>> endobj << 2 [null null 119 0 R null null null 120 0 R null null 41 0 R /Pg 235 0 R 156 0 obj /K 30 /K [368 0 R 369 0 R 370 0 R 371 0 R 372 0 R 373 0 R] /S /LI (REUTERS/Carlo Allegri). << /Lang (EN-US) /MediaBox [0 0 612 792] /S /LBody /S /LI /K 2 /Type /Page << << >> Instead, a vision made boundless by its sharp divide from reality and its extraordinarily narrow goals ended up only perpetuating a state of motivated blindness. /P 50 0 R /Type /Page << /K 4 /Lang (EN-US) >> endobj 171 0 obj /Lang (EN-US) /Resources 484 0 R /Pg 240 0 R 225 0 obj /P 51 0 R endobj 335 0 obj /K 35 << endobj << /P 380 0 R << /Pg 258 0 R 161 0 obj /P 8 0 R /P 283 0 R 274 0 obj The extraordinary entrepreneur on Fortune's June cover explains her mission and opportunity aheadWant to see more Fortune Video? Who is Elizabeth Holmes and what did she do? - USA TODAY endobj endobj << >> /P 379 0 R >> by Elizabeth Holmes. /MediaBox [0 0 612 792] /K 24 /K 211 0 R Holmes said she was inspired to start the company in response to her fear of needles. 93 0 R] /P 349 0 R /S /LI endobj << /P 264 0 R /Lang (EN-US) /P 326 0 R /P 55 0 R /P 324 0 R /K 33 /MediaBox [0 0 612 792] 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. Theranos scandal: Who is Elizabeth Holmes and why was she on trial? /Pg 245 0 R /P 8 0 R The Seattle-based coffee giant originated in 1971 and has since become ubiquitous around the world. /S /LBody /S /LBody endobj /K 5 << /K 1 /S /P /K 1 << >> /S /P >> 280 0 obj 338 0 obj 3 min read. endobj /Pg 250 0 R Theranos is ranked #71 on the Best Start-up Companies to Work For in America list. /P 50 0 R /P 63 0 R Kraft Heinz Mission and Vision Statement Analysis << /S /P /K 18 << /S /LBody /P 333 0 R /Lang (EN-US) /P 344 0 R /Pg 237 0 R /S /LBody 14 [null null 186 0 R null null null 187 0 R null null null /K [26 383 0 R] 118 0 obj >> 331 0 obj /Rotate 0 100 0 obj /Lang (EN-US) /S /P 206 0 R null null null 207 0 R null null null 208 0 R null Department of Justice >> stream 88 0 obj CNMN Collection /Lang (DE-DE) /S /P /P 48 0 R >> endobj 176 0 obj 163 0 obj /Type /Metadata /P 8 0 R /P 305 0 R /K [18 385 0 R] 10 [null null 163 0 R null null null 164 0 R null null null /Pg 248 0 R /P 282 0 R endobj /Lang (EN-US) endobj /S /P /Contents [441 0 R 442 0 R 443 0 R] >> /Lang (EN-US) /S /P The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. /Pg 250 0 R /P 171 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 1349, and nine counts of wire fraud, in violation of 18 U.S.C. /Lang (EN-US) /S /LBody << /K 156 0 R endobj /MediaBox [0 0 612 792] >> endobj >> /P 271 0 R /P 48 0 R /P 293 0 R /P 8 0 R 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 >> The Associated Press contributed to this report. << /K [105 0 R 106 0 R 107 0 R 108 0 R 109 0 R] /Type /Page 57 0 R 58 0 R null null 223 0 R null null null 224 0 R null /K 163 0 R endobj emblazoned in block capitals in the Theranos lobby, was 'Do or do not. 390 0 obj >> /S /LI /Pg 256 0 R /K 10 endobj 355 0 obj endobj 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. Hot Startup Theranos Has Struggled With Its Blood-Test Technology But Theranos shared very little about its blood-testing machine with the public or medical community. /StructParents 1 /S /LBody /MediaBox [0 0 612 792] /Annots [] /K 126 0 R << The national average salary for a Theranos employee in the United States is $44,094 per year. /S /LBody 48 0 obj endobj endobj Elizabeth Holmes wants to delay her prison sentence after giving birth /S /LI Elizabeth Holmes dropped out of Stanford in 2003 as a 19-year-old to start Theranos. >> >> /S /LBody /Pg 255 0 R << /P 390 0 R /Tabs /S /P 337 0 R Adobe PDF Library 15.0; modified using iText 2.1.7 by 1T3XT << 201 0 R null null null 202 0 R null null null 203 0 R null /S /L /S /LBody 378 0 obj /S /LI 4 0 obj The company's stated mission was to "revolutionize medical laboratory testing," according to the Department of Justice. >> 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. 123 0 obj /S /LBody /Lang (EN-US) /S /LI /S /LI null] 341 0 obj /Lang (EN-US) While some are vague affirmations, others can sharpen employees' minds and give them a sense of identity and belonging. /P 8 0 R 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. These detailed accounts show a pattern of behaviors consistent with a distorted motivational and cognitive state. endobj /K 393 0 R << /Nums [0 [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 94 0 R /K 0 /K 161 0 R 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. /K 177 0 R /Lang (EN-US) 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. << 211 0 obj /MediaBox [0 0 612 792] >> >> /S /LBody endobj /Pg 244 0 R /S /P << endobj /StructParents 7 /S /P Theranos: A Fallen Unicorn - Investopedia 228 0 obj /K 146 0 R >> endobj << /P 309 0 R /K 14 53 0 obj /Rotate 0 /P 51 0 R /Pg 252 0 R /K [10 392 0 R] /K 6 /Type /Page /P 297 0 R 1. The tests performed on Theranos technology, in addition, were likely to contain inaccurate and unreliable results. /S /L 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. 206 0 obj The mission statement of Theranos is stated as, "To make actionable information accessible to everyone at the time that it matters". >> 165 0 R null null null 166 0 R null null null null 167 0 R /P 54 0 R /Lang (EN-US) endobj /K 6 /Lang (EN-US) endobj /S /LI >> >> 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 312 0 R /S /LI /S /LI Once a strong believer in Theranos' mission, Mattis testified that he eventually realized the Holmes had misled him with empty promises. >> << /Resources 440 0 R /Lang (EN-US) The collaborative investigative work on this case conducted by Postal Inspectors, our law enforcement partners, and the United States Attorneys Office illustrates our efforts to protect both consumers and investors., The Indictment Alleges That Doctors And Patients Were Defrauded. The company spent over $150,000 surveilling her and another whistleblower. >> >> How to run amok with $900M of VC funding The two pleaded not guilty to wire fraud and conspiracy to commit wire fraud. /CropBox [0 0 612 792] endobj /Tabs /S /P 8 0 R /P 50 0 R 136 0 obj /K 10 endobj endobj << /K 16 endobj endobj << 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. /P 33 0 R Rankings are based on government and proprietary data on salaries, company financial health, and employee diversity. /Lang (EN-US) /S /LI endobj << /CropBox [0 0 612 792] 217 0 R null null null 218 0 R null null null 219 0 R null << 155 0 obj /Rotate 0 >> 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. /P 8 0 R 243 0 obj /S /LBody /P 50 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. /P 8 0 R endobj >> /K 195 0 R 6 0 obj Anyone who engages in deceptive practices should know they will not go undetected and will be held accountable. endobj endobj 2 0 obj endobj According to Temporal Construal Theory, a compelling, unfulfilled mission can trigger this type of operational myopia. /S /LI /P 284 0 R << /Resources 452 0 R /K 119 0 R /P 8 0 R /P 263 0 R endobj /P 50 0 R 218 0 obj << /S /LBody endobj 38 0 obj 89 0 obj endobj /P 301 0 R /Parent 5 0 R /P 51 0 R /K 4 /S /LBody << /Resources 480 0 R Theranos CEO Elizabeth Holmes needs to grow up, and fast 126 0 obj /K 229 0 R /K 18 >> 264 0 obj >> 198 0 obj /K 223 0 R /S /LI /P 8 0 R 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 null null 225 0 R null null null 226 0 R null null null 17 0 obj 32 0 obj /S /LBody /S /P /P 352 0 R /Lang (EN-US) /S /LI /K 230 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 [28 394 0 R] << endobj /P 8 0 R /Lang (EN-US) endobj << /P 54 0 R endobj /Lang (EN-US) >> /Contents [461 0 R 462 0 R 463 0 R] >> /P 377 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. endobj /MediaBox [0 0 612 792] /Endnote /Note /Rotate 0 "That's a crime . << >> << >> /K 189 0 R The startup was founded in Feb. 2014, was headquartered in Palo Alto, Calif., according to Bloomberg. /CropBox [0 0 612 792] << endobj /Contents [469 0 R 470 0 R 471 0 R] /K 153 0 R /P 329 0 R << << Since this form of unethical behavior may lack the pangs of guilt and/or shame that generally provide people with a certain amount of self-restraint and hesitation, it can be difficult for others to suspect any bad conduct. 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. /Lang (EN-US) >> endobj /P 50 0 R /MCID 2 /Lang (EN-US) endobj /Lang (EN-US) Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. >> >> /Tabs /S /P 8 0 R /Lang (EN-US) 18 [null null 209 0 R null null null 210 0 R null null null /S /LI /P 8 0 R /Pg 252 0 R Theranos Flashcards | Quizlet Elizabeth Holmes speaks during a Bloomberg, Television interview at the Vanity Fair 2015 New Establishment Summit in San Francisco, on Oct. 6, 2015. null null 191 0 R null null null 192 0 R null null] /Lang (EN-US) /Pg 235 0 R << /P 8 0 R endobj /Strikeout /Span endobj 142 0 obj endobj 180 0 R null null null 181 0 R null null null 182 0 R null /P 318 0 R /P 40 0 R /Lang (EN-US) /Lang (EN-US) 139 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. 296 0 obj << /P 8 0 R 277 0 obj /K 178 0 R /K 132 0 R << 95 0 obj /K 6 << /S /LI /S /LI /Lang (EN-US) /Contents [429 0 R 430 0 R 431 0 R] /P 8 0 R /P 55 0 R /P 55 0 R /Pg 235 0 R /P 8 0 R /P 8 0 R << /K 18 << /Pg 238 0 R /S /LBody 278 0 obj By Elizabeth Lopatto / @ mslopatto. << /S /P >> /Contents [497 0 R 498 0 R 499 0 R] 131 0 obj /K [24 387 0 R] /P 48 0 R 245 0 obj endobj 286 0 R 287 0 R 288 0 R 289 0 R 290 0 R 291 0 R 292 0 R 293 0 R 294 0 R 295 0 R 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. >> << /Resources 496 0 R >> The next witness was Erika Cheung, who was hired by Theranos out of undergrad as a lab associate. endobj 231 0 obj /S /P /S /LI endobj /ITXT (2.1.7) endobj /K 6 /S /LI endobj /S /LBody >> /Type /Page 36 0 obj /Pg 245 0 R 149 0 obj >> /Pg 252 0 R endobj endobj /S /LI 46 0 obj /K [26 395 0 R] The average salaries at Bloomberg rank the highest, with their employees earning an. 302 0 obj >> An official website of the United States government. << null null null null 168 0 R null null null 169 0 R null /P 273 0 R /K 124 0 R /K 2 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. /Count 5 << 72 0 obj /Lang (EN-US) /Lang (EN-US) Employees in the top 10 percent can make over $68,000 per year, while employees at the bottom 10 percent earn less than $28,000 per year. /K 10 << Competitors of Theranos include Bloomberg, Morgan Stanley, and National Journal. /Pg 244 0 R Follow Mike Snider on Twitter:@mikesnider. Theranos founder Elizabeth Holmes arrives at San Jose court, Theranos CEO on companys blood testing system. endobj THERANOS FOUNDER ELIZABETH HOLMES TO FACE TRIAL SEPARATE FROM EX-LOVER. /P 8 0 R 199 0 R null null] << About us Our mission is to make actionable information accessible to everyone at the time it matters. << 290 0 obj /P 55 0 R /K 29 >> /Parent 13 0 R << /K 138 0 R /K 10 /S /LI 124 0 obj flagrantly vague and often outright untruthful statements. /Annots [] /S /P Theranos is a consumer healthcare technology company. /K 11 /Type /MCR /S /P /MCID 2 /P 350 0 R endobj /Type /MCR /K 196 0 R /Pg 257 0 R . /Tabs /S 318 0 obj 56 0 obj /Lang (EN-US) /Rotate 0 endobj << << What's everyone talking about? null null 183 0 R null null null 184 0 R null null null /Filter /FlateDecode 279 0 obj >> >> Northern District of California | Theranos Founder and Former Chief >> >> << >> /Lang (EN-US) 348 0 obj 219 0 obj << /Lang (EN-US) Balwani, 53, of Atherton, Calif., was employed at Theranos from September of 2009 through 2016. << >> << /K 18 /Pg 237 0 R 295 0 obj endobj << << 268 0 obj >> The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. 17 [null null 204 0 R null null null 205 0 R null null null . >> /S /P /S /LBody /Pg 237 0 R endobj The largest donation made to a political party by a Theranos employee was /Pg 237 0 R 9 [null null 157 0 R null null null 158 0 R null null null /K 12 endobj endobj The Theranos founder intentionally deceived investors, a US . >> 336 0 obj /P 8 0 R 375 0 obj endobj Theranos is a now-defunct healthcare technology startup founded by disgraced Stanford drop-out Elizabeth Holmes . /K 209 0 R Theranos whistleblower toasted Elizabeth Holmes verdict - New York Post << /K 6 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. /K 14 93 0 obj 123 0 R null null null 124 0 R null null] 303 0 obj /Lang (EN-US) /S /LBody >> /Lang (EN-US) /Tabs /S endobj /MediaBox [0 0 612 792] >> Whistleblower and former Theranos lab tech Erika Cheung. 121 0 obj >> >> 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. /S /P /K 6 /P 279 0 R Through these advertisements, the defendants explicitly represented to individuals that Theranoss blood tests were cheaper than blood tests from conventional laboratories to induce individuals to purchase Theranoss blood tests. /Lang (EN-US) /Lang (EN-US) /P 40 0 R /Pg 253 0 R /K 167 0 R endobj The defendants are charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. /K 208 0 R /Lang (EN-US) endobj null 49 0 R null null 157 0 R null null] endobj 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. /K 151 0 R /Lang (EN-US) >> /P 356 0 R >> endobj The matter was assigned to the Honorable Lucy H. Koh, U.S. District Judge, for further proceedings. /Parent 14 0 R /Pg 251 0 R /K 198 0 R /K 14 >> 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. endobj /Tabs /S /K 3 /S /LI null null 220 0 R null null null 221 0 R null null] /P 290 0 R Theranos Inc. founder Elizabeth Holmes was criminally charged in June 2018 with defrauding investors following the collapse of her blood-testing startup. /Placement /Block Photographer: David Paul Morris/Bloomberg *** Local Caption *** Elizabeth Holmes. >> While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. /K 18 null null 214 0 R null null] /Rotate 0 >> /K 14 /Pg 238 0 R endobj 223 0 obj /S /TD Acrobat PDFMaker 18 for Word /Pg 244 0 R /Pg 256 0 R /Rotate 0 endobj /Type /Page /S /LI /Lang (EN-US) endobj endobj Elizabeth Holmes' fate in jurors' hands after fiery closing arguments /Contents [485 0 R 486 0 R 487 0 R] /S /TD << /Pg 258 0 R /P 48 0 R The indictment charges each defendant with two counts of conspiracy to commit wire fraud, in violation of 18 U.S.C. 211 0 R null null null 212 0 R null null null 213 0 R null 310 0 obj /Type /Page >> /Annots [] /K 17 /Rotate 0 /S /LI endobj /Lang (EN-US) 2. /S /P /P 59 0 R /S /LI 263 0 obj Theranos's mission statement is "To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives." 98 0 obj There were . << << << /K 117 0 R /S /LI /S /P >> 307 0 obj /K 7 /S /LBody << endobj /Pg 245 0 R /P 376 0 R 172 0 obj /Type /Page /Pg 255 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. /K [331 0 R 332 0 R 333 0 R 334 0 R 335 0 R 336 0 R 337 0 R 338 0 R 339 0 R 340 0 R /S /LBody The University recognizes the importance of its location in New York City and . << /S /LI /Annots [] 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. /P 346 0 R /K 217 0 R 158 0 obj Theranos (@theranos) / Twitter /K 10 << /Lang (EN-US) /Pg 236 0 R 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. 149 0 R null null null 150 0 R null null null 151 0 R null << /K 10 << At the peak of her career in 2015, Forbes estimated her net worth at $4.5 billion. << << >> /Pg 256 0 R null null 197 0 R null null null 198 0 R null null null >> 16 0 obj /P 48 0 R /MediaBox [0 0 612 792] << /P 378 0 R 260 0 obj /Resources 420 0 R endobj >> << /K 6 /S /P /MediaBox [0 0 612 792] /Subtype /XML /Lang (EN-US) null null 174 0 R null null null 175 0 R null null null >> << /Pg 258 0 R endobj /Tabs /S FAQ - New Privacy Policy. What Is Theranos CEO Elizabeth Holmes' Net Worth As Founder - Newsweek /Lang (EN-US) Moreover, Theranos and Holmes made "false and misleading statements" in press accounts to bolster the startup's profile. /Parent 5 0 R /K 2 /K 183 0 R 91 0 obj /Pg 235 0 R >> endobj /K [374 0 R 375 0 R 376 0 R 377 0 R 378 0 R 379 0 R] /P 371 0 R /S /LI /P 261 0 R /Lang (EN-US) endobj 239 0 obj 167 0 obj /S /P /Contents [465 0 R 466 0 R 467 0 R] /StructParents 11 141 0 obj /StructParents 18 The prosecution is the result of an investigation by the FDA Office of Criminal Investigations, the FBI, and the US Postal Inspection Service. >> /S /LBody The indictment describes a number of schemes that defendants allegedly employed to mislead investors, doctors, and patients. /Pg 258 0 R /Lang (EN-US) >> >> /Lang (EN-US) >> /K 6 She already settled with the Securities and Exchange Commission (SEC) for a $500,000 penalty and 10-year ban on serving as an officer or director of a public company. endobj Elizabeth Holmes' trial begins with opening statements - CNN >> >> In the end, the innovations Theranos was after were not only meant for its own success but to secure a better future for millions of people. /S /LBody /K 174 0 R /S /LI endobj /K 9 /Type /MCR /P 54 0 R Easy acce View the full answer /S /P 151 0 obj Theranos stood as the next big breakthrough innovator in the healthcare industry offering an affirming achievement of the value of human ingenuity. << << /K 176 0 R endobj Early on, experts inside and outside of the company questioned the technology.
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