>> /Tabs /S endobj endobj endobj /Pg 235 0 R Rankings are based on government and proprietary data on salaries, company financial health, and employee diversity. >> endobj 339 0 obj /P 50 0 R /S /LI /P 314 0 R << Follow Mike Snider on Twitter:@mikesnider. /Parent 14 0 R It included jury selection, opening statements, released text messages, and an unexpected . endobj /S /LBody /MCID 2 /P 380 0 R 322 0 obj >> /S /LI /K 14 /Annots [] 1 0 obj >> /Pg 250 0 R Nov 8, 2017. /S /LI 6 0 obj /Lang (EN-US) /K 6 123 0 R null null null 124 0 R null null] /P 8 0 R endobj << << 45 0 R 46 0 R 47 0 R 48 0 R 49 0 R 50 0 R 51 0 R 52 0 R 53 0 R 54 0 R /Kids [245 0 R 246 0 R 247 0 R 248 0 R 249 0 R] /K 228 0 R /K 125 0 R /Rotate 0 /S /L /Lang (EN-US) << << endobj /K 2 endobj Companies in Silicon Valley are wonderfully fond of describing themselves as "mission-driven.". >> endobj endobj /K 132 0 R >> endobj endobj >> /Tabs /S 372 0 obj /Lang (EN-US) /Pg 245 0 R /P 51 0 R /MediaBox [0 0 612 792] None of the information on this page has been provided or approved by Theranos. 158 0 obj >> /Resources 424 0 R /Pg 248 0 R endobj /S /P >> /P 50 0 R /K 123 0 R 230 0 obj >> /S /P 2023 Cond Nast. /Annots [] >> /Pg 240 0 R 149 0 R null null null 150 0 R null null null 151 0 R null endobj The startup was founded in Feb. 2014, was headquartered in Palo Alto, Calif., according to Bloomberg. /K 14 >> /S /LI /S /P >> Carreyous account of Safeways engagement with Theranos is powerful. /P 8 0 R 231 0 obj 381 0 obj /Bibliography /BibEntry /Contents [429 0 R 430 0 R 431 0 R] /Lang (EN-US) /Pg 257 0 R endobj /Parent 12 0 R << Similarly, defendants purchased and used commercially-available analyzers to test patient blood, while representing to investors that Theranos conducted its patients tests using Theranos-manufactured analyzers. >> 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] endobj /S /P /K 18 /S /LI 193 0 obj /P 8 0 R endobj /Lang (EN-US) 1343. /Lang (EN-US) >> endobj >> /K [268 0 R 269 0 R 270 0 R 271 0 R 272 0 R] 168 0 obj The startup entrepreneurial spirit is selling a vision of a fictional product - a product that does not yet exist. /Lang (EN-US) endobj Moreover, Theranos and Holmes made "false and misleading statements" in press accounts to bolster the startup's profile. 133 0 obj /S /LI /Lang (EN-US) /Contents [441 0 R 442 0 R 443 0 R] >> 377 0 obj /Resources 488 0 R 76 0 obj Just 12 tests were performed on Edison devices, and the Edison analyzer could only run one type of test for one patient at a given time, she said. 17 [null null 204 0 R null null null 205 0 R null null null /P 263 0 R << /K 10 /P 296 0 R /StructParents 9 /P 48 0 R Washington, DC. The mission statement of Theranos is stated as, "To make actionable information accessible to everyone at the time that it matters". 3 [null null 125 0 R null null 43 0 R null null 126 0 R null . /S /TD >> endobj /MediaBox [0 0 612 792] 163 0 obj /K 187 0 R /S /LBody 75 0 obj /StructTreeRoot 3 0 R 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. >> 356 0 obj >> endobj /P 279 0 R /P 356 0 R << Whistleblower and former Theranos lab tech Erika Cheung. /Lang (EN-US) endobj After all, one of Theranos top achievements was the very idea Holmes herself had developed an idea she never put through the rigor of scientific testing before defining its contours. /P 8 0 R endobj Yam said that Theranos lost $16.2 million in 2010, $27.2 million in 2011, $57 million in 2012, and $92 million in 2013. << /MediaBox [0 0 612 792] 276 0 obj /S /LI /P 293 0 R /Lang (EN-US) 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. 195 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. Theranos is headquartered in Palo Alto, CA. such statements undermine confidence . The defendants are charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. << >> /CropBox [0 0 612 792] /P 8 0 R << >> /K 18 /P 8 0 R Adobe PDF Library 15.0; modified using iText 2.1.7 by 1T3XT << /S /P 123 0 obj /CropBox [0 0 612 792] And the company's downfall later became the focus of an HBO documentary, "The Inventor: Out for Blood in Silicon Valley. /Annotation /Span << endobj 270 0 obj << /K 12 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. >> endobj /Lang (EN-US) /Pg 256 0 R /Pg 257 0 R /Pg 242 0 R /P 8 0 R Many of those statements were outright falsehoods or, more charitably, danced around the truth. 340 0 obj /S /L Assistant U.S. And while some have observed that her behavior showed various sociopathic tendencies, the relaxed aura that cheating in the service of a larger cause may afford the average person may amp up ethical risk far more than the risk posed by sociopathic individuals. 13 0 obj 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. Theranos's mission statement is "To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives." /Lang (EN-US) 265 0 obj /K 6 << endobj >> /Lang (EN-US) 89 0 obj Theranos is a now-defunct healthcare technology startup founded by disgraced Stanford drop-out Elizabeth Holmes . endobj 90 0 obj /Annots [] 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. /S /L endobj Walgreens ended its blood-testing partnership with the company, and the Department of Health and Human Services effectively banned Theranos in 2016 from doing any blood testing work at all. << /P 50 0 R /S /LBody >> endobj /StructParents 4 endobj 159 0 obj endobj >> /Resources 484 0 R /MCID 2 /Annots [] /K 176 0 R The engrossing optimism that this may have generated in its founder, Elizabeth Holmes, and other champions of the companys vision is understandable. John Carreyrou writes the story of a gifted 19-year-old who founded a health . endobj 9 [null null 157 0 R null null null 158 0 R null null null /S /LI /CropBox [0 0 612 792] >> endobj >> 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. /Pg 235 0 R >> >> /K 18 >> << ", EX-THERANOS CEO ELIZABETH HOLMES PROVIDING OWN DEFENSE IN CIVIL SUIT: REPORT. /P 304 0 R 335 0 obj 375 0 obj << Quotes displayed in real-time or delayed by at least 15 minutes. Doctors began using Theranos testing devices to diagnose patients and dispense medical advice. 336 0 obj << << /Pg 237 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 << /K 22 endobj Theranos CEO Elizabeth Holmes on her company and the landscape of U.S. diagnostic-lab industry. 121 0 obj /K 3 Investors have poured more than $400 million into Theranos, valuing it at $9 billion and her majority stake at more than half that. An official website of the United States government. 239 0 obj endobj /K 6 And at least one employee told the financial newspaper Theranos executivesdid not report test results that would have caused concerns about the machines accuracy. null null 214 0 R null null] << 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. 252 0 obj << /StructParents 0 >> endobj >> /P 55 0 R << 350 0 obj << /S /LBody /K 6 They are also attracted by the fact that behind the innovation and entrepreneurship are rules of law that require honesty, fair play, and transparency. /S /LBody >> >> 266 0 obj It claims its technology can work with just a finger prick. /StructParents 17 endobj >> /S /P 369 0 obj 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. /Pg 235 0 R Terry Masson (Founder and Chief Executive Officer). << << >> 202 0 obj endobj /P 48 0 R /Lang (EN-US) The next witness was Erika Cheung, who was hired by Theranos out of undergrad as a lab associate. /K 129 0 R /K 158 0 R /K 26 endobj 229 0 obj /Pg 248 0 R /P 50 0 R /P 271 0 R 20 0 obj /S /LI /S /LBody /K 6 endobj /S /LI 11 [null null 169 0 R null null null 170 0 R null null null endobj 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 10 296 0 obj What's everyone talking about? /O /Layout /Pg 249 0 R /K 22 endobj /K 6 208 0 obj /CropBox [0 0 612 792] << /Type /Page /S /P /P 8 0 R /P 8 0 R /K 390 0 R 314 0 obj 100 0 obj /Pg 241 0 R 70 0 obj /Lang (EN-US) endobj endobj /Pg 251 0 R /P 51 0 R << >> /K 9 Theranos eventually settled that matter with the government, voluntarily closing all of its labs. Using a "nanotainer" (a small device designed to draw, retain, and analyze a . /K 22 The national average salary for a Theranos employee in the United States is $44,094 per year. /S /LBody endobj 19 [null null 215 0 R null null null 216 0 R null null null /Lang (EN-US) /Lang (EN-US) /P 55 0 R >> . /Pg 244 0 R /P 8 0 R /P 51 0 R /Type /Page endobj /S /LI 358 0 obj << >> /K 6 /P 8 0 R /Type /MCR /P 274 0 R /Pg 240 0 R 110 0 obj Here are three culture takeaways from the Theranos scandal that are relevant to all leaders and employees. << /Pg 237 0 R 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. << 169 0 obj 249 0 obj 394 0 obj 243 0 obj Read company statement regarding investor . /P 264 0 R /Lang (EN-US) << 323 0 obj /Type /Page 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. 26 0 obj /Lang (EN-US) /S /LI /Type /MCR /S /LI /Artifact /P /K 115 0 R /S /LBody /S /L /K 3 /S /P << 285 0 obj 93 0 obj /Pg 236 0 R If convicted, they could each face maximum penalties of 20 years in prisona $2.75 million fine and possiblyrestitution, the Department of Justice said. endobj /P 8 0 R /S /LBody 352 0 obj To conduct any kind of research for any company in any industry. endobj /K 10 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. << /K 159 0 R endobj /Lang (EN-US) Elizabeth Holmes dropped out of Stanford in 2003 as a 19-year-old to start Theranos. >> << /K [22 386 0 R] /P 276 0 R /Pg 238 0 R << Theranos's mission statement is "To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives.". >> endobj /Metadata 4 0 R /K 11 /Rotate 0 301 0 obj

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