/Pg 243 0 R /Tabs /S Theranos wanted to make detailed blood sample analysts accessible to all doctors in a timely manner. /P 55 0 R /K 21 To conduct any kind of research for any company in any industry. /Lang (EN-US) << >> /Type /Page /Lang (EN-US) . Market data provided byFactset. The indictment alleges that the defendants used a combination of direct communications, marketing materials, statements to the media, financial statements, models, and other information to defraud potential investors. /K [95 0 R 96 0 R 97 0 R 98 0 R 99 0 R 100 0 R 101 0 R 102 0 R 103 0 R 104 0 R] /S /LBody /S /LBody /P 48 0 R << Adobe PDF Library 15.0; modified using iText 2.1.7 by 1T3XT Brian Grossman had 20 years of experience in the healthcare space but his firm, PFM Health Sciences, invested $96 . /P 355 0 R 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 endobj /K 234 0 R /P 289 0 R 165 0 obj endobj /CreationDate (D:20180314084127-07'00') /K 14 endobj Holmes said in the recent court filing, she had planned to attend a wedding of close friends in Mexico and theticket was canceled immediately when the governmentraised the issue. >> 21 [60 0 R 61 0 R 62 0 R null null 229 0 R null null null 230 0 R /Lang (EN-US) /Contents [441 0 R 442 0 R 443 0 R] /Type /Pages << 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. endobj >> /S /LI /P 59 0 R /Pg 249 0 R /P 8 0 R /Resources 408 0 R >> 271 0 obj ", EX-THERANOS CEO ELIZABETH HOLMES PROVIDING OWN DEFENSE IN CIVIL SUIT: REPORT. endobj /Annotation /Span << endobj /P 42 0 R 25 0 R 26 0 R 27 0 R 28 0 R 29 0 R 30 0 R 31 0 R 32 0 R 33 0 R 34 0 R >> /Pg 235 0 R Theranos founder Elizabeth Holmes arrives at San Jose court over alleged fraud. What's everyone talking about? 237 0 obj /Artifact /P /S /LI /Lang (EN-US) /S /LI /Annots [] /Tabs /S Based in Palo Alto, CA, Theranos is a small health care company with only 100 employees and an annual revenue of $55.3M. Bundled together, these biases not only warped Holmes sense of truth, but they likely slanted the perspective of key stakeholders who were attracted to the many promises made by Theranos. /S /LI /Tabs /S << << /K 18 >> /S /LI endobj /StructParents 5 Next to a perfectly dosed narrative of black turtlenecks, sprawling office facilities, glossy paper spreads and alluring marketing campaigns, the supposed Apple look-alike of the health technology industry tantalized investors and consumers with its mission, to facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives. Its no surprise that many bought into it. 357 0 obj /Chart /Figure /Pg 235 0 R /S /P endobj endobj 355 0 obj Holmes was found guilty on four felony fraud counts associated with a loss to victims of at least $120 million. << /K 213 0 R /S /LI >> /S /L /K 214 0 R 40 0 obj 252 0 obj null 47 0 R null null 129 0 R null null null 130 0 R null >> /P 285 0 R 106 0 obj << >> /S /LBody << Answer (1 of 7): In 2003, Elizabeth Holmes, then a sophomore studying chemical engineering at Stanford, founded a company called Real-Time Cures. 127 0 obj /S /P endobj endobj /K 203 0 R /K 10 >> /P 377 0 R /K 33 endobj /S /LBody 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 . /P 263 0 R 99 0 obj >> /K 18 9 [null null 157 0 R null null null 158 0 R null null null /Pg 235 0 R >> >> /P 370 0 R /S /LI endobj /S /LI /K 138 0 R 85 0 obj /S /P endobj >> 120 0 obj >> /Tabs /S endobj << << /P 54 0 R << /Resources 436 0 R Theranos stood as the next big breakthrough innovator in the healthcare industry offering an affirming achievement of the value of human ingenuity. >> endobj 342 0 obj Early on, experts inside and outside of the company questioned the technology. /K 136 0 R /Pg 242 0 R /Pg 235 0 R /P 332 0 R endobj >> /S /P /S /P /K 12 /S /LI endobj /Type /Page endobj >> endobj /S /P /Tabs /S >> endobj << such statements undermine confidence . /P 8 0 R /Pg 249 0 R << /Pg 254 0 R 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 . >> 123 0 R null null null 124 0 R null null] /S /LI >> >> /Type /Page << /Pg 239 0 R /StructParents 3 /Tabs /S >> 147 0 obj /P 265 0 R /S /LI /StructParents 0 Attorneys Jeff Schenk, Robert S. Leach, and John C. Bostic are prosecuting the case with the assistance of Laurie Worthen and Bridget Kilkenny. << /MarkInfo 2 0 R /K 22 null] /Parent 12 0 R << endobj /P 55 0 R << /P 344 0 R endobj /Pg 250 0 R endobj >> << University Mission Statement. << 39 0 obj /Lang (EN-US) /Pg 235 0 R endobj /P 8 0 R /Lang (EN-US) endobj /K 11 endstream >> 139 0 obj >> Holmes, who founded Theranos in 2003 at age 19 with the lofty mission of revolutionizing blood testing, has pleaded not guilty. 306 0 obj /Lang (EN-US) << /K 193 0 R >> >> << /K 143 0 R >> /Subtype /XML 113 0 obj << endobj << /Lang (EN-US) /Contents [421 0 R 422 0 R 423 0 R] >> Yam said that Theranos lost $16.2 million in 2010, $27.2 million in 2011, $57 million in 2012, and $92 million in 2013. /P 8 0 R /Lang (EN-US) /S /P /Pg 254 0 R >> Tech workers are using company mission statements to hold their CEOs accountable. << /S /LI /K [8 94 0 R] The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. endobj /K 141 0 R >> /K 180 0 R But in February, the pair had a number of charges dropped, excluding wire fraud. endobj << << It's unclear . The Seattle-based coffee giant originated in 1971 and has since become ubiquitous around the world. Zippia's Best Places to Work lists provide unbiased, data-based evaluations of companies. << 93 0 obj endobj << << endobj /S /LBody /S /L Peter DaSilva/Reuters. endobj /Type /Catalog >> /Annots [] /Parent 14 0 R >> << << >> 21 0 obj /Pg 236 0 R 92 0 obj /K [28 391 0 R] /Pg 257 0 R /P 311 0 R >> 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. The Securities and Exchange Commission also brought civil fraud charges against Holmes and Balwani. /Lang (EN-US) /S /LI << 125 0 obj /Kids [11 0 R 12 0 R 13 0 R 14 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] /Parent 5 0 R /S /LBody null] endobj endobj >> << >> 1349, and nine counts of wire fraud, in violation of 18 U.S.C. /Resources 492 0 R /S /L << /Pg 236 0 R Quotes displayed in real-time or delayed by at least 15 minutes. << /Pg 254 0 R << 29 0 obj /K 2 /MCID 2 Balwani . 95 0 R 96 0 R 97 0 R 98 0 R 99 0 R 100 0 R 101 0 R 102 0 R 103 0 R 104 0 R /K 144 0 R /Pg 248 0 R /K 6 /Parent 14 0 R /K 9 << /S /LI /K 163 0 R /P 3 0 R >> >> /K 190 0 R /Lang (EN-US) /Pg 235 0 R /P 371 0 R 235 0 obj endobj 5 [null null 137 0 R null null null 138 0 R null null null 288 0 obj /Pg 255 0 R /K 14 endobj << << 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. 240 0 obj /Lang (EN-US) >> /Lang (EN-US) /Pg 240 0 R /P 262 0 R >> 133 0 R null null null 134 0 R null null null 135 0 R null /P 40 0 R endobj /Pg 256 0 R Holmes only canceled the trip after prosecutors contacted Holmes attorneys about the unauthorized flight, prosecutors said. 314 0 obj /Lang (EN-US) 1. << endobj endobj Most of the tests that Theranos was performing for clients were done on devices made by other companies, Cheung testified. /S /P endobj 77 0 obj /P 48 0 R /K 146 0 R endobj >> /Lang (EN-US) endobj /Contents [473 0 R 474 0 R 475 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. >> /Resources 420 0 R 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 /K 47 /P 8 0 R >> The extraordinary entrepreneur on Fortune's June cover explains her mission and opportunity aheadWant to see more Fortune Video? /CropBox [0 0 612 792] /P 40 0 R /MCID 2 /Pg 258 0 R << >> >> /Lang (EN-US) The site is secure. << /S /LBody endobj Read company statement regarding investor . stream 392 0 obj 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. /K 26 << >> /S /LBody It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. /S /LI endobj /K 6 /K 14 >> endobj /P 51 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.". /Rotate 0 /CropBox [0 0 612 792] /Placement /Block 294 0 obj 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. << << >> /Resources 468 0 R /Pg 247 0 R /MediaBox [0 0 612 792] << << /K 26 Postal Inspection Service (USPIS) Inspector in Charge Rafael Nuez. /Contents [433 0 R 434 0 R 435 0 R] >> << null 114 0 R null] 305 0 obj /P 8 0 R 263 0 obj 179 0 obj endobj >> /Rotate 0 >> /K 1 /S /LBody << >> /K 154 0 R endobj /S /P Anyone who engages in deceptive practices should know they will not go undetected and will be held accountable. /S /LBody endobj After Cheung went to the federal government, Theranos hired a private detective to spy on her, according to court documents released last week. << >> endobj The defendants knew Theranos was not capable of consistently producing accurate and reliable results for certain blood tests, including the tests for calcium, chloride, potassium, bicarbonate, HIV, Hba1C, hCG, and sodium. << /P 50 0 R /MediaBox [0 0 612 792] /K 225 0 R /Rotate 0 The mission and vision statements of Kraft Heinz are indicative of a company that desires to lead the rest in everything it does. /Pg 235 0 R /Lang (EN-US) >> >> >> << /Parent 14 0 R /P 48 0 R >> /Pg 253 0 R /K 145 0 R /Pg 235 0 R 161 0 obj endobj 279 0 obj /K 30 /Type /Page >> << /P 295 0 R 162 0 obj /Contents [453 0 R 454 0 R 455 0 R] /S /LI /P 51 0 R >> /Lang (EN-US) endstream /Lang (EN-US) /Filter /FlateDecode endobj 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. /S /LI << /K 160 0 R /P 369 0 R endobj << /Parent 13 0 R /S /P endobj 30 0 obj 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 18 /P 8 0 R /K 6 endobj /Lang (EN-US) (Photo by Brad Barket/Invision/AP). /K 177 0 R 45 0 obj /P 8 0 R /S /LBody /Lang (EN-US) endobj The Indictment Alleges That Investors Were Defrauded. << /StructParents 18 /S /LI Recalls, Market Withdrawals and Safety Alerts, Inspections, Compliance, Enforcement, and Criminal Investigations, June 15, 2018: Theranos Founder and Former Chief Operating Officer Charged in Alleged Wire Fraud Schemes. 325 0 obj << /Tabs /S /S /P /K 221 0 R endobj >> >> 59 0 obj /Pg 246 0 R Assistant U.S. /Lang (EN-US) /P 354 0 R Ad Choices, Theranos founder Elizabeth Holmes on trial as jury selection begins, Theranos downfall due to elaborate $4M conspiracy, investor says. /Pg 249 0 R << /Pg 247 0 R /Lang (EN-US) Starbucks: Inspire and nurture the human spirit - one person, one cup and one neighborhood at a time. << /S /LI 73 0 obj /Annots [] /StructParents 10 >> 297 0 obj endobj /K [105 0 R 106 0 R 107 0 R 108 0 R 109 0 R] /S /P /CropBox [0 0 612 792] endobj /Lang (EN-US) >> 62 0 obj << >> /Pg 249 0 R /S /P endobj 47 0 obj >> /Pg 235 0 R endobj /Pg 236 0 R Department of Justice endobj 360 0 obj endobj Indication(s) for use: Same as the intended use 3. >> /S /LI endobj << 370 0 obj /S /LBody << /Lang (EN-US) /P 51 0 R /Tabs /S /P 48 0 R /K 6 /P 334 0 R /K 22 /K 10 /Lang (EN-US) 388 0 obj /Pg 258 0 R /K [26 397 0 R] << /S /P Photographer: David Paul Morris/Bloomberg *** Local Caption *** Elizabeth Holmes. endobj >> >> /S /L /Pg 237 0 R /S /LBody In addition, the defendants represented to investors that Theranos would soon dramatically increase the number of Wellness Centers within Walgreens stores when, in truth, Holmes and Balwani knew by late 2014 that Theranoss retail Walgreens rollout had stalled because of several issues, including that Walgreenss executives had concerns with Theranoss performance. >> We just didn't know what new form it would take. /K 25 endobj . >> /Pg 248 0 R 42 0 obj endobj 231 0 obj >> /S /L /Lang (EN-US) endobj endobj As years went by, whenever employees or experts raised warnings . /Parent 12 0 R /K 14 /Pg 246 0 R /S /LI /K 31 /Parent 11 0 R 300 0 obj << /Lang (EN-US) 337 0 obj << Columbia University is one of the world's most important centers of research and at the same time a distinctive and distinguished learning environment for undergraduates and graduate students in many scholarly and professional fields. >> /Pg 256 0 R /P 8 0 R When Yam was working with an analytics firm to price stock options, she asked Holmes for some key financial forecasts, including projected revenue, because the CEO had the best information. During that process, Yam had emailed Holmes asking her how much revenue she was anticipating.
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