null 110 0 R null null null 111 0 R null 112 0 R null 113 0 R /Rotate 0 >> >> /P 376 0 R /S /P /P 354 0 R /P 260 0 R /P 8 0 R 1. /P 358 0 R /K 22 The story raised concerns about the accuracy of Theranos blood-testing technology, which put patients at risk of having conditions either misdiagnosed or ignored. endobj endobj 184 0 obj /P 40 0 R >> 15 0 obj 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. 196 0 obj /K 8 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. endobj 206 0 R null null null 207 0 R null null null 208 0 R null /StructParents 14 /Lang (EN-US) /Tabs /S 142 0 obj endobj /Rotate 0 /K 152 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 /K 45 << 352 0 obj /K 148 0 R Theranos was a blood testing company based in Palo Alto and Newark, Calif. Holmes used a combination of direct communications, marketing materials, statements to the media, financial statements . /Pg 235 0 R >> /K 174 0 R Elizabeth Holmes finishes testifying in Theranos trial - The Washington /Lang (EN-US) /P 286 0 R << /K 151 0 R /ModDate (D:20180314090210-07'00') /Lang (EN-US) 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 256 0 R /Pg 235 0 R endobj Theranos is a consumer healthcare technology company. 2 [null null 119 0 R null null null 120 0 R null null 41 0 R /Pg 250 0 R /Pg 247 0 R 187 0 obj endobj << << /S /LI 20 [null null 221 0 R null null null 222 0 R null null 56 0 R /S /P /StructParents 9 << endobj /Lang (EN-US) >> Theranos wanted to make detailed blood sample analysts accessible to all doctors in a timely manner. /K 14 /S /LI /K 146 0 R Theranos took shortcuts as blood-testing technology failed, prosecutors >> /Pg 235 0 R Theranos Mission Statement. /K 188 0 R >> endobj 280 0 obj 257 0 obj << 368 0 obj << /S /LBody >> /S /L endobj >> Answer (1 of 7): In 2003, Elizabeth Holmes, then a sophomore studying chemical engineering at Stanford, founded a company called Real-Time Cures. 374 0 obj 271 0 obj Read our affiliate link policy. >> endobj << /S /LBody /P 50 0 R /S /LBody /S /P >> /S /LBody /S /P /K 15 /P 8 0 R endobj The mission statement of Theranos is stated as, "To make actionable information accessible to everyone at the time that it matters". Further, defendants allegedly represented to investors that Theranos had a profitable and revenue-generating business relationship with the United States Department of Defense and that Theranoss technology had deployed to the battlefield when, in truth, Theranos had limited revenue from military contracts and its technology was not deployed in the battlefield. 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. /K 234 0 R /S /LBody /Pg 253 0 R /P 50 0 R Companies in Silicon Valley are wonderfully fond of describing themselves as "mission-driven.". /K 16 Yam said that Theranos lost $16.2 million in 2010, $27.2 million in 2011, $57 million in 2012, and $92 million in 2013. /P 8 0 R /K [354 0 R 355 0 R 356 0 R 357 0 R 358 0 R 359 0 R 360 0 R 361 0 R 362 0 R 363 0 R /K 178 0 R /Artifact /P Using a "nanotainer" (a small device designed to draw, retain, and analyze a . /Pg 249 0 R endobj /Pg 241 0 R /K 390 0 R null null null null 168 0 R null null null 169 0 R null endobj endobj endobj << /K 2 << /Lang (EN-US) >> 183 0 obj /P 42 0 R >> << 381 0 obj /S /LBody /K 2 /K [28 391 0 R] 94 0 obj The defendants claimed the analyzer was able to perform a full range of clinical tests using small blood samples drawn from a finger stick. << /MCID 2 << /Lang (EN-US) /K 220 0 R Theranos founder Elizabeth Holmes 'lied and cheated', trial hears >> /Annots [] /Tabs /S /Lang (EN-US) But Theranos shared very little about its blood-testing machine with the public or medical community. 143 0 obj /Pg 246 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. . << Market data provided byFactset. 248 0 obj >> 46 0 obj 2018-03-14T09:02:10-07:00 << /S /LI /Lang (EN-US) >> /S /P << /Pg 238 0 R /K 227 0 R October 2015, the first in a series of Wall Street Journal articles challenged Theranos technology and expertise; by mid-2016, the advisory board disappeared and a fiduciary board was created. 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. /P 8 0 R /K 25 endobj /S /LI /K 196 0 R /S /P /CropBox [0 0 612 792] >> << endobj /K 228 0 R /P 366 0 R /K 15 332 0 obj << << >> >> << Mutual Fund and . << endobj << 329 0 obj >> /P 50 0 R << /P 269 0 R /P 8 0 R /Pg 258 0 R Subscribe to our channelhttp. >> It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. endobj 195 0 obj >> endobj << /Lang (EN-US) /Lang (EN-US) endobj endobj 299 0 obj /Lang (EN-US) << /P 380 0 R /InlineShape /Figure endobj 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 294 0 R The largest donation made to a political party by a Theranos employee was >> /Lang (EN-US) << "I was taken with the idea . /P 55 0 R /Lang (EN-US) /P 368 0 R /K [268 0 R 269 0 R 270 0 R 271 0 R 272 0 R] /K 18 /Pg 256 0 R The far-reaching nature of Theranos promises pulled stakeholders attention towards the end state rather than the more practical and operational nature of the challenges that needed consideration in order to successfully implement the purported technological approach. The Spectacular Rise and Fall of Elizabeth Holmes and Theranos 80 0 obj endobj endobj endobj 302 0 obj /K 171 0 R 318 0 obj endobj In addition, the defendants delivered to doctors and patients blood results that were inaccurate, unreliable, and improperly validated. Your California Privacy Rights | Do Not Sell My Personal Information endobj /K 124 0 R /K 29 265 0 obj >> 180 0 R null null null 181 0 R null null null 182 0 R null 120 0 obj /P 330 0 R /Type /Page /Lang (EN-US) >> /S /LBody endobj 16 0 obj /Pg 255 0 R endobj << /Endnote /Note /K [30 396 0 R] /S /LI << /P 50 0 R /StructParents 3 295 0 obj In many ways, Theranos is the embodiment of Silicon Valley startup culture. /K 35 << /Pg 243 0 R 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. endobj /K 10 endobj << << 6 0 obj 158 0 obj /StructParents 17 /S /L /Pg 253 0 R endobj /P 8 0 R /P 329 0 R /Type /Pages /MediaBox [0 0 612 792] /S /LI /StructParents 18 >> /Pg 252 0 R << >> /P 323 0 R 185 0 obj 306 0 obj /K 1 endobj /P 344 0 R /S /LI /S /P /Lang (EN-US) << >> 53 0 obj << 219 0 obj 201 0 obj >> endobj >> endobj /S /LI << << While working at Theranos, Cheung sent an email to others in the company, sharing her concerns about the Edison machines. /P 281 0 R /Lang (EN-US) /Lang (EN-US) /S /P << All rights reserved. 114 0 obj /P 55 0 R /S /LBody >> << endobj PDF 1 JINA L. CHOI (NY Bar No. 2699718) ERIN E. SCHNEIDER (Cal. Bar - SEC >> endobj << 293 0 obj << Four Blind Spots at the Core of Theranos' Failure. /Type /MCR 151 0 obj endobj >> /Lang (EN-US) /K 24 /P 280 0 R /MCID 2 /Pg 251 0 R /S /LBody 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. /K 203 0 R /Pg 249 0 R /StructParents 10 /S /LI /S /LI 235 0 obj /K 24 /Lang (EN-US) /P 59 0 R /CropBox [0 0 612 792] /K 14 /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] 13 [null null 178 0 R null null null 179 0 R null null null /S /LBody /K 194 0 R >> >> 338 0 obj 380 0 obj /Pg 258 0 R endobj endobj 215 0 obj /S /LBody << /K 19 /K 18 /S /LBody /P 51 0 R /P 8 0 R /P 264 0 R /Pg 256 0 R /P 283 0 R /S /LI That innovation combined with the use of technology to build a somewhat bulkier though still miniature and portable yet more reliable version of the micro-Lab would have provided plenty of opportunity to make strides towards the dream of empowering people with reliable, timely and inexpensive blood testing. << >> Both schemes involved efforts to promote Palo Alto, Calif.-based Theranos. >> Theranos founder Elizabeth Holmes, now a mother of two, is asking to delay her 11-year sentence for felony fraud so she can be at home with her two young children while she appeals the conviction. /Pg 250 0 R /Rotate 0 /P 348 0 R /K 212 0 R 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 >> endobj /S /LBody /K 164 0 R Follow Company. /Lang (EN-US) 51 0 obj << /P 8 0 R endobj endobj 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. /S /LBody /P 8 0 R 14 [null null 186 0 R null null null 187 0 R null null null /Pg 255 0 R /K 5 endobj /P 33 0 R << /P 50 0 R /Annots [] 67 0 obj << 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. 371 0 obj 1. /K 137 0 R 316 0 obj /Pg 240 0 R /Pg 248 0 R endobj endobj endobj << /K 14 >> Theranos Mission Statement - YouTube /K 6 >> /S /P /Lang (EN-US) /Lang (EN-US) endobj /Lang (EN-US) The mission and vision statements of Kraft Heinz are indicative of a company that desires to lead the rest in everything it does. endobj /P 63 0 R >> endobj /K 167 0 R /P 50 0 R endobj /Lang (EN-US) /S /P /Pg 235 0 R >> GET FOX BUSINESS ON THE GO BY CLICKING HERE. Holmes was found guilty on four felony fraud counts associated with a loss to victims of at least $120 million. 140 0 obj /S /LBody /S /LBody 7 [null null 147 0 R null null null 148 0 R null null null endobj endobj /Lang (EN-US) >> >> 3. endobj null null 142 0 R null null null 143 0 R null null] /K 393 0 R /S /LI 360 0 obj endobj >> /P 380 0 R /P 300 0 R /K 18 /Resources 484 0 R /S /P /Lang (EN-US) 378 0 obj /Lang (EN-US) But indictments said Holmes andher colleague and former romantic partner Ramesh Sunny Balwani, lied about the technology, the company's finances, and its partnerships with the Department of Defense and Walgreens. /P 51 0 R << Theranos and Elizabeth Holmes: the Marketing of Silicon Valley's /S /LBody >> /Contents [445 0 R 446 0 R 447 0 R] /P 48 0 R endobj endobj 1343. << << /K 8 /S /LBody >> endobj /K 7 /Lang (EN-US) >> /Pg 258 0 R >> 117 0 obj endobj 393 0 obj 50 0 obj /K 4 /Lang (EN-US) 296 0 obj /Lang (EN-US) << /Pg 257 0 R /S /LBody According to the indictment returned yesterday and unsealed today, the charges stem from allegations Holmes and Balwani engaged in a multi-million dollar scheme to defraud investors, and a separate scheme to defraud doctors and patients. << << /S /P such statements undermine confidence . >> /S /LBody /Lang (EN-US) >> /S /LBody 326 0 obj /K 217 0 R