Resources 412 0 R 18 0 obj >> 296 0 R 297 0 R 298 0 R 299 0 R 300 0 R 301 0 R 302 0 R 303 0 R] /Pg 250 0 R >> /P 59 0 R Initially she funded Real-Time Cures with her co. /CropBox [0 0 612 792] << << /Lang (EN-US) 130 0 obj /K 20 endobj 294 0 obj 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. The two pleaded not guilty to wire fraud and conspiracy to commit wire fraud. /Tabs /S >> << /Pg 240 0 R endobj /S /P endobj /Lang (EN-US) /Parent 5 0 R /S /LI /Lang (EN-US) endobj This conspiracy misled doctors and patients about the reliability of medical tests that endangered health and lives.. /Placement /Block /K [268 0 R 269 0 R 270 0 R 271 0 R 272 0 R] 248 0 obj 253 0 obj 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. 180 0 obj endobj 1. /K 9 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. /Lang (EN-US) /S /LBody /P 341 0 R 10 0 obj endobj /S /Span /P 48 0 R << /K 182 0 R /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. >> << /Lang (EN-US) endobj /S /LI /S /LBody 142 0 obj /Rotate 0 /P 51 0 R The employee data is based on information from people who have self-reported their past or current employments at Theranos. /Parent 14 0 R /S /LBody 290 0 obj 246 0 obj /P 42 0 R 126 0 obj 349 0 obj /Contents [429 0 R 430 0 R 431 0 R] /Annots [] 226 0 obj /P 8 0 R << /Tabs /S >> /K 153 0 R 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. << endobj /Resources 488 0 R Investors have poured more than $400 million into Theranos, valuing it at $9 billion and her majority stake at more than half that. /Type /Page 398 0 obj /S /P << /P 305 0 R >> >> /S /P /Rotate 0 /Parent 13 0 R /Pg 253 0 R /K 17 62 0 obj In his book Bad Blood, John Carreyrou documented accounts describing Elizabeth Holmes unwillingness to revise the original micro-Lab specs and her reported tendency to shut off whoever tried to provide realistic feedback or solutions to the technical problems Theranos was facing. /Pg 244 0 R 293 0 obj It's unclear . 49 0 obj endobj 59 0 obj >> In reality, Theranos couldn't perform more than 12 tests on its Edison devices, former lab . HUMo@W~{-E$U i~ q&1KNwf{f(=7E GGY,kf~ _i^04V0[398o%dg2vWvuD`aiqeso"! Theranos was a privately held healthcare technology company founded by then 19-year-old Elizabeth Holmes in 2003. /K 216 0 R /Lang (EN-US) endobj 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. 370 0 obj /Pg 235 0 R Claim This Company. /CropBox [0 0 612 792] /Pg 256 0 R 165 0 obj 2018-03-14T08:41:27-07:00 << /S /P /K 121 0 R /K 12 The prosecution is the result of an investigation by the FDA Office of Criminal Investigations, the FBI, and the US Postal Inspection Service. /CropBox [0 0 612 792] /S /LBody 1. /Lang (EN-US) Four Blind Spots at the Core of Theranos' Failure. /S /P 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. /K 14 >> /P 50 0 R /MediaBox [0 0 612 792] endobj /P 48 0 R /MCID 2 endobj /S /LBody /Pg 250 0 R /Pg 256 0 R 109 0 obj /S /LI /Pg 240 0 R << /Lang (EN-US) << << Holmes, 34, of Los Altos Hills, Calif., founded Theranos in 2003. /K 22 10 [null null 163 0 R null null null 164 0 R null null null /P 286 0 R It then allegedly used those articles to generate financial interest. /Pg 258 0 R /K 179 0 R >> /P 59 0 R /K 10 /P 378 0 R /Contents [473 0 R 474 0 R 475 0 R] Balwani, 53, of Atherton, Calif., was employed at Theranos from September of 2009 through 2016. And the company's downfall later became the focus of an HBO documentary, "The Inventor: Out for Blood in Silicon Valley. (Photo by Kristoffer Tripplaar/AP). /StructParents 9 << endobj >> >> endobj /K 7 /S /LI 196 0 obj Theranos founder Elizabeth Holmes arrives at San Jose court, Theranos CEO on companys blood testing system. /P 50 0 R << /Type /MCR Theranos is headquartered in Palo Alto, CA. 18 [null null 209 0 R null null null 210 0 R null null null endobj /S /P Despite persistent losses, Holmes salary increased from $200,000 to $400,000, Yam said. /Lang (EN-US) >> >> Ms Holmes faces 12 fraud charges over her . /K 18 /StructParents 1 /P 8 0 R 129 0 obj 15 [null null 192 0 R null null null 193 0 R null null null 326 0 obj << >> /P 48 0 R << << endobj 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. /Pg 244 0 R /P 340 0 R /S /P /P 8 0 R >> /P 333 0 R << /S /P /K 116 0 R endobj 320 0 obj /S /LI 107 0 obj endobj Doctors began using Theranos testing devices to diagnose patients and dispense medical advice. 238 0 obj << /P 381 0 R /Annots [] >> It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. /Rotate 0 /Lang (EN-US) endobj /Contents [409 0 R 410 0 R 411 0 R] >> /P 8 0 R /Pg 251 0 R /K 18 /P 276 0 R /K 45 endobj /P 354 0 R >> >> endobj /K 14 >> /Annots [] endobj /K 147 0 R /P 339 0 R << /Lang (EN-US) /K 261 0 R /P 59 0 R Onetime wunderkind Holmes and Balwani, her former partner in business and domestic affairs, stand charged with nine federal counts . >> endobj /P 362 0 R << 363 0 obj << Theranos Mission Statement. null] endobj << 322 0 obj 215 0 obj /K 199 0 R >> /K 26 /P 51 0 R endobj The defendants also delivered to doctors and patients blood test results from which critical results were improperly removed. /K 128 0 R >> << endobj /K 211 0 R /Lang (EN-US) /P 326 0 R endobj /Pg 253 0 R Elizabeth Holmes finished testifying in wire fraud trial. /S /LBody /Type /Page /Pg 249 0 R 384 0 obj Theranos' mission is to make actionable information accessible to everyone at the time it matters most. << >> endobj 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. >> << 357 0 obj >> /P 51 0 R /K 198 0 R /Contents [417 0 R 418 0 R 419 0 R] Claiming and updating your company profile on Zippia is free and easy. >> 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. /K 5 /Lang (EN-US) /S /L /P 55 0 R /Resources 464 0 R Theranos's mission statement is "Our mission is to make actionable information accessible to everyone at the time it matters". /K 24 94 0 obj /P 42 0 R /Lang (EN-US) /K 10 17 0 obj 29 0 obj 360 0 obj 390 0 obj 308 0 obj /S /Sect << << Have you worked at Theranos? 380 0 obj 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. /Annots [] /K 30 351 0 obj /K 15 endobj /Rotate 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. << endobj /K 8 213 0 obj 105 0 R 106 0 R 107 0 R 108 0 R 109 0 R 35 0 R 36 0 R 37 0 R 38 0 R null << >> /Resources 480 0 R /Pg 252 0 R /Lang (EN-US) >> << /P 351 0 R >> >> /P 8 0 R /Type /Page 193 0 obj endobj /Contents [469 0 R 470 0 R 471 0 R] /Lang (DE-DE) >> 1343. endobj << /Tabs /S 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. /K 5 /S /LBody /Lang (EN-US) >> << 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. /P 312 0 R /P 359 0 R >> /K 22 Next to a perfectly dosed narrative of black turtlenecks, sprawling office facilities, glossy paper spreads and alluring marketing campaigns, the supposed Apple look-alike of the health technology industry tantalized investors and consumers with its mission, to facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives. Its no surprise that many bought into it. << /Parent 11 0 R /K 16 >> /P 262 0 R << >> /Pg 238 0 R /Pg 238 0 R /P 8 0 R /Lang (EN-US) 372 0 obj /Lang (EN-US) /K 6 70 0 obj 85 0 R 86 0 R 87 0 R 88 0 R 89 0 R 90 0 R 91 0 R 92 0 R 93 0 R] During the trial Holmes accused her ex-boyfriend and business partner, Ramesh "Sunny" Balwani, of emotional and sexual abuse at the time of the alleged crimes, impairing her mental state. /P 267 0 R /K [26 397 0 R] >> endobj /P 50 0 R << 356 0 obj /Pg 235 0 R 25 0 R 26 0 R 27 0 R 28 0 R 29 0 R 30 0 R 31 0 R 32 0 R 33 0 R 34 0 R >> Here are three culture takeaways from the Theranos scandal that are relevant to all leaders and employees. 362 0 obj endobj 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 . /S /LBody /K 118 0 R /S /LBody endobj << /Lang (EN-US) The Journal reported that in 2015, the technology was only used for 15 tests. << endobj /S /LI endobj A mission that reads more like a fact sheet than something that explains a company's reason for existing won't be effective. 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. >> << Though highly desirable, these significant features were not as instrumental in the fulfillment of Theranos vision as they were initially pledged. 91 0 obj << The Seattle-based coffee giant originated in 1971 and has since become ubiquitous around the world. /K 15 /K 9 /P 54 0 R /S /LI /Pg 255 0 R /S /P 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. /Rotate 0 endobj endobj /P 55 0 R /Pg 258 0 R << 16 [null null 199 0 R null null null 200 0 R null null null /Pg 243 0 R endobj << /Pg 251 0 R /Resources 456 0 R endobj /K 37 /P 8 0 R Before sharing sensitive information, make sure you're on a federal government site. /Pg 257 0 R >> 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. endobj << Quotes displayed in real-time or delayed by at least 15 minutes. << Based in Palo Alto, CA, Theranos is a small health care company with only 100 employees and an annual revenue of $55.3M. endobj /P 288 0 R 68 0 obj /P 40 0 R In court documents, federal prosecutors have said Holmes is a flight risk.
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