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endobj This district, led by Silicon Valley, is at the center of modern technological innovation and entrepreneurial spirit; capital investment makes that possible. endobj >> /K 14 The once-lauded businesswoman ultimately stepped down from the company, which announced in Sept. 2018 it would be closing. /Lang (EN-US) endobj Elizabeth Holmes' trial begins with opening statements - CNN /P 33 0 R 22 0 obj Theranos' mission: a blood test requiring only a pinprick of blood, enough to run dozens of medical tests on the startup's hi-tech machines. endobj Holmes, Balwani, and Theranos also made false or misleading statements to investors about many aspects of Theranos' business, including the capabilities of its proprietary /K 22 Holmes grew up in Houston, Texas and studied chemical engineering at . endobj 326 0 obj 27 0 obj /Lang (EN-US) 164 0 obj /K 47 << FAQ - New Privacy Policy. /Annots [] /K 18 /K 223 0 R endobj >> 3. /P 8 0 R /Type /Page /S /P endobj << >> >> /S /LBody Fraud, or just a failure? Theranos founder Elizabeth Holmes's trial /S /LI 125 0 obj endobj /K 217 0 R /K 163 0 R Postal Inspection Service (USPIS) Inspector in Charge Rafael Nuez. /S /LI >> 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. >> endobj << >> << << 334 0 obj 240 0 obj /MediaBox [0 0 612 792] /S /P 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. The company spent over $150,000 surveilling her and another whistleblower. endobj 321 0 obj /Annots [] /S /LI << An indictment merely alleges that crimes have been committed, and the defendants are presumed innocent until proven guilty beyond a reasonable doubt. /P 51 0 R /P 48 0 R /Lang (EN-US) /K 0 233 0 obj null 49 0 R null null 157 0 R null null] (Photo by Brad Barket/Invision/AP). /Annots [] /S /LBody endobj endobj << << /K 168 0 R endobj /K 7 /Lang (EN-US) /Type /Page >> 154 0 R null null null 155 0 R null null null 156 0 R null << /Resources 456 0 R /K 211 0 R /Lang (EN-US) null 233 0 R null null null 234 0 R null null 64 0 R 65 0 R >> /Annots [] endobj /Lang (EN-US) 129 0 obj /P 275 0 R /Pg 258 0 R /P 364 0 R 16 0 obj Holmes will head to trial starting Aug. 4, and Balwani will be tried afterthe conclusion of Holmes case, Bloomberg reported. /Parent 11 0 R /K 18 /Author () endobj /K 182 0 R /Lang (EN-US) << endobj endobj /P 51 0 R /P 40 0 R << << /S /LI /S /P << endobj /Lang (EN-US) 185 0 R null null] 89 0 obj /K 19 Theranos Announces Expansion of Board of Directors and New At the time, Holmes, 39,was a mother of a 1-year-old son and pregnant with another child. /S /P null null 220 0 R null null null 221 0 R null null] The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. 210 0 obj endobj endobj << /K 224 0 R /S /LI /StructParents 13 John Carreyrou writes the story of a gifted 19-year-old who founded a health . << endobj 333 0 obj /P 50 0 R << >> /S /P The prosecution is the result of an investigation by the FDA Office of Criminal Investigations, the FBI, and the US Postal Inspection Service. /K 132 0 R >> endobj /Lang (EN-US) endobj endobj /P 8 0 R Zippia's Best Places to Work lists provide unbiased, data-based evaluations of companies. /Contents [453 0 R 454 0 R 455 0 R] /K 6 /S /LBody >> /S /LI /K 12 /P 8 0 R /Tabs /S >> /StructParents 5 << >> >> 169 0 obj << /S /LI 189 0 obj endobj 2 [null null 119 0 R null null null 120 0 R null null 41 0 R >> /Kids [11 0 R 12 0 R 13 0 R 14 0 R] /K 194 0 R /Contents [421 0 R 422 0 R 423 0 R] >> /Tabs /S Moreover, Theranos and Holmes made "false and misleading statements" in press accounts to bolster the startup's profile. << /Tabs /S /S /LI /S /P >> /P 380 0 R /S /LBody /S /LBody >> << /S /P /K 14 21 0 obj /S /LI 275 0 obj 220 0 obj << What is Theranos? | Fox Business >> >> 322 0 obj 213 0 obj endobj /Pg 258 0 R Tim De Chant /K 226 0 R /K 14 /P 63 0 R Theranos is headquartered in Palo Alto, CA. /K 134 0 R /Lang (EN-US) << /Lang (EN-US) /P 48 0 R /S /LBody Brian Grossman had 20 years of experience in the healthcare space but his firm, PFM Health Sciences, invested $96 . /S /LI /Pg 251 0 R /MediaBox [0 0 612 792] /Lang (EN-US) >> Peter DaSilva/Reuters. endobj << 24 0 obj /S /LBody /Pg 245 0 R /MCID 2 /K 6 << endobj << Another Theranos Trial Begins, This Time Without the Fanfare /K 24 This is how Theranos's huge valuation was birthed and where a critical legal problem lies. /Pg 237 0 R /ParentTree 9 0 R /Type /Page << /Lang (EN-US) endobj /Resources 464 0 R >> /K 124 0 R /Metadata 4 0 R Theranos Inc. (/ r. 112 0 obj /Type /Page >> /K 22 << << << >> endobj /StructParents 7 /S /LBody 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". /S /LBody /K 30 /K 130 0 R 300 0 obj /RoleMap 7 0 R What's everyone talking about? << << 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 . 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 50 0 R endobj 1. << 1343. /P 50 0 R endobj << /Pg 249 0 R /Annots [] << Northern District of California | Theranos Founder and Former Chief Theranos founder Elizabeth Holmes arrives at San Jose court over alleged fraud. After asking questions about Theranos continued losses and lack of revenue, prosecutors showed Yam a document they said was shared with investors; it projected $140 million in revenue in 2014 and $990 million in 2015. >> /S /TR endobj endobj 393 0 obj Theranos - Wikipedia /S /P 243 0 obj /S /LBody << endobj /Lang (EN-US) 268 0 obj /S /P 60 0 obj /S /LI /Pg 254 0 R 130 0 obj << stream >> /S /P 271 0 obj /K 171 0 R >> /Annots [] 211 0 R null null null 212 0 R null null null 213 0 R null endobj 115 0 obj >> << /K 206 0 R /K 18 >> It's unclear whether Theranos' rise and fall will turn out to be a dazzling mirage of "would-be" business . /Lang (EN-US) >> /S /LI We connect the world's decision makers to accurate information on the financial markets and help them make faster, smarter decisions. /P 285 0 R /Resources 500 0 R /Lang (EN-US) /K [26 395 0 R] /P 48 0 R /Lang (EN-US) << >> >> Research on the dark sides of creativity suggests that not only are people more likely to act dishonestly when they are in a creative state, but that cheating, in itself, can actually make people more creative. /Pg 257 0 R >> THERANOS FOUNDER ELIZABETH HOLMES TO FACE TRIAL SEPARATE FROM EX-LOVER. /K 143 0 R endobj << >> endobj 154 0 obj /S /P endobj Theranos scandal: Who is Elizabeth Holmes and why was she on trial? 155 0 obj The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. /K 5 /K 14 >> /S /LI This material may not be published, broadcast, rewritten, or redistributed. /Rotate 0 /Lang (EN-US) /S /LI >> x+ | /Type /Page /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. Balwani, 53, of Atherton, Calif., was employed at Theranos from September of 2009 through 2016. /Lang (EN-US) /K 19 Theranos has established itself as a great place to work in California, and it is number 17 on Zippia's list of, The average employee at Theranos makes $44,094 per year. How did Elizabeth Holmes come up with the name "Theranos"? - Quora OUR MISSION listen to our readers and cover the topics that matter to them . /P 3 0 R /Contents [433 0 R 434 0 R 435 0 R] /S /LI << /Lang (EN-US) The conduct alleged in these charges erodes public trust in the safety and effectiveness of medical products, including diagnostics. Elizabeth Holmes' fate in jurors' hands after fiery closing arguments /Pg 243 0 R /P 42 0 R /K 157 0 R Competitors of Theranos include Bloomberg, Morgan Stanley, and National Journal. /K 167 0 R Terry Masson (Founder and Chief Executive Officer). << << /Pg 248 0 R /Pg 238 0 R 225 0 obj << /P 324 0 R /Lang (EN-US) Attorneys Jeff Schenk, Robert S. Leach, and John C. Bostic are prosecuting the case with the assistance of Laurie Worthen and Bridget Kilkenny. /Lang (EN-US) /K 200 0 R >> /Parent 5 0 R 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. >> endobj null null null null 168 0 R null null null 169 0 R null Theranos is a now-defunct healthcare technology startup founded by disgraced Stanford drop-out Elizabeth Holmes . 302 0 obj Holmes, who founded Theranos in 2003 at age 19 with the lofty mission of revolutionizing blood testing, has pleaded not guilty. 167 0 obj /S /P >> /Pg 256 0 R /S /LBody /K [22 386 0 R] << /S /P endobj /StructParents 1 << << >> 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. /K 26 >> /S /LBody >> 85 0 obj >> /K 147 0 R 147 0 obj The tests performed on Theranos technology, in addition, were likely to contain inaccurate and unreliable results. The startup entrepreneurial spirit is selling a vision of a fictional product - a product that does not yet exist. /Lang (EN-US) >> endobj /Pg 238 0 R endobj /S /LBody >> /P 363 0 R /MCID 2 /P 371 0 R /Lang (EN-US) /Pg 241 0 R /Pg 235 0 R 9 0 obj uuid:08e7f9c5-06b3-4447-b9e6-d8f448ec8b85 /Lang (EN-US) >> /P 8 0 R A March 17 hearing is scheduled on her request to stay out of prison during her appeal. 289 0 obj Holmes unflappability may have made it difficult for Theranos board members and prospective clients to raise or press on with the right questions at the right time. >> /Tabs /S /P 337 0 R 135 0 obj endobj /S /P /Pg 235 0 R endobj /Lang (EN-US) /Rotate 0 << /MCID 2 /S /LBody /P 393 0 R /K 204 0 R /Tabs /S /S /P /P 48 0 R << /P 380 0 R 320 0 obj /Pg 238 0 R 1349, and nine counts of wire fraud, in violation of 18 U.S.C. endobj 95 0 obj /Pg 238 0 R 297 0 obj >> /P 8 0 R << << /P 312 0 R /S /LBody endobj >> /Pg 235 0 R endobj /Lang (EN-US) endobj 65 0 obj 131 0 obj /S /P 290 0 obj After Cheung went to the federal government, Theranos hired a private detective to spy on her, according to court documents released last week. /K 228 0 R In many ways, Theranos is the embodiment of Silicon Valley startup culture. /Resources 420 0 R 304 0 obj /P 263 0 R /MCID 2 /P 336 0 R >> /P 8 0 R /S /LI /S /LBody << /S /P Holmes fostered a culture of fear because it served her needs. /Resources 448 0 R endobj /K 22 /Type /Page 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 Leaving Little Space for Inspiration. Elizabeth Holmes donated /S /LI /Type /Page /Pg 239 0 R /P 354 0 R endobj /Pg 235 0 R endobj /Parent 5 0 R >> /P 351 0 R /StructParents 22 >> $12,600 to the Democratic Party. 132 0 obj /K 129 0 R /CropBox [0 0 612 792] << >> /Pg 257 0 R 136 0 obj << /CropBox [0 0 612 792] endobj /S /LI >> << 242 0 obj << /S /LI /K 12 endobj /S /P /P 269 0 R /P 315 0 R /Pg 255 0 R /Lang (EN-US) /Parent 14 0 R /P 46 0 R /K 45 /S /LBody endobj << /Pg 252 0 R /P 377 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 93 0 R] /Lang (EN-US) 284 0 obj >> /P 332 0 R /Lang (EN-US) /Contents [461 0 R 462 0 R 463 0 R] /K 203 0 R endobj /K 18 /Annots [] null 110 0 R null null null 111 0 R null 112 0 R null 113 0 R (REUTERS/Carlo Allegri). /P 50 0 R /Resources 480 0 R endobj >> /P 8 0 R /Pg 251 0 R /Lang (EN-US) 16 [null null 199 0 R null null null 200 0 R null null null /S /LBody Who is Elizabeth Holmes and what did she do? - USA TODAY << /S /LBody 277 0 obj /Pg 239 0 R /K 22 Theranos is in the biotechnology industry. /Resources 432 0 R /S /LI Theranos and Elizabeth Holmes: the Marketing of Silicon Valley's endobj /Subtype /XML >> /K 18 /Filter /FlateDecode 20 [null null 221 0 R null null null 222 0 R null null 56 0 R Anyone who engages in deceptive practices should know they will not go undetected and will be held accountable. >> >> >> /K 0 /S /LBody The FDA would like to extend our thanks to our federal law enforcement partners for sending a strong message to Theranos executives and others that these types of actions will not be tolerated, said Catherine A. Hermsen, Acting Director, FDA Office of Criminal Investigations. >> Elizabeth Holmes arriving to . >> - Sep 15, 2021 3:40 pm UTC. The engrossing optimism that this may have generated in its founder, Elizabeth Holmes, and other champions of the companys vision is understandable. /S /P 43 0 obj endobj /P 352 0 R /P 8 0 R /K 6 79 0 obj /P 303 0 R endobj /Tabs /S endobj /Rotate 0 << << endobj << >> Early on, experts inside and outside of the company questioned the technology. /Type /Page /Pg 235 0 R 295 0 obj /Pg 243 0 R /S /P Investors large and small from around the world are attracted to Silicon Valley by its track record, its talent, and its promise. endobj