Mission statements, where crafted and utilized effectively, have been proven to drive billions of dollars in corporate value. ", EX-THERANOS CEO ELIZABETH HOLMES PROVIDING OWN DEFENSE IN CIVIL SUIT: REPORT. >> << /CropBox [0 0 612 792] /K 119 0 R 205 0 obj >> /P 301 0 R /S /P Investors have poured more than $400 million into Theranos, valuing it at $9 billion and her majority stake at more than half that. Theranos eventually settled that matter with the government, voluntarily closing all of its labs. >> /P 353 0 R /Lang (EN-US) 182 0 obj /Pg 248 0 R /P 55 0 R /Lang (EN-US) >> /S /P In many ways, Theranos is the embodiment of Silicon Valley startup culture. /Lang (EN-US) The defendants are charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. << /Pg 256 0 R Mark Zuckerberg's Facebook mission statements hide his real aim "Sunny Balwani did not start Theranos," said the lawyer . 248 0 obj endobj << /P 295 0 R /P 375 0 R endobj << /S /P >> /Contents [497 0 R 498 0 R 499 0 R] /K 192 0 R >> << endobj /S /LBody /Count 24 /K 156 0 R /Superscript /Span >> endobj /S /LI /Pg 239 0 R /S /Span endobj /MediaBox [0 0 612 792] >> 146 0 obj endobj 82 0 obj /S /LI endobj endobj 277 0 obj /CropBox [0 0 612 792] >> >> /S /LI endobj /P 8 0 R >> I did not think the technology we were using was adequate enough to be engaging in that behavior.. endobj ] 286 0 R 287 0 R 288 0 R 289 0 R 290 0 R 291 0 R 292 0 R 293 0 R 294 0 R 295 0 R Theranos was a privately held healthcare technology company founded by then 19-year-old Elizabeth Holmes in 2003. /Pg 245 0 R /P 50 0 R /K 163 0 R /S /LI /P 344 0 R << >> /K 10 endobj /S /P 22 0 obj /P 50 0 R /P 51 0 R /Pg 256 0 R /Lang (EN-US) >> /P 51 0 R >> >> /K 142 0 R null null 191 0 R null null null 192 0 R null null] << >> The indictment charges each defendant with two counts of conspiracy to commit wire fraud, in violation of 18 U.S.C. /Pg 257 0 R /Pg 240 0 R endobj 159 0 obj << The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. /S /LI /Pg 251 0 R /K 41 << 211 0 R null null null 212 0 R null null null 213 0 R null 2018-03-14T09:02:10-07:00 Northern District of California, FOR IMMEDIATE RELEASEFriday,June 15, 2018, Elizabeth Holmes and Ramesh Sunny Balwani Are Alleged to Have Perpetrated Multi-million Dollar Schemes to Defraud Investors, Doctors, and Patients. endobj Founded in 2003 by then 19-year-old Elizabeth Holmes, Theranos raised more than US$700 million from venture capitalists and private investors, resulting in a $10 billion valuation at its peak in 2013 and 2014. /P 50 0 R /S /P << /Contents [473 0 R 474 0 R 475 0 R] /P 336 0 R /Type /Page << >> /Type /Page << 332 0 obj endobj /P 311 0 R /Lang (EN-US) 2 [null null 119 0 R null null null 120 0 R null null 41 0 R Those biases can be understood as the blindness brought about by what seems preeminently important, the righteousness generated by what sounds inherently right, the operational myopia triggered by what is situated far away from us and the sense of potency derived from endeavoring to create something new. >> According to Temporal Construal Theory, a compelling, unfulfilled mission can trigger this type of operational myopia. /P 8 0 R 372 0 obj endobj /Lang (EN-US) /P 389 0 R The startup entrepreneurial spirit is selling a vision of a fictional product - a product that does not yet exist. endobj 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 . /K 138 0 R /Pg 253 0 R /S /LBody endobj /S /LBody 201 0 R null null null 202 0 R null null null 203 0 R null 20 0 obj /K 188 0 R /P 48 0 R /S /LI >> /K 393 0 R << /Lang (EN-US) /S /LI << For example, with respect to investors, defendants performed technology demonstrations during which defendants intended to cause potential investors to believe blood tests were being conducted on Theranoss proprietary analyzer when, in fact, the analyzer really was running a null protocol and was not testing the potential investors blood. Claiming and updating your company profile on Zippia is free and easy. /K 6 /P 282 0 R 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. /Pg 248 0 R endobj /P 33 0 R It claims its technology can work with just a finger prick. /Pg 247 0 R When he sentenced Holmes, U.S. District Judge Edward Davila pushed to April 27 her report date to a prison in Byron, Texas, so she could give birth to her second child before being incarcerated. /K 209 0 R /P 298 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 . /Lang (EN-US) << Elizabeth Holmes finished testifying in wire fraud trial. >> /Lang (EN-US) /P 377 0 R /P 381 0 R /Annots [] Zippia gives an in-depth look into the details of Theranos, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Theranos. << 280 0 obj /K 11 /Pg 257 0 R Research on the dark sides of creativity suggests that not only are people more likely to act dishonestly when they are in a creative state, but that cheating, in itself, can actually make people more creative. /Type /Page >> endobj 345 0 obj >> endobj The company boasted the ability to get results from very small amounts of blood, something that would be revolutionary in medical diagnostics. The once-lauded businesswoman ultimately stepped down from the company, which announced in Sept. 2018 it would be closing. /K 225 0 R /P 302 0 R >> >> We just didn't know what new form it would take. << The employee data is based on information from people who have self-reported their past or current employments at Theranos. >> >> 215 0 obj /K 24 The vision was to revolutionize blood testing and place these miniature labs in homes across the world. >> >> /P 317 0 R /Pg 256 0 R 172 0 obj 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." But indictments said Holmes andher colleague and former romantic partner Ramesh Sunny Balwani, lied about the technology, the company's finances, and its partnerships with the Department of Defense and Walgreens. endobj endobj >> /Pg 258 0 R /S /P /Lang (EN-US) /K 9 << The Indictment Alleges That Investors Were Defrauded. 365 0 obj << /Type /MCR /CropBox [0 0 612 792] /Tabs /S /P 269 0 R << /CropBox [0 0 612 792] Theranos founder and CEO Elizabeth Holmes speaks at the Fortune Global Forum in San Francisco, California, on Monday, Nov. 2, 2015. /S /LI /P 8 0 R >> /K 9 /S /LBody >> /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. /K 6 There is no try', stolen from . Have you worked at Theranos? 178 0 obj /Pg 254 0 R 18 0 obj /P 48 0 R >> /P 48 0 R /Lang (EN-US) /K 0 /K 118 0 R >> /Contents [457 0 R 458 0 R 459 0 R] >> /P 326 0 R endobj /P 380 0 R [2] This was done through a medical device called a nanotainer, which drew, retained, and analyzed mere droplets of blood from the patient's fingertip and . >> /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /P 59 0 R endobj Theranos Company Profile - Office Locations, Competitors, Revenue /Placement /Block /A 259 0 R /Lang (EN-US) For many years, in Facebook's case, its mission statement was "To give people the power to share and make the world more open and connected". endobj /S /LI /K 29 << /Pg 257 0 R /P 8 0 R /Lang (EN-US) 296 0 obj /Rotate 0 /P 51 0 R 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 45 >> /Kids [240 0 R 241 0 R 242 0 R 243 0 R 244 0 R] Legal Statement. /S /LI /S /P endobj >> /Pg 254 0 R /P 283 0 R The rise and fall of Theranos: A timeline - The Mercury News Elizabeth Holmes verdict: researchers share lessons for science - Nature /Tabs /S /S /LI >> /P 333 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] She had a charisma to her; she was very articulate,Cheung saidof Holmes. /Pg 238 0 R null null 197 0 R null null null 198 0 R null null null null 233 0 R null null null 234 0 R null null 64 0 R 65 0 R << /S /L /K 22 And the company's downfall later became the focus of an HBO documentary, "The Inventor: Out for Blood in Silicon Valley. /Pg 246 0 R endobj 247 0 obj >> . /Pg 257 0 R >> /Lang (EN-US) 382 0 obj endobj >> endobj 157 0 obj >> 333 0 obj /Parent 11 0 R endobj << 386 0 obj /S /LBody >> /Lang (EN-US) /K 10 endobj /Pg 257 0 R << /S /LBody /Rotate 0 194 0 obj /Lang (EN-US) 301 0 obj Many of those statements were outright falsehoods or, more charitably, danced around the truth. /S /LBody /Rotate 0 /MediaBox [0 0 612 792] 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. 139 0 R null null null 140 0 R null null null 141 0 R null . endobj endobj /S /LI /K 216 0 R /K 191 0 R Assistant U.S. 364 0 obj All rights reserved. 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. /P 280 0 R /S /LI /K 31 341 0 R 342 0 R 343 0 R 344 0 R 345 0 R 346 0 R 347 0 R 348 0 R] /P 50 0 R /Lang (EN-US) 166 0 obj How to run amok with $900M of VC funding /K 5 << endobj /Resources 436 0 R /S /LBody Holmes faces up to 20 years in prison. /Pg 235 0 R We connect the world's decision makers to accurate information on the financial markets and help them make faster, smarter decisions. /Contents [441 0 R 442 0 R 443 0 R] /Pg 253 0 R << /K 15 Department of Justice /Lang (EN-US) /P 8 0 R endobj flagrantly vague and often outright untruthful statements. endobj 341 0 obj endobj 111 0 obj Based in Palo Alto, CA, Theranos is a small health care company with only 100 employees and an annual revenue of $55.3M. /S /LBody /Contents [461 0 R 462 0 R 463 0 R] The company claimed that it had devised . << 217 0 obj >> /P 63 0 R It's unclear . /S /P /P 373 0 R /S /LI << 245 0 obj >> /Type /MCR /P 300 0 R It became evident that audited financial statements hadn't been prepared since 2009. /Annots [] 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 /P 322 0 R /P 260 0 R /P 55 0 R endobj /S /P /MCID 2 endobj /Resources 416 0 R /P 50 0 R /K 6 360 0 obj /S /P /S /TR /Pg 236 0 R Theranos may also be known as or be related to Theranos, Theranos Inc, Theranos Inc. and Theranos, Inc. We calculated the diversity score of companies by measuring multiple factors, including the ethnic background, gender identity, and language skills of their workforce. /P 8 0 R /Pg 240 0 R /P 358 0 R << /P 33 0 R /Pg 241 0 R /Annots [] 9 [null null 157 0 R null null null 158 0 R null null null /Pg 235 0 R /P 50 0 R >> endobj 351 0 obj >> /Pg 250 0 R endobj /Pg 235 0 R /S /LBody /Creator (Acrobat PDFMaker 18 for Word) << /Lang (EN-US) /Annots [] endobj << >> /Pg 235 0 R /K 14 (Photo by Kristoffer Tripplaar/AP). << /Tabs /S << endobj /Endnote /Note Follow Company. 255 0 obj << /K 37 /P 367 0 R -Theranos is now worth $9 billion dollars; Holmes currently owns about half the company-Forbes named her one of the youngest female self-made billionaire before the age of 30. . >> /Pg 253 0 R /K 135 0 R /Lang (EN-US) Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. In reality, Theranos couldn't perform more than 12 tests on its Edison devices, former lab . /K 214 0 R /P 8 0 R >> 97 0 obj /P 34 0 R endobj /Pg 235 0 R << << >> endobj /Lang (EN-US) /S /LBody << << /Pg 258 0 R /S /P 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 /Lang (EN-US) /P 8 0 R >> >> /Lang (EN-US) /S /LI << Entrepreneurship lives in the realm of threading between the present and the future. << In court documents, federal prosecutors have said Holmes is a flight risk. /P 50 0 R 76 0 obj << /S /LI /CropBox [0 0 612 792] /K 208 0 R /MediaBox [0 0 612 792] /K 17 The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. /P 346 0 R /S /LBody endobj /Lang (EN-US) endobj endobj 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. 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. /Lang (EN-US) 124 0 obj /Pg 256 0 R It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. /K 217 0 R /S /TD 15 0 obj /K [262 0 R 263 0 R 264 0 R 265 0 R 266 0 R 267 0 R] /S /LBody /Pg 235 0 R >> /Pg 250 0 R The tests performed on Theranos technology, in addition, were likely to contain inaccurate and unreliable results. /Lang (EN-US) /Lang (DE-DE) endobj 141 0 obj /Filter /FlateDecode 195 0 obj /Pg 249 0 R What Is Theranos CEO Elizabeth Holmes' Net Worth As Founder - Newsweek 136 0 obj /P 350 0 R /P 327 0 R << /Contents [489 0 R 490 0 R 491 0 R] >> << endobj 116 0 obj /Pg 254 0 R /Lang (EN-US) /Pg 238 0 R /S /P /Lang (EN-US) endobj >> << /S /LBody About us Our mission is to make actionable information accessible to everyone at the time it matters. >> /MCID 2 /Pg 249 0 R Holmes said she was inspired to start the company in response to her fear of needles. endobj About Columbia | Columbia University in the City of New York >> Holmes fostered a culture of fear because it served her needs. 5 [null null 137 0 R null null null 138 0 R null null null 81 0 obj /Rotate 0 /S /LBody endobj >> 187 0 obj << /Annots [] Last word: Your mission statement, and what it says about you /P 342 0 R >> 130 0 obj 273 0 obj << 92 0 obj endobj 56 0 obj 383 0 obj /Lang (EN-US) 259 0 obj The national average salary for a Theranos employee in the United States is $44,094 per year. endobj 110 0 obj Theranos' Bad Blood - Ethics Unwrapped Theranos is a now-defunct healthcare technology startup founded by disgraced Stanford drop-out Elizabeth Holmes . A mission that reads more like a fact sheet than something that explains a company's reason for existing won't be effective. >> /S /LBody /K 7 /S /LI 250 0 obj 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. Heinz and Kraft Foods. /S /LI >> 75 0 obj endobj /K 157 0 R /Lang (EN-US) /P 309 0 R >> /P 48 0 R << 103 0 obj /Pg 235 0 R endobj endobj /S /LI Zippia Score 4.7. /S /P 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. null null 214 0 R null null] /Lang (EN-US) 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. None of the information on this page has been provided or approved by Theranos. >> endobj 374 0 obj /Lang (EN-US) /Lang (EN-US) >> /Lang (EN-US) /K 12 /CropBox [0 0 612 792] >> /S /LBody : Sign up for our trending newsletter to get the latest news, This article originally appeared on USA TODAY: Ex-Theranos CEO Elizabeth Holmes has second child, seeks prison delay, American businessperson; a subject of an SEC investigation, the failed Silicon Valley startup that sought to revolutionize blood testing, Student accused of attacking teacher's aide over Nintendo Switch, Optimism of US consumers declined in February, reflecting fears of a recession, her conviction onfour counts of fraud and conspiracy, Sign up for our trending newsletter to get the latest news, Ex-Theranos CEO Elizabeth Holmes has second child, seeks prison delay, Kellyanne Conway, George Conway To Divorce After Decadeslong Marriage: Report, Reports: 3 children dead, 2 wounded in attack at Texas home, 'Extremely dangerous': Spike in illegal crossings at Canada-Vermont border has feds sounding alarm, School punished teen girl for working out in sports bra in 100-degree Texas heat, ACLU says, Republicans Use Arcane Political Tactic to Thwart Democrats, I Wore Katie Holmes Go-To Bag Trend for a Week, and I Finally Get the Appeal, Alex Murdaugh sentenced to life in prison for murders of wife and son, NBA Player Richaun Holmes Sues Sacramento Bee Parent for Defamation, Murdaugh defense vows appeal, even to Supreme Court, Alex Murdaugh sentenced to life in prison. endobj /Parent 13 0 R /K 10 /StructParents 18 << /Lang (EN-US) /K 29 /P 50 0 R /Contents [469 0 R 470 0 R 471 0 R] Once a strong believer in Theranos' mission, Mattis testified that he eventually realized the Holmes had misled him with empty promises. 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. << /S /P 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. /K 6 203 0 obj >> << /S /P /Pg 235 0 R /Lang (EN-US) /K 167 0 R "That's a crime . /Pg 235 0 R endobj endobj 256 0 obj /Resources 472 0 R 271 0 obj >> Total losses surpassed $800 million, prosecutors said. 309 0 obj >> /Pg 254 0 R /P 324 0 R 342 0 obj /K 206 0 R /Tabs /S /Pg 251 0 R << Elizabeth Holmes - Crime Museum /MCID 2 /Annots [] /K 10 >> endobj /P 50 0 R >> /Chart /Figure /Pg 239 0 R >> endobj /S /LI Theranos competitors include TED, Bloomberg, HuffPost, National Journal, Washington Plaza Hot, Morgan Stanley, Newsweek. /Tabs /S That journey ended not, as it could have been, when the promises of its vision delivered their potential, but it ended when somebody, finally, brought reality into the picture. << /Lang (EN-US) >> The indictment charges each defendant with two counts of conspiracy to commit wire fraud, in violation of 18 U.S.C. endobj endobj << /P 320 0 R /K 132 0 R /Pg 239 0 R Postal Inspection Service (USPIS) Inspector in Charge Rafael Nuez. Holmes was found guilty on four felony fraud counts associated with a loss to victims of at least $120 million. /Lang (EN-US) << /K 129 0 R Northern District of California | Theranos Founder and Former Chief endobj << >> /Lang (EN-US) /K 6 A young (age-defying), pure-looking (evil-defying), masculine-sounding (stereotype-defying) female CEO speaking about Theranos unfulfilled feats in the present or past present tense, Holmes proposition was so enticing that she was able to assemble one of the most impressive boards in corporate America. 50 0 obj /Pg 248 0 R /S /L The collaborative investigative work on this case conducted by Postal Inspectors, our law enforcement partners, and the United States Attorneys Office illustrates our efforts to protect both consumers and investors., The Indictment Alleges That Doctors And Patients Were Defrauded. /K 33 >> /Lang (EN-US) /Parent 14 0 R /S /L /S /LBody 131 0 obj /P 372 0 R 29 0 obj /StructParents 7 << /Annots [] << GET FOX BUSINESS ON THE GO BY CLICKING HERE. << /K 195 0 R Theranos Mission Statement. 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.