<< /K 18 The company spent over $150,000 surveilling her and another whistleblower. endobj >> /K 7 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. /K 34 /S /LI 208 0 obj /P 284 0 R Having a vested interest in what is at stake as is often the case with founders and investors and envisioning the desired end state via inflexible goals may create a condition known as motivated blindness that can paradoxically prevent us from making realistic progress. >> >> /K 6 /S /LBody /MediaBox [0 0 612 792] << /K 137 0 R /K 22 /Type /Page /K 24 /P 369 0 R /K 208 0 R 243 0 obj 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. endobj 57 0 obj /InlineShape /Figure 183 0 obj Starbucks: Inspire and nurture the human spirit - one person, one cup and one neighborhood at a time. /Lang (EN-US) endobj /S /L << /K 225 0 R endobj endobj << /K 28 >> endobj endobj /CropBox [0 0 612 792] /P 8 0 R 235 0 obj /P 313 0 R >> 181 0 obj . endobj >> << 171 0 obj /PageLayout /OneColumn 15 0 obj /Pg 256 0 R >> /S /LI << 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. /Lang (EN-US) /S /LI /Pg 235 0 R >> 88 0 obj /S /LI 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 Theranos's mission statement is "To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives." >> /S /LI /Lang (EN-US) >> I write about culture, leadership and ethics in business and work. /Lang (EN-US) << /P 40 0 R /S /P /S /LI /Lang (EN-US) /Annots [] >> /S /LBody /Lang (EN-US) 240 0 obj >> /P 55 0 R /Resources 408 0 R /Type /Page 207 0 obj 142 0 obj >> -mission statement: to make actionable information accessible to everyone at the time it matters. There is no try', stolen from . 154 0 R null null null 155 0 R null null null 156 0 R null /Lang (EN-US) 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 /P 371 0 R << /S /LBody 171 0 R null null] /S /LBody /P 8 0 R /Pg 238 0 R 190 0 obj << The Securities and Exchange Commission today charged Silicon Valley-based private company Theranos Inc., its founder and CEO Elizabeth Holmes, and its former President Ramesh "Sunny" Balwani with raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company's technology, business, and financial . It claims its technology can work with just a finger prick. 251 0 obj /Lang (EN-US) endobj endobj 370 0 obj /S /P Theranosonce valued at approximately $10 billionis no more. Government inspectors who arrived at Theranos in response to Cheungs letter found conditions similar to those in the complaint. Theranos stood as the next big breakthrough innovator in the healthcare industry offering an affirming achievement of the value of human ingenuity. << /Lang (EN-US) /K 130 0 R /Pg 244 0 R 265 0 obj 304 0 obj endobj endobj /P 368 0 R << /Count 5 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. endobj /S /L >> endobj /Lang (EN-US) 1343. /S /LBody 64 0 obj /P 293 0 R 151 0 obj /K 182 0 R /Pg 237 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 . /Tabs /S >> >> << /P 304 0 R /K 134 0 R /Resources 452 0 R This material may not be published, broadcast, rewritten, or redistributed. endobj /K 10 /S /LI 292 0 obj /Lang (EN-US) /Pg 251 0 R /K 14 /MCID 2 136 0 obj << /K 6 /K 189 0 R << /S /P endobj >> /P 40 0 R /K [262 0 R 263 0 R 264 0 R 265 0 R 266 0 R 267 0 R] >> 223 0 obj /S /P 249 0 obj 185 0 obj >> << >> There are at least four biases that can let a belief about a desired future state shape reality despite its disconnectedness from reality. /K 6 /Endnote /Note /Lang (EN-US) << /Lang (EN-US) >> /K 6 Theranos's mission statement is "To facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives.". At times during that period, Balwani worked in several capacities including as a member of the companys board of directors, as its president, and as its chief operating officer. Elizabeth Holmes speaks on stage at the Glamour Women of the Year Awards where she receives an award, in New York, NY on Nov. 9, 2015. /StructParents 23 By 2017, scientific and medical and technical boards were established. /K 38 /S /Sect /Annots [] endobj /S /LBody << Mission Statement. /Lang (EN-US) endobj 372 0 obj >> /P 8 0 R Nov 16, 2021, 6:17 PM PST. >> >> /StructParents 1 294 0 obj /Lang (EN-US) /S /LI /MediaBox [0 0 612 792] Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. October 2015, the first in a series of Wall Street Journal articles challenged Theranos technology and expertise; by mid-2016, the advisory board disappeared and a fiduciary board was created. >> /K 213 0 R /SourceModified (D:20180314151216) /S /LBody /S /P /K 21 /P 48 0 R /MCID 2 /Lang (EN-US) << << /Lang (EN-US) /P 50 0 R /K 24 endobj >> /Pg 235 0 R 125 0 obj << /Pg 235 0 R 2023 Cond Nast. /K 170 0 R /S /P Consider Elizabeth Holmes obsession with producing as small a micro-Lab as possible or with using just a few drops of blood in order to conduct the myriad of tests Theranos promised. /Type /Catalog endobj /P 393 0 R ", EX-THERANOS CEO ELIZABETH HOLMES PROVIDING OWN DEFENSE IN CIVIL SUIT: REPORT. 96 0 obj 108 0 obj /Lang (EN-US) << And at least one employee told the financial newspaper Theranos executivesdid not report test results that would have caused concerns about the machines accuracy. 143 0 obj 320 0 obj >> ] << /Lang (EN-US) /K 193 0 R /K 26 Both schemes involved efforts to promote Palo Alto, Calif.-based Theranos. << /S /LI While working at Theranos, Cheung sent an email to others in the company, sharing her concerns about the Edison machines. Last week, Zuckerberg was back with 3,000 words . /Diagram /Figure endobj << Follow Mike Snider on Twitter:@mikesnider. /Lang (EN-US) /MediaBox [0 0 612 792] >> /Pg 240 0 R /P 279 0 R /P 8 0 R >> 120 0 obj endobj 272 0 obj /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] 348 0 obj endobj /Pg 235 0 R /K 14 379 0 obj She is photographed in 2014 while speaking about the company's vision at their headquarters in Palo Alto . 69 0 obj /K 1 /S /LBody /S /LI endobj << >> /S /P << /P 8 0 R /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 /Kids [11 0 R 12 0 R 13 0 R 14 0 R] Yam said she had never seen the document before, nor did she know where those numbers had come from. /P 50 0 R >> << /CropBox [0 0 612 792] 246 0 obj 357 0 obj >> Answer 1. >> << endobj /Lang (EN-US) endobj /Pg 254 0 R /Lang (EN-US) 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. /P 63 0 R /K 41 220 0 obj >> >> /Tabs /S 112 0 obj << /Pg 257 0 R endobj /K 390 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. /Tabs /S The defendants also represented that the analyzer could produce results that were more accurate and reliable than those yielded by conventional methodsall at a faster speed than previously possible. << /K 31 >> << >> << /P 276 0 R >> /P 51 0 R endobj >> >> endobj The national average salary for a Theranos employee in the United States is $44,094 per year. /Pg 251 0 R /P 48 0 R << endobj /P 46 0 R 21 [60 0 R 61 0 R 62 0 R null null 229 0 R null null null 230 0 R /Lang (EN-US) << /Pg 258 0 R She now has "two very young children hertoddler and an infant," according to a recent court filing. endobj The average salaries at Bloomberg rank the highest, with their employees earning an. endobj Theranos is a now-defunct healthcare technologystartup founded by disgraced Stanford drop-out Elizabeth Holmes. /S /P endobj /K [24 387 0 R] /P 269 0 R >> 2018-03-14T09:02:10-07:00 /Parent 13 0 R /Pg 257 0 R /S /LBody >> /S /P /CropBox [0 0 612 792] endobj /Type /Page /K [14 389 0 R] /P 50 0 R 302 0 obj endobj >> It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. Carreyous account of Safeways engagement with Theranos is powerful. /Pg 235 0 R << /K 209 0 R /Pg 247 0 R << /K 0 /Lang (EN-US) >> /K [28 394 0 R] endobj endobj Did you ever provide financial projections to investors? Robert Leach, an assistant US attorney,asked Yam. << In fact, Yam relied heavily on Holmes for financial projections. /P 48 0 R /P 8 0 R >> 376 0 obj >> >> /P 48 0 R << << 189 0 obj /Pg 242 0 R endobj endobj /Pg 247 0 R /S /LI /S /P >> 248 0 obj /S /P << 14 0 obj /S /LBody >> /Lang (EN-US) /Lang (EN-US) << /Tabs /S /Lang (EN-US) 396 0 obj >> << /Lang (EN-US) >> endobj 40 0 obj << /P 48 0 R endobj /S /LBody /K 14 Elizabeth Holmes speaks during a Bloomberg, Television interview at the Vanity Fair 2015 New Establishment Summit in San Francisco, on Oct. 6, 2015. endobj /P 331 0 R endobj null 49 0 R null null 157 0 R null null] /P 40 0 R >> /Rotate 0 /P 8 0 R /S /LI /MediaBox [0 0 612 792] /Lang (EN-US) /P 322 0 R /K 197 0 R In part, according to the report, Theranos had neglected to use the device it marketed as the "lynchpin of its strategy," called the Edison, for the majority of the tests conducted. /S /P /P 50 0 R /S /LI /Lang (EN-US) >> /Parent 11 0 R /S /P /BBox [79.9440002441 274.9559936523 453.9599914551 398.8439941406] endobj /Pg 243 0 R endobj /P 352 0 R /Creator (Acrobat PDFMaker 18 for Word) /S /LI 57 0 R 58 0 R null null 223 0 R null null null 224 0 R null /P 381 0 R /Contents [409 0 R 410 0 R 411 0 R] << << /Lang (EN-US) endobj 123 0 R null null null 124 0 R null null] >> /S /LBody THERANOS FOUNDER ELIZABETH HOLMES TO FACE TRIAL SEPARATE FROM EX-LOVER. 66 0 obj endobj /K 14 /Resources 468 0 R OUR MISSION listen to our readers and cover the topics that matter to them . 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. endobj 49 0 obj /K 13 >> /K 28 The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. << /K 6 /P 265 0 R /Lang (EN-US) /Lang (EN-US) 337 0 obj >> 163 0 obj 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. /Annots [] Read company statement regarding investor . /Lang (EN-US) /Lang (EN-US) /S /LBody << << >> >> /P 8 0 R Holmes, who founded Theranos in 2003 at age 19 with the lofty mission of revolutionizing blood testing, has pleaded not guilty. /S /LBody endobj /Type /Page /P 8 0 R %PDF-1.5 endobj /P 54 0 R << /K 121 0 R /K 9 endobj 358 0 obj >> >> endobj /Pg 258 0 R /S /LI /K 10 /K 219 0 R >> /P 8 0 R /Pg 254 0 R >> 139 0 obj /K 14 130 0 obj << 24 0 obj 58 0 obj /K 140 0 R 6 [null null 143 0 R null null null 144 0 R null null null endobj >> /S /LBody Brian Grossman had 20 years of experience in the healthcare space but his firm, PFM Health Sciences, invested $96 . << /S /LBody /K 192 0 R 273 0 obj >> /S /LBody /Lang (EN-US) 185 0 R null null] /Pg 253 0 R 182 0 obj Claiming and updating your company profile on Zippia is free and easy. >> endobj /S /LI /Parent 5 0 R << /P 8 0 R << /K 33 /Lang (EN-US) << /K 6 271 0 obj /Pg 240 0 R /Pg 258 0 R /S /P x+ | << He . /Pg 250 0 R 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. endobj stream 98 0 obj /P 8 0 R /Pg 238 0 R /Pg 244 0 R /Tabs /S /S /LBody endobj >> /K 36 << endobj endobj >> >> The mission and vision statements of Kraft Heinz are indicative of a company that desires to lead the rest in everything it does. << /S /LBody 19 0 obj endobj /P 48 0 R /S /LI Heinz and Kraft Foods. /K 14 It was not only motivated blindness that may have triggered the slippery slope of unethical conduct at Theranos. >> >> /K 145 0 R They cite a one-way plane ticket to Mexico she booked for Jan. 26, 2022, three weeksafter her conviction onfour counts of fraud and conspiracy. /K 186 0 R endobj /Lang (EN-US) >> >> null null 131 0 R null null] null] Holmes said she was inspired to start the company in response to her fear of needles. /P 355 0 R endobj /Resources 428 0 R /K 129 0 R /P 375 0 R 217 0 obj >> 262 0 obj 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. << /P 40 0 R 269 0 obj endobj /P 63 0 R 139 0 R null null null 140 0 R null null null 141 0 R null 20 [null null 221 0 R null null null 222 0 R null null 56 0 R /Lang (EN-US) Mission statements, where crafted and utilized effectively, have been proven to drive billions of dollars in corporate value. /S /P /Contents [485 0 R 486 0 R 487 0 R] << /Type /Page /Pg 244 0 R << << endobj >> /Outline /Span /P 303 0 R >> /P 349 0 R /P 51 0 R >> /StructParents 9 20 0 obj /P 271 0 R /S /LBody /Contents [465 0 R 466 0 R 467 0 R] >> >> endobj 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. /P 378 0 R << THERANOS FOUNDER ELIZABETH HOLMES IN COURT; ANATOMY OF A FRAUD. /Pg 240 0 R /K 18 /ParentTree 9 0 R /Lang (EN-US) Many of those statements were outright falsehoods or, more charitably, danced around the truth. >> endobj endobj 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.
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