/K 47 /P 358 0 R endobj /S /LBody /P 50 0 R /K 226 0 R 94 0 obj endobj 222 0 obj /K 141 0 R /InlineShape /Figure /S /LBody >> endobj << /K 14 x+ | /S /LBody << endobj The University recognizes the importance of its location in New York City and . >> << FAQ - New Privacy Policy. << 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. >> << Holmes will head to trial starting Aug. 4, and Balwani will be tried afterthe conclusion of Holmes case, Bloomberg reported. 177 0 obj The startup entrepreneurial spirit is selling a vision of a fictional product - a product that does not yet exist. /Lang (EN-US) /Type /Page /Pg 235 0 R >> /Lang (EN-US) /S /LBody >> >> /Pg 248 0 R << << /P 285 0 R /Lang (EN-US) /P 8 0 R Theranos founder Elizabeth Holmes, now a mother of two, is asking to delay her 11-year sentence for felony fraud so she can be at home with her two young children while she appeals the conviction. endobj /K 143 0 R Theranos' mission is to make actionable health information accessible to people everywhere in the world at the time it matters, enabling early detection and intervention of disease. >> /Count 24 << /Pg 235 0 R endobj /Type /Page 80 0 obj << >> /P 282 0 R endobj endobj endobj 87 0 obj /K 18 /P 315 0 R << /P 342 0 R >> /K 1 333 0 obj /P 319 0 R << 208 0 obj /Lang (EN-US) >> The motion for release said that Holmes is not a flight risk and "is highly motivated to continue complying with her conditions of release sothat she can work with her lawyers while she pursues her appeal.". 1343. endobj /K 14 /K 184 0 R endobj 17 [null null 204 0 R null null null 205 0 R null null null /Lang (EN-US) 269 0 obj 261 0 obj /S /LI endobj << endobj /Lang (EN-US) 358 0 obj 140 0 obj /Pg 243 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. 225 0 obj Theranos founder Elizabeth Holmes arrives at San Jose court, Theranos CEO on companys blood testing system. /K 29 /Pg 245 0 R /S /LI /Tabs /S endobj /Lang (EN-US) /Resources 440 0 R >> << /K 6 >> /Pg 258 0 R >> /S /LI 242 0 obj /P 296 0 R The conduct alleged in these charges erodes public trust in the safety and effectiveness of medical products, including diagnostics. /S /LBody << >> /Pg 247 0 R Holmes rocketed to Silicon Valley stardom nearly a decade ago when she started speaking publicly about Theranos's vision a small . /S /P 369 0 obj Join the Ars Orbital Transmission mailing list to get weekly updates delivered to your inbox. 251 0 obj /Lang (EN-US) /S /LI /Pg 253 0 R 92 0 obj << /K 200 0 R /P 380 0 R /S /P >> << << endobj /K 2 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. /S /LBody << << /Type /Page 223 0 obj endobj /S /LI 139 0 obj >> /P 34 0 R 344 0 obj >> /P 8 0 R 312 0 obj /K 10 257 0 obj /Annots [] /CropBox [0 0 612 792] 343 0 obj << /S /LBody /Lang (EN-US) /K 10 198 0 obj endobj She is photographed in 2014 while speaking about the company's vision at their headquarters in Palo Alto . /K 10 /P 298 0 R << 35 0 obj /K 188 0 R /S /P /Lang (EN-US) endobj << endobj /K 9 /K 161 0 R /Resources 500 0 R The mission and vision statements of Kraft Heinz are indicative of a company that desires to lead the rest in everything it does. Theranos founder and CEO Elizabeth Holmes speaks at the Fortune Global Forum in San Francisco, California, on Monday, Nov. 2, 2015. 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. /S /LBody >> endobj endobj /S /L 194 0 R null null null 195 0 R null null null 196 0 R null /K 32 /Pg 249 0 R << endobj endobj /K 160 0 R Early on, experts inside and outside of the company questioned the technology. >> /K 204 0 R /Tabs /S 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. Elizabeth Holmes donated /P 272 0 R Elizabeth Holmes finished testifying in wire fraud trial. 126 0 obj endobj /P 48 0 R 4 [null null 131 0 R null null null 132 0 R null null null /MediaBox [0 0 612 792] /P 283 0 R /K 2 210 0 obj /Lang (EN-US) >> << >> /K 0 >> 361 0 obj 207 0 obj 188 0 R null null null 189 0 R null null null 190 0 R null Connor Radnovich/The Chronicle. /P 311 0 R /Count 5 >> /Length 501 0 R $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 4 0 obj /K 51 THERANOS FOUNDER ELIZABETH HOLMES IN COURT; ANATOMY OF A FRAUD. endobj << /P 51 0 R endobj >> In court documents, federal prosecutors have said Holmes is a flight risk. /P 8 0 R /Underline /Span /Tabs /S /Type /Pages /K 16 /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 << << The employee data is based on information from people who have self-reported their past or current employments at Theranos. endobj /S /LBody To conduct any kind of research for any company in any industry. << 188 0 obj >> 321 0 obj endobj Read company statement regarding investor . In his book Bad Blood, John Carreyrou documented accounts describing Elizabeth Holmes unwillingness to revise the original micro-Lab specs and her reported tendency to shut off whoever tried to provide realistic feedback or solutions to the technical problems Theranos was facing. /Pg 255 0 R /K 26 99 0 obj endobj /Lang (EN-US) /P 50 0 R /P 308 0 R Forbes has since . /Rotate 0 << /S /LBody >> Once a strong believer in Theranos' mission, Mattis testified that he eventually realized the Holmes had misled him with empty promises. >> /BBox [79.9440002441 274.9559936523 453.9599914551 398.8439941406] /P 380 0 R endobj /Lang (DE-DE) 199 0 R null null] 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 326 0 R /Type /Pages /Pg 247 0 R 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. >> null] >> 102 0 obj /CropBox [0 0 612 792] >> >> /CropBox [0 0 612 792] /P 8 0 R << 25 0 obj /K 219 0 R /P 54 0 R /S /LI << The Company's clinical laboratory offers comprehensive laboratory tests. 7 0 obj endobj /K 10 /S /LBody endobj /Lang (EN-US) 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. /P 55 0 R >> 112 0 obj /S /LI 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. /K 2 endobj /Lang (EN-US) << /S /L 206 0 obj /K 126 0 R endobj /K [26 395 0 R] 391 0 obj 86 0 obj endobj << /S /LI Four Blind Spots at the Core of Theranos' Failure. /Pg 252 0 R endobj 196 0 obj /S /LBody This office, along with our other law enforcement partners in the Bay Area, will vigorously investigate and prosecute those who do not play by the rules that make Silicon Valley work. 190 0 obj /P 48 0 R /Parent 5 0 R 166 0 obj /P 3 0 R 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. The Securities and Exchange Commission also brought civil fraud charges against Holmes and Balwani. Theranos' mission is to make actionable information accessible to everyone at the time it matters most. /S /LI 345 0 obj /K 210 0 R Best Companies to Work for in Palo Alto, CA, Best Start-up Companies to Work For in America, Best Health Care Companies to Work For in California, Best Start-up Companies to Work For in California, Best Companies to Work For in Palo Alto, CA, Best Health Care Companies to Work For in Palo Alto, CA, Best Start-up Companies to Work For in Palo Alto, CA. 39 0 obj << /Lang (EN-US) /K 194 0 R /Lang (EN-US) /Parent 14 0 R /Annots [] "I was taken with the idea . /P 8 0 R /K 215 0 R /Lang (EN-US) >> >> /CropBox [0 0 612 792] /K 222 0 R /S /P It became evident that audited financial statements hadn't been prepared since 2009. 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 /S /LBody Theranos is in the biotechnology industry. The defendants also delivered to doctors and patients blood test results from which critical results were improperly removed. Theranos Inc. (/ r. /P 268 0 R Initially she funded Real-Time Cures with her co. /P 55 0 R /Type /Pages /K 2 /K 13 << >> >> /P 8 0 R endobj /S /LBody /S /LI << /K 4 100 0 obj 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. /Lang (EN-US) The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. /Pg 245 0 R /Resources 456 0 R /K 234 0 R 179 0 obj /K 165 0 R 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. /Pg 244 0 R >> Peter DaSilva/Reuters. 275 0 obj << /K 9 /K [349 0 R 350 0 R 351 0 R 352 0 R 353 0 R] << >> endobj The defendants are charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. /P 48 0 R /K 24 Ad Choices, Theranos founder Elizabeth Holmes on trial as jury selection begins, Theranos downfall due to elaborate $4M conspiracy, investor says. 231 0 obj /Lang (EN-US) /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 >> The Theranos story has been turned into an HBO . /Lang (EN-US) /P 23 0 R application/pdf Creating something new is about breaking the status quo. << /Pg 235 0 R /Annots [] /K 148 0 R << endobj 187 0 obj >> << >> 393 0 obj 63 0 obj Follow Company. /S /P /S /LBody The company claimed that it had devised . /K 26 152 0 obj 27 0 obj /S /P 93 0 R] /K 18 >> 382 0 obj /S /LI /Pg 255 0 R Your California Privacy Rights | Do Not Sell My Personal Information /Lang (EN-US) They proposed revoking the companys license to test human specimens. >> >> /Annots [] /P 55 0 R >> /Pg 240 0 R >> /Type /Metadata /K 6 << << /S /LI 329 0 obj /Pg 258 0 R /Lang (EN-US) /MCID 2 -mission statement: to make actionable information accessible to everyone at the time it matters. 203 0 obj 353 0 obj >> endobj 193 0 obj /Lang (EN-US) << /P 8 0 R << /K 14 endobj /S /LI /Pg 236 0 R /S /L /Pg 237 0 R /Pages 5 0 R << >> << >> The indictment further alleges that Holmes and Balwani knew that many of their representations about the analyzer were false. /K 196 0 R /Lang (EN-US) >> << /P 293 0 R /Length 502 0 R /K 45 There is no try', stolen from . Elizabeth Holmes, the former CEO of Theranos convicted of defrauding investors, is seeking to delay the start of her 11-year prison sentence because she has "two very young children" to be with. endobj 278 0 obj The indictment describes a number of schemes that defendants allegedly employed to mislead investors, doctors, and patients. >> 397 0 obj /Pg 235 0 R << /P 48 0 R That innovation combined with the use of technology to build a somewhat bulkier though still miniature and portable yet more reliable version of the micro-Lab would have provided plenty of opportunity to make strides towards the dream of empowering people with reliable, timely and inexpensive blood testing. /S /L /S /LBody /P 50 0 R /StructParents 2 /Resources 432 0 R null null 131 0 R null null] /S /P 336 0 obj 173 0 obj /K 230 0 R >> /Lang (EN-US) 160 0 obj /P 40 0 R 383 0 obj >> /Pg 248 0 R << /S /LI /Rotate 0 346 0 obj endobj /Lang (EN-US) /S /P 220 0 obj endobj << There are at least four biases that can let a belief about a desired future state shape reality despite its disconnectedness from reality. /K 18 /P 51 0 R /S /P /Lang (EN-US) 23 [83 0 R 84 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 << /Lang (EN-US) endobj 283 0 obj /S /LBody /Pg 237 0 R >> /Rotate 0 /K 171 0 R /P 8 0 R /Lang (EN-US) /Lang (EN-US) /Pg 241 0 R /Type /Page /S /LI /Resources 448 0 R Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated 1/1/20) and Privacy Policy and Cookie Statement (updated 1/1/20) and Ars Technica Addendum (effective 8/21/2018). /Lang (EN-US) endobj Theranos's mission statement is "To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives." >> 236 0 obj endobj /K [268 0 R 269 0 R 270 0 R 271 0 R 272 0 R] /S /LI WIRED Media Group endobj /Pg 253 0 R /P 50 0 R /P 352 0 R /Type /MCR 378 0 obj /P 59 0 R /MediaBox [0 0 612 792] /K 232 0 R >> 399 0 obj << 2018-03-14T09:02:10-07:00 /P 349 0 R 22 [70 0 R 71 0 R 72 0 R 73 0 R 74 0 R 75 0 R 76 0 R 77 0 R 78 0 R 79 0 R /P 369 0 R /P 361 0 R /S /LBody 258 0 obj 153 0 obj At the peak of her career in 2015, Forbes estimated her net worth at $4.5 billion. /K 37 /P 313 0 R << >> 145 0 obj /S /LBody >> 164 0 obj /P 48 0 R >> Elizabeth Holmes dropped out of Stanford in 2003 as a 19-year-old to start Theranos. /Lang (EN-US) Theranos was a privately held healthcare technology company founded by then 19-year-old Elizabeth Holmes in 2003. endobj /StructParents 11 18 0 obj endobj /P 51 0 R /P 341 0 R endobj endobj endobj In fact, those challenges dwarfed in relation to the potential benefits of the vision the tech company eagerly shared with those with whom it wished to partner. Heinz and Kraft Foods. >> endobj /K [10 392 0 R] null null 197 0 R null null null 198 0 R null null null /P 379 0 R /P 322 0 R /K 18 /P 8 0 R 217 0 R null null null 218 0 R null null null 219 0 R null 103 0 obj /Lang (EN-US) /Pg 235 0 R 88 0 obj 2018-03-14T09:02:10-07:00 /K 20 >> /Pg 235 0 R /Lang (EN-US) /Lang (EN-US) /S /Span >> /Pg 235 0 R >> << 110 0 obj /K [368 0 R 369 0 R 370 0 R 371 0 R 372 0 R 373 0 R] << 12 0 obj /K 390 0 R /StructParents 16 /Rotate 0 /P 42 0 R /K 30 /Pg 235 0 R It included jury selection, opening statements, released text messages, and an unexpected . /Placement /Block endobj endobj /S /LBody /P 333 0 R endobj /Contents [477 0 R 478 0 R 479 0 R] /S /LBody endobj /P 306 0 R << << << /Rotate 0 /Pg 248 0 R >> >> /Pg 235 0 R endobj endobj << << << Cheungs testimony continues today. Doctors began using Theranos testing devices to diagnose patients and dispense medical advice. >> /Pg 236 0 R << /K 121 0 R /Lang (EN-US) /S /P /Pg 251 0 R /Tabs /S /S /LBody /S /P 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. /K 15 endobj Whistleblower and former Theranos lab tech Erika Cheung. /P 8 0 R /Lang (EN-US) /P 8 0 R /Pg 238 0 R /Lang (EN-US) /Rotate 0 /Contents [413 0 R 414 0 R 415 0 R] /Lang (EN-US) Balwani . . << 218 0 obj endobj /Pg 235 0 R /Pg 248 0 R endobj Entrepreneurship lives in the realm of threading between the present and the future. /K 21 /K 157 0 R 226 0 obj /Pg 242 0 R endobj endstream /Pg 253 0 R /S /LI /P 264 0 R /K 179 0 R 356 0 obj endobj According to Temporal Construal Theory, a compelling, unfulfilled mission can trigger this type of operational myopia. /Lang (EN-US) 118 0 obj /P 33 0 R endobj /StructParents 14 null null 183 0 R null null null 184 0 R null null null /P 51 0 R endobj /Pg 235 0 R /K 206 0 R 105 0 obj endobj /S /P >> The site is secure. /Annots [] 238 0 obj 319 0 obj /K 185 0 R /K 14 /K 205 0 R >> /K 24 318 0 obj /Lang (EN-US) /K 29 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 252 0 R 51 0 obj /Type /MCR /Pg 235 0 R << 357 0 obj The request for Holmes toremain free pending an appeal, filed Feb. 23 with the U.S. District Court for the Northern District of California, did not say when Holmes had her second baby. /Lang (EN-US) /P 8 0 R 55 0 obj endobj endobj But thats not what the company was telling investors, according to new documents shared during the jury trial of Theranos founder and CEO Elizabeth Holmes. endobj 57 0 R 58 0 R null null 223 0 R null null null 224 0 R null endobj >> null null 121 0 R null null null 122 0 R null null null /Pg 240 0 R /MCID 2 << >> endobj /Pg 237 0 R 285 0 obj 280 0 obj /K 119 0 R /P 347 0 R 306 0 obj /Pg 251 0 R null 24 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 /K 18 /P 50 0 R endobj 211 0 obj 246 0 obj /S /LI /Contents [461 0 R 462 0 R 463 0 R] There were . >> 224 0 obj /K 30 /S /LI According to the March 2018 statement from the SEC, Theranos, . /K 11 /Pg 257 0 R /P 269 0 R << << >> endobj /P 329 0 R /S /P /S /P endobj Both schemes involved efforts to promote Palo Alto, Calif.-based Theranos. /K 118 0 R /P 337 0 R /Lang (EN-US) Legal Statement. /Chart /Figure /Contents [465 0 R 466 0 R 467 0 R] The company's stated mission was to "revolutionize medical laboratory testing," according to the Department of Justice. 36 0 obj endobj /CropBox [0 0 612 792] 227 0 obj /MediaBox [0 0 612 792] /S /P 277 0 obj << /Type /MCR /Resources 444 0 R 123 0 R null null null 124 0 R null null] /Pg 250 0 R endobj Cheung said she joined the company largely on the star power of its CEO. >> The company boasted the ability to get results from very small amounts of blood, something that would be revolutionary in medical diagnostics. /Lang (EN-US) /Pg 236 0 R Theranos is a consumer healthcare technology company. /S /LBody The story raised concerns about the accuracy of Theranos blood-testing technology, which put patients at risk of having conditions either misdiagnosed or ignored. /Pg 254 0 R /P 48 0 R endobj /S /LBody Both defendants appeared today before U.S. Magistrate Judge Susan van Keulen for their initial appearances. << null 49 0 R null null 157 0 R null null] 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 238 0 R /Lang (EN-US) /S /LI In November 2022, Holmes was sentenced to 135 months in prison for defrauding investors in the failed Silicon Valley startup that sought to revolutionize blood testing. >> << >> /P 48 0 R /P 380 0 R /P 376 0 R /P 63 0 R 3 min read. University Mission Statement. /Pg 239 0 R /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. 216 0 obj /S /LBody << /Resources 480 0 R endobj /Lang (EN-US) /P 389 0 R /S /P In the age of corporate purpose, the mission statement serves as a reminder of why an organization exists. 24 0 obj /S /LBody /S /LI >> endobj /S /LBody /S /LI endobj 235 0 obj endobj /Tabs /S 21 0 obj /SourceModified (D:20180314151216) << /S /LBody /Lang (EN-US) 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. /K [105 0 R 106 0 R 107 0 R 108 0 R 109 0 R] /Contents [497 0 R 498 0 R 499 0 R] /Annots [] /K 33 /P 350 0 R /P 343 0 R And at least one employee told the financial newspaper Theranos executivesdid not report test results that would have caused concerns about the machines accuracy. << /Rotate 0 endobj 194 0 obj 354 0 obj 31 0 obj 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. 389 0 obj 1. >> << There are at least four biases that can let a belief about a desired future state shape reality despite its disconnectedness from reality. endobj endobj 23 0 obj << << /K 22 /K 4 /S /LI << >> /Lang (EN-US) /Lang (EN-US) /K 32 endobj /K 7 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. << /Pg 251 0 R /K 216 0 R /S /LI >> /S /LBody endobj /K 159 0 R << It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. 237 0 obj 309 0 obj << << /S /LI 387 0 obj /Lang (EN-US) /K 223 0 R /Lang (EN-US) /Lang (EN-US) /S /P /K 8 2 0 obj 49 0 obj << endobj /StructParents 19 Avoid simply listing what your company does and shift your focus to the bigger picture: what guides your company strategy and inspires your workforce. /Lang (EN-US) << /K 14 /P 8 0 R n. o s /) was an American privately held corporation that was touted as a breakthrough health technology company. 273 0 obj Holmes unflappability may have made it difficult for Theranos board members and prospective clients to raise or press on with the right questions at the right time. . /P 280 0 R << << 139 0 R null null null 140 0 R null null null 141 0 R null /Contents [457 0 R 458 0 R 459 0 R] 98 0 obj All rights reserved. endobj 16 [null null 199 0 R null null null 200 0 R null null null

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