/Lang (EN-US) /Type /Page endobj /K 21 /Lang (EN-US) /K 10 /Pg 244 0 R /Lang (EN-US) /Pg 257 0 R /Lang (EN-US) << >> /Type /MCR /S /P /K 18 >> 3553. >> /K [18 385 0 R] endobj 126 0 obj 188 0 obj /S /P /Pg 256 0 R /S /LBody 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 . /Lang (EN-US) 231 0 obj /K 165 0 R /Lang (EN-US) 154 0 obj >> /Annots [] >> /Lang (EN-US) /P 380 0 R /K 221 0 R /K [26 397 0 R] /P 347 0 R /StructParents 17 /K 6 However, any sentence following conviction would be imposed by the court after consideration of the U.S. /K 22 /S /P /SourceModified (D:20180314151216) /P 8 0 R /K 177 0 R /Lang (EN-US) /P 50 0 R Theranos went on to issue private stock in six rounds between 2014 and 2015, starting at 17 cents per share and ending at $17 per share, according to a document explained by Yam, with investors . >> /MediaBox [0 0 612 792] /P 293 0 R 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. >> /Length 502 0 R /P 8 0 R << /K 149 0 R >> 49 0 obj >> /Annots [] >> 220 0 obj But what may be less intuitive is the effect that such optimism likely had on the ability of the companys senior leadership to consider the implications of their decisions and following actions. 8 [null null 152 0 R null null null 153 0 R null null null >> >> endobj /Contents [473 0 R 474 0 R 475 0 R] Brian Grossman had 20 years of experience in the healthcare space but his firm, PFM Health Sciences, invested $96 . << /Pg 247 0 R The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. << /Contents [457 0 R 458 0 R 459 0 R] The startup entrepreneurial spirit is selling a vision of a fictional product - a product that does not yet exist. 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. << /K 191 0 R /Subscript /Span /S /P 280 0 obj /P 279 0 R /K 18 /Lang (EN-US) endobj >> >> /Contents [441 0 R 442 0 R 443 0 R] /Lang (EN-US) /Pg 238 0 R /Lang (EN-US) endobj /Count 5 83 0 obj In a reply, Holmes said she was projecting $100 million for 2015, nearly ten times less than what she told investors at one point. /Pg 238 0 R /P 316 0 R endobj 171 0 obj endobj /S /P >> These detailed accounts show a pattern of behaviors consistent with a distorted motivational and cognitive state. /K [304 0 R 305 0 R 306 0 R 307 0 R 308 0 R 309 0 R 310 0 R 311 0 R 312 0 R 313 0 R 382 0 obj /K 218 0 R /S /L /Lang (EN-US) >> 77 0 obj /Annots [] /Pg 244 0 R /Lang (EN-US) << /S /LI /MediaBox [0 0 612 792] << Quotes displayed in real-time or delayed by at least 15 minutes. /K 14 << /S /LBody /K [28 394 0 R] /Pg 245 0 R /P 48 0 R /K 120 0 R /K [24 387 0 R] /Pg 248 0 R uuid:f59fd1a5-0a21-408a-99c1-079770aebbbd /BBox [79.9440002441 274.9559936523 453.9599914551 398.8439941406] Mission Statement. /Tabs /S /P 8 0 R << /Type /MCR /K 210 0 R /Diagram /Figure endobj /P 332 0 R << /CropBox [0 0 612 792] << 129 0 obj The next witness was Erika Cheung, who was hired by Theranos out of undergrad as a lab associate. 252 0 obj Help other job seekers by rating Theranos. 147 0 obj >> /Pg 257 0 R >> /Pg 235 0 R 33 0 obj The indictment charges each defendant with two counts of conspiracy to commit wire fraud, in violation of 18 U.S.C. /P 283 0 R << << The indictment alleges Holmes and Balwani defrauded doctors and patients by making false claims concerning Theranoss ability to provide accurate, fast, reliable, and cheap blood tests and test results, and through omissions concerning the limits of and problems with Theranoss technologies. /P 55 0 R >> /S /L /K 31 >> 281 0 obj >> /MCID 2 /S /P /K 6 /Pg 255 0 R << /P 364 0 R endobj << << 73 0 obj /K 233 0 R endobj 205 0 obj /K 14 397 0 obj /K 10 >> /P 303 0 R /K [262 0 R 263 0 R 264 0 R 265 0 R 266 0 R 267 0 R] >> Moreover, Theranos and Holmes made "false and misleading statements" in press accounts to bolster the startup's profile. /P 48 0 R 1343. 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. /S /LBody 39 0 obj >> << << /S /P << /Pg 235 0 R 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. /K [374 0 R 375 0 R 376 0 R 377 0 R 378 0 R 379 0 R] stream /P 376 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. 79 0 obj 29 0 obj /MediaBox [0 0 612 792] endobj >> /S /LI 12 0 obj A March 17 hearing is scheduled on her request to stay out of prison during her appeal. /Parent 12 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 . /Lang (EN-US) /Resources 500 0 R /S /LI /Annots [] /Pg 235 0 R >> << /K 188 0 R The company's stated mission was to "revolutionize medical laboratory testing," according to the Department of Justice. << 57 0 obj /P 356 0 R /P 44 0 R << >> /K 215 0 R /P 8 0 R Photographer: David Paul Morris/Bloomberg *** Local Caption *** Elizabeth Holmes. Zippia Score 4.7. /S /LBody >> 36 0 obj $1 million bail: Student accused of attacking teacher's aide over Nintendo Switch, Consumer confidence: Optimism of US consumers declined in February, reflecting fears of a recession. >> endobj >> /P 8 0 R /InlineShape /Figure Holmes faces up to 20 years in prison. 65 0 obj null null 214 0 R null null] >> /Lang (EN-US) endobj << +1 (202) 442-3507. /Parent 13 0 R endobj /K 137 0 R endobj /K 232 0 R endobj /Lang (EN-US) Forbes has since . /P 48 0 R /P 331 0 R /Footnote /Note << 388 0 obj /Type /Pages /P 8 0 R 3553. /K 176 0 R << /Pg 249 0 R endobj /K 18 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. /K 133 0 R 395 0 obj endobj /P 50 0 R /Pg 258 0 R 149 0 obj endobj >> 12 [null null null 172 0 R null null null null 173 0 R null endobj 137 0 obj >> /K 26 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. Todays indictment alleges that through their company, Theranos, CEO Elizabeth Holmes and COO Sunny Balwani not only defrauded investors, but also consumers who trusted and relied upon their allegedly-revolutionary blood-testing technology., This indictment alleges a corporate conspiracy to defraud financial investors, said Special Agent in Charge Bennett. << /Pg 245 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 An official website of the United States government. /Pg 255 0 R /K 124 0 R /Lang (DE-DE) << /P 33 0 R 201 0 obj >> endobj 268 0 obj /P 3 0 R 396 0 obj << endobj 27 0 obj << endobj /K 18 /S /LI >> << /K 35 endobj /Rotate 0 242 0 obj /S /LI /Pg 253 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. /P 276 0 R /P 59 0 R overstating the extent of Theranos' relationships with commercial partners and government entities, to whom they had also made misrepresentations . Holmes, Balwani, and Theranos also made false or misleading statements to investors about many aspects of Theranos' business, including the capabilities of its proprietary /Contents [449 0 R 450 0 R 451 0 R] /P 8 0 R The tests performed on Theranos technology, in addition, were likely to contain inaccurate and unreliable results. 116 0 obj /S /LBody endobj 66 0 R 67 0 R 68 0 R 69 0 R] 52 0 obj Answer (1 of 7): In 2003, Elizabeth Holmes, then a sophomore studying chemical engineering at Stanford, founded a company called Real-Time Cures. Although it is a merger of two major companies in 2015, Kraft Heinz's mission and vision statements retain the critical elements and objectives contained in the mother firms - H.J. endobj endobj /Lang (EN-US) /Annots [] /Lang (EN-US) /P 51 0 R Have you worked at Theranos? /P 260 0 R endobj /K 213 0 R << << 325 0 obj << << /Pg 235 0 R /S /LI << /Pg 241 0 R /Lang (EN-US) >> endobj An indictment merely alleges that crimes have been committed, and the defendants are presumed innocent until proven guilty beyond a reasonable doubt. >> /S /LI << /P 8 0 R 9 0 obj /K 145 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. /Lang (EN-US) << 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 . 266 0 obj >> /K 0 << >> /K 2 111 0 obj << /K 163 0 R /S /LBody /Pg 250 0 R /S /LBody /Parent 14 0 R endobj /Subtype /XML /P 48 0 R /S /LI << /Lang (EN-US) /S /LBody /K 209 0 R 7 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. 120 0 obj University Mission Statement. 7 [null null 147 0 R null null null 148 0 R null null null /K [268 0 R 269 0 R 270 0 R 271 0 R 272 0 R] /P 50 0 R endobj /Pg 235 0 R 152 0 obj /StructParents 2 /K 2 endobj /Contents [481 0 R 482 0 R 483 0 R] endobj /S /L >> << WIRED Media Group /P 48 0 R 371 0 obj 188 0 R null null null 189 0 R null null null 190 0 R null << 26 0 obj /Pg 235 0 R /S /LI /Pg 237 0 R /K 15 endobj /MCID 2 214 0 obj /S /LBody endobj >> /Pg 238 0 R /Tabs /S endobj /S /LI /S /LI 106 0 obj /S /LBody /S /LBody /K 10 /Tabs /S /K 0 54 0 obj /S /P /Lang (EN-US) << 185 0 R null null] 173 0 obj Subscribe to our channelhttp. >> >> /P 48 0 R << 17 0 obj 127 0 obj << << Attorneys Jeff Schenk, Robert S. Leach, and John C. Bostic are prosecuting the case with the assistance of Laurie Worthen and Bridget Kilkenny. /Strikeout /Span 233 0 obj /Lang (EN-US) /P 8 0 R << /Rotate 0 Both schemes involved efforts to promote Palo Alto, Calif.-based Theranos. 379 0 obj /CropBox [0 0 612 792] Holmes, at one point the nations youngest self-made female billionaire, and her former chief operating officer Ramesh Balwani, were indicted by federal prosecutors in June 2018 and charged with two counts conspiracy to commit wire fraud and nine counts of wire fraud each. >> /Pg 248 0 R THERANOS FOUNDER ELIZABETH HOLMES IN COURT; ANATOMY OF A FRAUD. /S /P /Annots [] 346 0 obj /K 180 0 R >> /K 183 0 R /S /P 393 0 obj >> endobj null 49 0 R null null 157 0 R null null] endobj /K 192 0 R /K 275 0 R /P 54 0 R /S /LBody >> 216 0 obj Market data provided byFactset. /S /LBody >> /K [8 94 0 R] /K 7 endobj << endobj >> /Pg 257 0 R /P 308 0 R /Lang (EN-US) >> << 3480 /Pg 235 0 R /P 8 0 R /Pg 235 0 R << 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. /P 55 0 R endobj << Theranos Inc. (/ r. /Tabs /S 391 0 obj /MediaBox [0 0 612 792] /S /P /P 297 0 R << 200 0 obj stream 347 0 obj /S /LI Elizabeth Holmes blue eyes and baritone voice, her, albeit incomplete, Stanford credentials and well-crafted life narrative were the perfect exterior to a dream-come-true vision of a better future for millions of people. 223 0 obj

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