357 0 obj /MediaBox [0 0 612 792] /Resources 476 0 R << 137 0 obj 352 0 obj 192 0 obj 18 [null null 209 0 R null null null 210 0 R null null null 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. /S /P 248 0 obj endobj >> It included jury selection, opening statements, released text messages, and an unexpected . /S /LBody 372 0 obj /Parent 14 0 R Theranos Inc. founder Elizabeth Holmes was criminally charged in June 2018 with defrauding investors following the collapse of her blood-testing startup. endobj /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 >> endobj /Annots [] >> Acrobat PDFMaker 18 for Word endobj << The mission statement of Theranos is stated as, "To make actionable information accessible to everyone at the time that it matters". /S /LI >> << >> /S /LI /Parent 11 0 R /Pg 258 0 R 247 0 obj /K 14 << endobj /S /LBody >> /K 0 180 0 R null null null 181 0 R null null null 182 0 R null 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. Cheungs testimony continues today. 21 [60 0 R 61 0 R 62 0 R null null 229 0 R null null null 230 0 R % endobj endobj >> Brian Grossman had 20 years of experience in the healthcare space but his firm, PFM Health Sciences, invested $96 . 202 0 obj x+ | 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 << endobj /Pg 255 0 R Instead, a vision made boundless by its sharp divide from reality and its extraordinarily narrow goals ended up only perpetuating a state of motivated blindness. /S /LI 320 0 obj /Pg 238 0 R << /Pg 235 0 R << /P 50 0 R /Pg 256 0 R << endobj /S /LI >> /P 8 0 R endobj endobj /Pg 244 0 R 187 0 obj /K 195 0 R Adobe PDF Library 15.0; modified using iText 2.1.7 by 1T3XT /S /P << /Lang (EN-US) The Theranos HSV-1 IgG Assay is for use with the Theranos System which performs automated sample processing steps and result analysis. /S /LBody /P 303 0 R /Annots [] /P 8 0 R /P 323 0 R /Pg 237 0 R /Lang (EN-US) The two pleaded not guilty to wire fraud and conspiracy to commit wire fraud. >> Instead, Theranos continued to produce mounting losses. endobj /P 285 0 R /S /LI 164 0 obj >> /P 48 0 R Mission Statement. /Lang (EN-US) >> endobj 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 207 0 obj Market data provided byFactset. << endobj 15 0 obj 286 0 obj /S /P << << /Lang (EN-US) Subscribe to our channelhttp. 123 0 R null null null 124 0 R null null] endobj endobj /S /LBody 6 [null null 143 0 R null null null 144 0 R null null null << /P 313 0 R /StructParents 0 /Pg 236 0 R << /P 326 0 R endobj /P 51 0 R /S /P /StructParents 13 259 0 obj << 19 0 obj /K 2 /K 6 Theranos was a private health care company, with a mission to revolutionize lab testing through innovative methods for drawing blood, testing blood, and interpreting resulting patient data. >> /K 21 88 0 obj << /S /P A vision and its attached goals may inspire and motivate, but they can also severely contrive our ability to consider a broader set of possibilities or address contradictory information. endobj /K 17 /Lang (EN-US) /S /LI /S /P /P 345 0 R >> /K 158 0 R << /P 42 0 R /Pg 242 0 R >> >> << /Parent 14 0 R 235 0 obj << /Parent 5 0 R 89 0 obj /Resources 452 0 R /P 55 0 R >> >> Despite persistent losses, Holmes salary increased from $200,000 to $400,000, Yam said. Rankings are based on government and proprietary data on salaries, company financial health, and employee diversity. 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. endobj endobj << << endobj << 2023 FOX News Network, LLC. /Pg 237 0 R endobj endobj << /P 8 0 R << The vision was to revolutionize blood testing and place these miniature labs in homes across the world. << /Lang (EN-US) /Lang (EN-US) /K 197 0 R >> /K 22 /P 55 0 R >> /K 202 0 R Specifically, the defendants claimed that Theranos developed a revolutionary and proprietary analyzer that the defendants referred to by various names, including as the TSPU, Edison, or minilab. /P 361 0 R /Parent 14 0 R /Lang (EN-US) There are at least four biases that can let a belief about a desired future state shape reality despite its disconnectedness from reality. /P 8 0 R << /P 370 0 R /S /LBody 345 0 obj /K 18 /Pg 251 0 R endobj /P 48 0 R >> >> endobj /Parent 11 0 R << 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". /S /LI 303 0 obj /Lang (EN-US) The indictment charges each defendant with two counts of conspiracy to commit wire fraud, in violation of 18 U.S.C. /Resources 484 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. /Lang (EN-US) uuid:f59fd1a5-0a21-408a-99c1-079770aebbbd /P 380 0 R << /S /LI /P 54 0 R /S /LBody endobj /Lang (EN-US) /K 41 endobj /Tabs /S $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. /Pg 256 0 R /Lang (EN-US) /Lang (EN-US) << /Count 9 /K 208 0 R >> null null 131 0 R null null] 313 0 obj /Resources 432 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. /S /P /P 314 0 R >> >> Theranos employees are most likely to be members of the Democratic Party. << Last week, Zuckerberg was back with 3,000 words . 398 0 obj /P 55 0 R 93 0 R] endobj 138 0 obj /P 51 0 R /S /LBody endobj /K 133 0 R 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. endobj /Filter /FlateDecode /P 55 0 R . /CropBox [0 0 612 792] /S /LBody >> /Pg 235 0 R 11 0 obj /StructTreeRoot 3 0 R 291 0 obj >> 213 0 obj << endobj /Pg 247 0 R /Lang (EN-US) /Pg 238 0 R endobj /MCID 2 It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. >> /S /LBody /K [304 0 R 305 0 R 306 0 R 307 0 R 308 0 R 309 0 R 310 0 R 311 0 R 312 0 R 313 0 R 196 0 obj /S /LI 158 0 obj >> /Rotate 0 /P 51 0 R /S /LI /S /Table 390 0 obj endobj /P 381 0 R /S /P 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. endobj /S /P >> /S /LI /P 42 0 R /P 260 0 R >> >> /Rotate 0 /S /P /S /LBody endobj /ITXT (2.1.7) >> << /Pg 235 0 R /K 22 302 0 obj /MCID 2 125 0 obj 8 0 obj endobj /P 44 0 R /Lang (EN-US) /K 17 >> 334 0 obj /K 146 0 R /P 50 0 R /Pg 247 0 R /Lang (EN-US) << /P 40 0 R << Mutual Fund and . /Lang (EN-US) /S /L /K 29 /P 334 0 R 199 0 obj 2 0 obj >> /Pg 258 0 R << 46 0 obj 63 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. >> /K [105 0 R 106 0 R 107 0 R 108 0 R 109 0 R] /P 291 0 R "Sunny Balwani did not start Theranos," said the lawyer . >> >> /S /TD 223 0 obj 107 0 obj << /Lang (EN-US) >> >> /S /LI << 182 0 obj >> << << /Kids [250 0 R 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R 257 0 R 258 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. >> /Lang (EN-US) This district, led by Silicon Valley, is at the center of modern technological innovation and entrepreneurial spirit; capital investment makes that possible. /Lang (EN-US) In 2013, things had "started to get a bit tight," Yam said. /S /LBody << /Artifact /P 2. /Tabs /S /Pg 256 0 R /S /LI The tests performed on Theranos technology, in addition, were likely to contain inaccurate and unreliable results. /K 2 /Parent 13 0 R /Contents [469 0 R 470 0 R 471 0 R] /P 272 0 R << /StructParents 5 /Pg 249 0 R /Kids [235 0 R 236 0 R 237 0 R 238 0 R 239 0 R] 263 0 obj The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. << 278 0 obj /Pg 239 0 R << Theranos is ranked #71 on the Best Start-up Companies to Work For in America list. 127 0 obj /P 8 0 R endobj /K 173 0 R 27 0 obj /Pg 238 0 R << << /S /LBody stream /S /LBody /Lang (EN-US) 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. /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 Peter DaSilva/Reuters. /Type /Page << /Pg 237 0 R /K 5 << /P 354 0 R endobj /S /LI << null null 162 0 R null null null 163 0 R null null] /P 51 0 R << /S /P -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. . 208 0 obj /P 55 0 R /Lang (EN-US) /K 6 endobj >> /Lang (EN-US) null] /K 34 null null 191 0 R null null null 192 0 R null null] 1349, and nine counts of wire fraud, in violation of 18 U.S.C. All rights reserved. /Pg 251 0 R 298 0 obj 204 0 obj << 147 0 obj /K 229 0 R endobj endobj 79 0 obj /Parent 13 0 R 3 [null null 125 0 R null null 43 0 R null null 126 0 R null /S /LI /K 22 /S /LBody endobj /K [32 382 0 R] /S /LI /S /LBody << endobj /StructParents 9 /S /LI >> >> /P 8 0 R /P 8 0 R /S /LBody Anyone who engages in deceptive practices should know they will not go undetected and will be held accountable. /Rotate 0 Follow Company. endobj /StructParents 14 /Pg 235 0 R << 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. /Rotate 0 /K [26 383 0 R] /P 50 0 R /S /LI << 336 0 obj << endobj /Lang (EN-US) << Theranos was a privately held healthcare technology company founded by then 19-year-old Elizabeth Holmes in 2003. endobj >> /StructParents 15 >> /Lang (EN-US) /P 23 0 R endobj >> Holmes will head to trial starting Aug. 4, and Balwani will be tried afterthe conclusion of Holmes case, Bloomberg reported. 396 0 obj << >> /Type /Page /K 115 0 R endobj /Lang (EN-US) /S /LBody << /P 8 0 R /Marked true /Lang (DE-DE) /K 11 /Kids [245 0 R 246 0 R 247 0 R 248 0 R 249 0 R] /P 8 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.". 244 0 obj /K 138 0 R 69 0 obj >> 310 0 obj /S /LBody /CropBox [0 0 612 792] /P 8 0 R Palantir has . John Carreyrou writes the story of a gifted 19-year-old who founded a health . endobj /K 7 /S /P >> /K 6 /K 166 0 R << /S /P << 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 60 0 obj /K 2 /Pg 243 0 R !xRnE1$g9`8\\5g1^"z+. << >> << 143 0 obj 167 0 obj /Pg 235 0 R endobj >> /Tabs /S /S /LI 82 0 obj 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 /P 366 0 R /K 49 /P 40 0 R endobj /P 48 0 R /Lang (EN-US) 151 0 obj >> 10 [null null 163 0 R null null null 164 0 R null null null /S /LBody /Lang (EN-US) >> /P 46 0 R /Lang (EN-US) /K 220 0 R << >> /S /P >> A mission that reads more like a fact sheet than something that explains a company's reason for existing won't be effective. /K 211 0 R >> endobj Based in Palo Alto, CA, Theranos is a small health care company with only 100 employees and an annual revenue of $55.3M. >> 250 0 obj /Pg 248 0 R /P 309 0 R /P 8 0 R 386 0 obj /S /LBody /Lang (EN-US) We calculated the performance score of companies by measuring multiple factors, including revenue, longevity, and stock market performance. /S /P endobj /Lang (EN-US) << According to Temporal Construal Theory, a compelling, unfulfilled mission can trigger this type of operational myopia. stream Both defendants appeared today before U.S. Magistrate Judge Susan van Keulen for their initial appearances. << /S /LBody /K 174 0 R /Pg 257 0 R >> /K [8 94 0 R] Further, defendants allegedly represented to investors that Theranos had a profitable and revenue-generating business relationship with the United States Department of Defense and that Theranoss technology had deployed to the battlefield when, in truth, Theranos had limited revenue from military contracts and its technology was not deployed in the battlefield.
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