Despite persistent losses, Holmes salary increased from $200,000 to $400,000, Yam said. endobj /S /LI /P 8 0 R /Pg 250 0 R /P 48 0 R Instead of sticking with them, Holmes and her team could have put an equal amount of energy and ingenuity into developing a safe user-friendly technique to draw the adequate amount of blood necessary. /P 355 0 R 336 0 obj 351 0 obj /Pg 240 0 R /S /P 220 0 obj /K 214 0 R 130 0 obj /Resources 420 0 R /S /LBody endobj /P 380 0 R 89 0 obj /P 59 0 R << >> Both defendants appeared today before U.S. Magistrate Judge Susan van Keulen for their initial appearances. /Lang (EN-US) We calculated the performance score of companies by measuring multiple factors, including revenue, longevity, and stock market performance. << << /S /LI << /P 40 0 R /Tabs /S << /Lang (EN-US) 112 0 obj /P 8 0 R 315 0 obj /P 48 0 R /Annots [] << /Lang (EN-US) /Pg 247 0 R /Lang (EN-US) 299 0 obj << /Lang (EN-US) null null null null 168 0 R null null null 169 0 R null 206 0 obj >> /S /LBody /P 8 0 R /P 63 0 R /S /LI /K 188 0 R endobj 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. /MediaBox [0 0 612 792] /K 153 0 R /P 50 0 R /Tabs /S >> /P 55 0 R 322 0 obj /Pg 256 0 R /P 289 0 R /MCID 2 /Parent 5 0 R endobj /Pg 235 0 R >> 70 0 obj /Lang (EN-US) /Lang (EN-US) /Pg 251 0 R /Pg 238 0 R /S /LBody Theranos' mission was "to make actionable health information accessible to people everywhere in the world, at the time they most need it." It was a lofty, inspiring, and valiantly unifying purpose, . endobj /Count 24 endobj << >> << << >> << /K 199 0 R /Pg 255 0 R endobj /Pg 256 0 R /K 1 /CropBox [0 0 612 792] /S /LI /S /LBody 313 0 obj /K [26 384 0 R] Theranos eventually settled that matter with the government, voluntarily closing all of its labs. /K 186 0 R endobj /P 301 0 R /S /L << /S /LI /MediaBox [0 0 612 792] /StructParents 8 << /Pg 256 0 R /Lang (EN-US) Investors who put a total of $632 million into Theranos in its latest funding round from 2014 to 2015 included " Rupert Murdoch and family-controlled Cox Enterprises Inc., -- [Cox family holdings . endobj 36 0 obj /K 11 << During the trial Holmes accused her ex-boyfriend and business partner, Ramesh "Sunny" Balwani, of emotional and sexual abuse at the time of the alleged crimes, impairing her mental state. /K 8 /S /LBody >> /K 6 184 0 obj /P 327 0 R /MediaBox [0 0 612 792] /Resources 412 0 R /S /P endobj 64 0 obj 56 0 obj << >> Forbes has since . /Pg 235 0 R /S /LI << In 2013, things had "started to get a bit tight," Yam said. 114 0 obj >> 395 0 obj >> /P 334 0 R /Resources 488 0 R /Lang (EN-US) University Mission Statement. 397 0 obj endobj 35 0 R 36 0 R 37 0 R 38 0 R 39 0 R 40 0 R 41 0 R 42 0 R 43 0 R 44 0 R /S /LBody << /Lang (DE-DE) >> /Lang (EN-US) /K 14 >> /S /LBody /Annots [] 115 0 obj << /S /P endobj /K 231 0 R /K 121 0 R endobj /Pg 251 0 R /Lang (EN-US) >> /S /P endobj /Contents [481 0 R 482 0 R 483 0 R] !xRnE1$g9`8\\5g1^"z+. endobj endobj /Type /Page /Type /Page << /P 50 0 R /Pg 235 0 R /Type /Page /Annots [] /StructParents 14 /K 155 0 R 326 0 obj >> >> 199 0 obj endobj endobj Elizabeth Holmes arriving to . << >> /K 31 >> 281 0 obj Theranos wanted to make detailed blood sample analysts accessible to all doctors in a timely manner. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. 369 0 obj endobj /K 16 /Pg 248 0 R endobj << 329 0 obj /S /LI /S /LI /S /P /S /P << All rights reserved. endobj << endobj >> endobj << << /Lang (EN-US) 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. /K 10 286 0 obj /P 312 0 R endobj /Parent 14 0 R Theranos competitors include TED, Bloomberg, HuffPost, National Journal, Washington Plaza Hot, Morgan Stanley, Newsweek. /K 30 /Lang (EN-US) /K 6 endobj 370 0 obj << << /CropBox [0 0 612 792] /Pg 241 0 R /MediaBox [0 0 612 792] << /Pg 248 0 R << Holmes grew up in Houston, Texas and studied chemical engineering at . /K 189 0 R endobj 1. /ITXT (2.1.7) /K 18 /P 303 0 R << /S /P endobj According to the indictment, Holmes and Balwani used advertisements and solicitations to encourage and induce doctors and patients to use Theranoss blood testing laboratory services, even though the defendants knew Theranos was not capable of consistently producing accurate and reliable results for certain blood tests. /K 144 0 R >> 100 0 obj 53 0 obj << /K 8 /S /LBody 380 0 obj << 17 0 obj /P 59 0 R << /K 141 0 R /K 184 0 R /Type /Catalog /K 149 0 R /Lang (EN-US) /CropBox [0 0 612 792] 158 0 obj 90 0 obj An indictment merely alleges that crimes have been committed, and the defendants are presumed innocent until proven guilty beyond a reasonable doubt. endobj >> 256 0 obj << /Lang (EN-US) /P 8 0 R /S /LI 201 0 R null null null 202 0 R null null null 203 0 R null /P 50 0 R /P 8 0 R 235 0 obj << << /S /LI << /P 357 0 R << /S /LBody /Lang (EN-US) /P 48 0 R /Type /StructTreeRoot The average salaries at Bloomberg rank the highest, with their employees earning an. /Lang /S /LBody 364 0 obj /Contents [409 0 R 410 0 R 411 0 R] /MCID 2 >> /K 163 0 R 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. /Contents [477 0 R 478 0 R 479 0 R] endobj endobj >> 267 0 obj /S /LI endobj << 19 [null null 215 0 R null null null 216 0 R null null null << /P 51 0 R Answer 1. Theranos is ranked #71 on the Best Start-up Companies to Work For in America list. /Pg 235 0 R She had a strong sense of conviction to her mission., Cheung quit after seven months on the job and filed a whistleblower complaint with the Centers for Medicare and Medicaid Services, alleging that the company used expired lab supplies for tests run on its proprietary Edison testing devices, which themselves had major stability, precision, and accuracy problems., I was uncomfortable processing patient samples, she said. /P 285 0 R 81 0 obj Initially she funded Real-Time Cures with her co. >> << 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 << 198 0 obj /K 19 /Lang (EN-US) /Pg 255 0 R 1343. 346 0 obj /Lang (EN-US) /P 373 0 R /Lang (EN-US) /P 321 0 R /Lang (EN-US) /S /LI 119 0 obj /S /LI 216 0 obj endobj /Lang (EN-US) << << /S /LBody << >> /P 48 0 R /Pg 252 0 R /P 40 0 R It's unclear whether Theranos' rise and fall will turn out to be a dazzling mirage of "would-be" business . /S /P /Tabs /S /K [26 395 0 R] FAQ - New Privacy Policy. >> /P 304 0 R Here's Robert Leach, assistant U.S. attorney, who is prosecuting the case against Holmes: "This is a case about fraud, about lying and cheating to get money," Leach says. >> 104 0 obj << >> /S /LI 107 0 obj /Pg 255 0 R >> << >> /MediaBox [0 0 612 792] >> 265 0 obj 28 0 obj Around the time that Theranos was losing nearly $2 million per week, investors in the blood-testing startup were being told that the company would soon be bringing in almost $1 billion per year. 224 0 obj << /Pg 250 0 R 72 0 obj Photographer: David Paul Morris/Bloomberg *** Local Caption *** Elizabeth Holmes. /MCID 2 /P 362 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 . /Pg 235 0 R endobj 353 0 obj /K 117 0 R endobj endobj << /S /LBody >> /P 297 0 R 345 0 obj /K 179 0 R /Lang (EN-US) << In addition, the defendants delivered to doctors and patients blood results that were inaccurate, unreliable, and improperly validated. << /Parent 5 0 R 118 0 obj endobj /Type /Page endobj 68 0 obj >> >> /Pg 243 0 R /P 314 0 R 124 0 obj >> << endobj endobj /Artifact /P /S /LBody >> /SourceModified (D:20180314151216) endobj /Resources 436 0 R /S /LBody << /MCID 2 /Tabs /S 382 0 obj Cultivating a boundless vision until the very end completely untethered from the status quo, rules, requirements and the demands of the here and now Holmes and Theranos were on a special kind of journey. /Pg 258 0 R /Lang (EN-US) << >> /S /L /S /P 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. /K 26 /MediaBox [0 0 612 792] 342 0 obj >> endobj endobj /S /LBody 354 0 obj /Pg 249 0 R /P 48 0 R Theranos CEO Elizabeth Holmes on her company and the landscape of U.S. diagnostic-lab industry. 179 0 obj >> There are at least four biases that can let a belief about a desired future state shape reality despite its disconnectedness from reality. << /P 40 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. /K 393 0 R /S /LI << /P 380 0 R /Metadata 4 0 R Morever, Holmes needs to grow a . << endobj Did you ever provide financial projections to investors? Robert Leach, an assistant US attorney,asked Yam. /S /LBody /S /LBody /Pg 243 0 R 229 0 obj /P 337 0 R (Photo by Kristoffer Tripplaar/AP). /Rotate 0 >> >> /P 50 0 R Theranosonce valued at approximately $10 billionis no more. /Pg 247 0 R << /S /LBody 137 0 obj endobj /S /LBody /Parent 11 0 R /Annots [] The matter was assigned to the Honorable Lucy H. Koh, U.S. District Judge, for further proceedings. 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. In opening statements, a federal prosecutor depicted Balwani as an instrumental accomplice who helped Holmes pull off a huge scam tied to Theranos' blood-testing technology. endobj 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 11 endobj /Rotate 0 << << /Tabs /S 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. >> 1 0 obj /P 23 0 R /Lang (EN-US) endobj Elizabeth Holmes (Reuters); Ramesh "Sunny" Balwani (Getty Images). /K 18 /Pg 235 0 R /MediaBox [0 0 612 792] /Parent 11 0 R /S /LBody /P 63 0 R endobj /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 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. << /StructParents 9 /K 14 /K 10 /Pg 235 0 R /Pg 238 0 R /S /P >> /S /LBody It then allegedly used those articles to generate financial interest. << /Lang (EN-US) << Follow Company. /Pg 251 0 R 263 0 obj /S /LI >> They proposed revoking the companys license to test human specimens. /BBox [79.9440002441 274.9559936523 453.9599914551 398.8439941406] /S /P In part, according to the report, Theranos had neglected to use the device it marketed as the "lynchpin of its strategy," called the Edison, for the majority of the tests conducted. /K [380 0 R 381 0 R] /Pg 235 0 R /MediaBox [0 0 612 792] /S /LI /Type /Pages 145 0 R null null null 146 0 R null null null 147 0 R null >> << x+ | But Theranos shared very little about its blood-testing machine with the public or medical community. /K [349 0 R 350 0 R 351 0 R 352 0 R 353 0 R] Anyone who engages in deceptive practices should know they will not go undetected and will be held accountable. 131 0 obj /Lang (EN-US) endobj 1349, and nine counts of wire fraud, in violation of 18 U.S.C. /Lang (EN-US) << /Pg 255 0 R >> 173 0 obj << endobj /S /LI << /K 14 317 0 obj /K 18 /S /LBody endobj /S /LI /K 190 0 R In court documents, federal prosecutors have said Holmes is a flight risk. << endobj /S /LI /K 228 0 R /Kids [11 0 R 12 0 R 13 0 R 14 0 R] In fact, Yam relied heavily on Holmes for financial projections. /MediaBox [0 0 612 792] << endobj /K 18 /Type /Page endobj The employees at Morgan Stanley earn an average yearly salary of $103,933 per year, and the salaries at National Journal average $73,533 per year. Whistleblower and former Theranos lab tech Erika Cheung. /K 128 0 R << By Elizabeth Lopatto / @ mslopatto. endobj << /K 222 0 R >> /Lang (EN-US) 110 0 obj Early on, experts inside and outside of the company questioned the technology. emblazoned in block capitals in the Theranos lobby, was 'Do or do not. /S /LBody null null null 231 0 R null null null 232 0 R null null << 146 0 obj /K 24 132 0 obj /K 6 /Type /MCR /P 349 0 R /Lang (EN-US) /S /LI /K [28 394 0 R] /S /P << /Lang (EN-US) << /Type /Pages /K 4 /P 51 0 R 18 0 obj /K 34 /K 129 0 R 337 0 obj 232 0 obj /Lang (EN-US) /S /LBody endobj << endobj endobj /P 8 0 R /Pg 256 0 R >> /Parent 14 0 R /P 8 0 R /Pg 255 0 R null null 162 0 R null null null 163 0 R null null] /Pg 253 0 R << endobj >> /S /LI /Rotate 0 << The company's stated mission was to "revolutionize medical laboratory testing," according to the Department of Justice. /Type /Page >> /Pg 250 0 R /K 32 endobj >> /Type /MCR /K 6 192 0 obj >> >> << 4 0 obj >> 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. /Lang (EN-US) /K 203 0 R 312 0 obj /Lang (EN-US) << /P 347 0 R endobj /S /LBody /Pg 248 0 R /K 116 0 R >> /MCID 2 /K [28 391 0 R] /Type /MCR /P 308 0 R /K 21 6 [null null 143 0 R null null null 144 0 R null null null 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. /S /LI /Lang (EN-US) /P 294 0 R endobj >> /S /LBody It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. /S /LI >> /K 3 >> >> 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. 252 0 obj >> endobj << /P 8 0 R Here are three culture takeaways from the Theranos scandal that are relevant to all leaders and employees. >> /P 48 0 R /K 8 >> >> endobj /P 39 0 R >> /K 2 /S /LI >> endobj endobj /Pg 254 0 R 38 0 obj Moreover, Theranos and Holmes made "false and misleading statements" in press accounts to bolster the startup's profile. At times during that period, Balwani worked in several capacities including as a member of the companys board of directors, as its president, and as its chief operating officer. << << /P 8 0 R /Lang (EN-US) /Subtype /XML /P 8 0 R << /Pg 237 0 R /P 8 0 R 55 0 obj 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. /Contents [433 0 R 434 0 R 435 0 R] Balwani, 53, of Atherton, Calif., was employed at Theranos from September of 2009 through 2016. 176 0 R null null null 177 0 R null null null 178 0 R null endobj >> /Pg 235 0 R >> 330 0 obj /Filter /FlateDecode Theranos is a now-defunct healthcare technologystartup founded by disgraced Stanford drop-out Elizabeth Holmes. endobj endobj endobj /K 12 /S /LBody 207 0 obj << /P 381 0 R 226 0 obj /P 276 0 R 69 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 . endobj >> 44 0 obj endobj >> /S /LBody /S /LBody Elizabeth Holmes speaks on stage at the Glamour Women of the Year Awards where she receives an award, in New York, NY on Nov. 9, 2015. << /S /LBody /P 350 0 R endobj 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 >> /S /LBody /Pg 256 0 R /K 169 0 R /K 174 0 R /CropBox [0 0 612 792] endobj /Lang (EN-US) /Lang (EN-US) /S /LI In reality, Theranos couldn't perform more than 12 tests on its Edison devices, former lab . 294 0 obj /P 369 0 R /Lang (EN-US) 308 0 obj 363 0 obj /S /P /Pg 257 0 R /Pg 243 0 R << endobj /Lang (EN-US) endobj /P 8 0 R /TextBox /Art 341 0 R 342 0 R 343 0 R 344 0 R 345 0 R 346 0 R 347 0 R 348 0 R] /S /LI << /P 63 0 R /K 218 0 R /Pg 250 0 R /P 268 0 R >> 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.
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