theranos mission statement

The FDA would like to extend our thanks to our federal law enforcement partners for sending a strong message to Theranos executives and others that these types of actions will not be tolerated, said Catherine A. Hermsen, Acting Director, FDA Office of Criminal Investigations. /K 149 0 R >> /Pg 257 0 R /P 295 0 R /S /LI /K 2 /Producer (Adobe PDF Library 15.0; modified using iText 2.1.7 by 1T3XT) /Lang (EN-US) Using a "nanotainer" (a small device designed to draw, retain, and analyze a . The Securities and Exchange Commission also brought civil fraud charges against Holmes and Balwani. endobj << /MediaBox [0 0 612 792] endobj /S /Sect endobj /Lang (EN-US) /CropBox [0 0 612 792] /K 169 0 R stream /S /LI /P 44 0 R /P 377 0 R 13 [null null 178 0 R null null null 179 0 R null null null >> /Pg 240 0 R /P 3 0 R /P 8 0 R endobj >> In 2013, things had "started to get a bit tight," Yam said. /MediaBox [0 0 612 792] /P 50 0 R endobj 36 0 obj About us Our mission is to make actionable information accessible to everyone at the time it matters. endobj Read our affiliate link policy. Elizabeth Holmes, the infamous biotech chief executive who promised to revolutionize blood testing, has been found guilty of fraud. endobj endobj /CropBox [0 0 612 792] << /Tabs /S endobj /Type /MCR We connect the world's decision makers to accurate information on the financial markets and help them make faster, smarter decisions. >> endobj << /Pg 235 0 R /K 233 0 R endobj << /Pg 239 0 R >> /S /LBody << It then allegedly used those articles to generate financial interest. /S /P /S /P >> endobj 296 0 obj /Type /MCR >> >> endobj Several months later, with encouragement from her professor, Channing Robertson, Holmes quit Stanford. /S /P 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. endobj >> endobj For example, allegedly, Holmes and Balwani knew that the analyzer, in truth, had accuracy and reliability problems, performed a limited number of tests, was slower than some competing devices, and, in some respects, could not compete with existing, more conventional machines. /Pg 249 0 R /Pages 5 0 R /Parent 5 0 R /Parent 14 0 R >> Holmes grew up in Houston, Texas and studied chemical engineering at . << << >> 274 0 obj <> endobj 35 0 obj >> /CreationDate (D:20180314084127-07'00') endobj 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. <> Acrobat PDFMaker 18 for Word endobj /Pg 242 0 R 149 0 obj << << 194 0 obj /Pg 256 0 R According to The Associated Press, the Journals investigation marked the beginning of the end of Theranos. endobj >> /Lang (EN-US) 375 0 obj /Pg 248 0 R /P 380 0 R endobj 56 0 obj 4 0 obj /S /L endobj /K 8 211 0 obj /P 50 0 R /P 48 0 R >> 240 0 obj What we know for certain is that behind this particular corporate failure lies a cautionary tale of boundless visioning that all investors, entrepreneurs and organizations seeking breakthrough innovations should be interested in further understanding. /P 334 0 R /StructParents 6 >> endobj /Pg 238 0 R << /Pg 252 0 R /K 22 endobj /Annots [] /Tabs /S /Lang (EN-US) >> >> /Lang (EN-US) /Lang (EN-US) /Pg 257 0 R <> >> endobj /Tabs /S /Pg 241 0 R << 147 0 obj endobj <> /S /LBody /Type /Page /S /LBody 149 0 R null null null 150 0 R null null null 151 0 R null /Annots [] 197 0 obj We just didn't know what new form it would take. /S /LI endobj /S /L Doctors began using Theranos testing devices to diagnose patients and dispense medical advice. /Pg 258 0 R The Theranos scandal has dominated headlines, and both fascinated and appalled readers worldwide, since John Carreyrou's shattering report first broke in 2015. endobj << 332 0 obj /P 8 0 R /K 168 0 R << /Lang (EN-US) endobj endobj If convicted, they could each face maximum penalties of 20 years in prisona $2.75 million fine and possiblyrestitution, the Department of Justice said. /S /LBody /Annots [] endobj /Lang (EN-US) /Parent 13 0 R /P 281 0 R << /K 151 0 R 369 0 obj 281 0 obj /K 17 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 % /S /LBody /Lang (EN-US) endobj /K 12 /S /LBody >> - Sep 15, 2021 3:40 pm UTC. /Pg 254 0 R >> 290 0 obj << endobj Both defendants appeared today before U.S. Magistrate Judge Susan van Keulen for their initial appearances. /K 26 >> /P 326 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 >> /Lang (EN-US) /Tabs /S We all knew it was coming. << /CropBox [0 0 612 792] /Pg 245 0 R << /S /P In addition, the defendants delivered to doctors and patients blood results that were inaccurate, unreliable, and improperly validated. This is how Theranos's huge valuation was birthed and where a critical legal problem lies. /Pg 244 0 R 30 0 obj /Pg 251 0 R /P 8 0 R Moreover, Theranos and Holmes made "false and misleading statements" in press accounts to bolster the startup's profile. 287 0 obj /MediaBox [0 0 612 792] endobj 349 0 obj << 48 0 obj >> /StructParents 16 311 0 obj /Lang (DE-DE) << /Type /Page /Pg 235 0 R There are at least four biases that can let a belief about a desired future state shape reality despite its disconnectedness from reality. endobj /Lang (EN-US) /K 16 /K 120 0 R 2023 Cond Nast. endobj /Pg 252 0 R 165 0 obj /Pg 235 0 R 184 0 obj endobj /K 146 0 R /Type /Page 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. /Annots [] /Lang (EN-US) 181 0 obj >> << /K 216 0 R /P 48 0 R >> /S /LI /P 278 0 R 51 0 obj /K 28 /S /LI /S /LI /Lang (EN-US) endobj /P 264 0 R endobj /Annots [] /S /P /P 262 0 R /S /P 123 0 obj endobj << /S /LI /P 380 0 R << 71 0 obj /P 350 0 R << /K 2 /Type /Pages /P 48 0 R endobj endobj << /Pg 247 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. null null null 231 0 R null null null 232 0 R null null endobj endobj << endobj /P 51 0 R A March 17 hearing is scheduled on her request to stay out of prison during her appeal. The startup entrepreneurial spirit is selling a vision of a fictional product - a product that does not yet exist. endobj It's unclear whether Theranos' rise and fall will turn out to be a dazzling mirage of "would-be" business . /Resources 452 0 R /K 192 0 R >> /S /LI 116 0 obj 135 0 obj endobj endobj 359 0 obj 5 [null null 137 0 R null null null 138 0 R null null null /Lang (EN-US) 310 0 obj The first week of Theranos founder Elizabeth Holmes' fraud trial is now complete. /Pg 235 0 R endobj 41 0 obj /Pg 235 0 R >> /S /LI /K 7 /P 55 0 R /Lang (EN-US) >> /Contents [497 0 R 498 0 R 499 0 R] >> /Pg 246 0 R Ms Holmes faces 12 fraud charges over her . /S /LI 1. /P 48 0 R /Tabs /S << /Parent 14 0 R /MediaBox [0 0 612 792] 232 0 obj <> /S /LI /K 34 /S /LBody /Lang (EN-US) 388 0 obj /P 8 0 R Through these advertisements, the defendants explicitly represented to individuals that Theranoss blood tests were cheaper than blood tests from conventional laboratories to induce individuals to purchase Theranoss blood tests. /Parent 13 0 R endobj by Elizabeth Holmes. << endobj /S /LI /Type /Pages >> /P 8 0 R >> << >> >> endobj /Lang (EN-US) 258 0 obj flagrantly vague and often outright untruthful statements. 333 0 obj /P 54 0 R /Lang (EN-US) /Pg 235 0 R >> /CropBox [0 0 612 792] << /K 0 >> /Lang (EN-US) 175 0 obj 213 0 obj endobj /Pg 258 0 R >> Theranos is a now-defunct healthcare technologystartup founded by disgraced Stanford drop-out Elizabeth Holmes. endobj >> /Pg 256 0 R /S /LBody >> 226 0 obj /P 331 0 R /Lang (EN-US) /P 319 0 R With /Annots [] /Lang (EN-US) endobj /K 215 0 R endobj /P 48 0 R /P 50 0 R /MediaBox [0 0 612 792] 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. /S /LBody Palo Alto, United States August 18, 2016: Elizabeth Holmes accepts The Entrepreneur award at, the 25th Annual Glamour Women of the Year Awards on Nov. 9, 2015, in New York. 80 0 obj Theranos, Inc. is a consumer health technology company founded in 2003 by Elizabeth Holmes. /MediaBox [0 0 612 792] /Resources 468 0 R 29 0 obj /Lang (EN-US) /K 3 endobj 319 0 obj << Holmes, 34, of Los Altos Hills, Calif., founded Theranos in 2003. /K 6 endobj /K 10 John Carreyrou writes the story of a gifted 19-year-old who founded a health . /ParentTree 9 0 R << /S /L 221 0 obj /S /L /P 357 0 R 113 0 obj /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 national average salary for a Theranos employee in the United States is $44,094 per year. endobj << Ars may earn compensation on sales from links on this site. << /Lang (EN-US) >> /Parent 11 0 R 148 0 obj /Lang (EN-US) << 3 [null null 125 0 R null null 43 0 R null null 126 0 R null 371 0 obj /CropBox [0 0 612 792] endobj /Marked true /P 50 0 R /S /LBody /K 20 /K [32 382 0 R] << /P 286 0 R 257 0 obj 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. /Contents [457 0 R 458 0 R 459 0 R] 342 0 obj /S /LBody << 251 0 obj 99 0 obj 220 0 obj << /Lang (EN-US) << >> /Lang (EN-US) endobj /Rotate 0 /K 144 0 R It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. endobj 15 [null null 192 0 R null null null 193 0 R null null null /S /P endobj /Resources 472 0 R /MCID 2 The Company's clinical laboratory offers comprehensive laboratory tests. 382 0 obj /K 172 0 R >> /K 3 >> 134 0 obj /Lang (EN-US) 176 0 R null null null 177 0 R null null null 178 0 R null /K 8 /Parent 13 0 R Postal Inspection Service (USPIS) Inspector in Charge Rafael Nuez. << ", EX-THERANOS CEO ELIZABETH HOLMES PROVIDING OWN DEFENSE IN CIVIL SUIT: REPORT. /Pg 257 0 R The company's stated mission was to "revolutionize medical laboratory testing," according to the Department of Justice. << /Lang (EN-US) /Pg 236 0 R /S /P 244 0 obj /S /LBody /Tabs /S /MediaBox [0 0 612 792] /Metadata 4 0 R While some are vague affirmations, others can sharpen employees' minds and give them a sense of identity and belonging. /S /P endobj >> /P 51 0 R << It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. >> 355 0 obj /DropCap /Figure /S /LBody 151 0 obj >> endobj /StructParents 1 /Lang (EN-US) The Journal reported that in 2015, the technology was only used for 15 tests. >> The largest donation made to a political party by a Theranos employee was 11 [null null 169 0 R null null null 170 0 R null null null /P 8 0 R Peter DaSilva/Reuters. Join the Ars Orbital Transmission mailing list to get weekly updates delivered to your inbox. Theranos Inc. (/ r. << endobj /K 8 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. endobj /K 231 0 R endobj 76 0 obj /Pg 235 0 R /Pg 258 0 R /Annots [] 74 0 obj endobj /P 171 0 R /P 280 0 R But Theranos shared very little about its blood-testing machine with the public or medical community. /S /LI /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. /S /LI 337 0 obj /K [8 94 0 R] /P 344 0 R endobj This is why accounts about Theranos willingness to circumvent FDA rules and requirements, among other things, or legitimate due diligence requests made by potential clients is disconcerting yet unsurprising. endobj endobj /Lang (EN-US) 313 0 obj /Lang (EN-US) /Pg 235 0 R /Type /Page /Rotate 0 34 0 obj >> 392 0 obj << Theranos' mission was "to make actionable health information accessible to people everywhere in the world, at the time they most need it." It was a lofty, inspiring, and valiantly unifying purpose, . /S /Span >> 43 0 obj But in February, the pair had a number of charges dropped, excluding wire fraud. >> 11 0 obj <> /Pg 256 0 R << /Pg 239 0 R /P 50 0 R endobj /S /LI /K 131 0 R /Lang (EN-US) /Pg 242 0 R >> endobj null null null null 168 0 R null null null 169 0 R null endobj /P 8 0 R /MarkInfo 2 0 R endobj << /MCID 2 /Lang (EN-US) >> << << endobj /P 50 0 R >> /K 209 0 R /Pg 237 0 R /P 50 0 R /K 143 0 R Here are three culture takeaways from the Theranos scandal that are relevant to all leaders and employees. /S /P /S /P /Pg 254 0 R /S /LI /Lang (EN-US) /K 128 0 R << << /P 8 0 R /Lang (EN-US) Just 12 tests were performed on Edison devices, and the Edison analyzer could only run one type of test for one patient at a given time, she said. 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. /K 18 /Lang (EN-US) Competitors of Theranos include Bloomberg, Morgan Stanley, and National Journal. >> endobj endobj /Lang (EN-US) /S /LBody 3. /S /L /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. << null null 121 0 R null null null 122 0 R null null null /S /LI endobj /P 8 0 R 255 0 obj /Tabs /S /MCID 2 393 0 obj endobj /Lang (EN-US) 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. Overview Salary Revenue History Demographics Competitors CEO & Executives. /P 268 0 R /K 21 >> /K 6 24 0 obj /CropBox [0 0 612 792] 120 0 obj Entrepreneurship lives in the realm of threading between the present and the future. << /Resources 492 0 R << Since this form of unethical behavior may lack the pangs of guilt and/or shame that generally provide people with a certain amount of self-restraint and hesitation, it can be difficult for others to suspect any bad conduct. 87 0 obj /StructParents 20 153 0 obj /Pg 235 0 R /Type /MCR /Count 5 >> 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. /P 308 0 R << /Type /Page >> /Lang (EN-US) << 32 0 obj /Annots [] 54 0 obj endobj What's everyone talking about? /P 48 0 R /K 125 0 R endobj /P 48 0 R << endobj /MediaBox [0 0 612 792] /S /LI /Lang (EN-US) >> /P 55 0 R /K 14 endobj 185 0 obj endobj Nov 16, 2021, 6:17 PM PST. >> 354 0 obj They are also attracted by the fact that behind the innovation and entrepreneurship are rules of law that require honesty, fair play, and transparency. << As years went by, whenever employees or experts raised warnings . << null null 127 0 R null null 45 0 R null null 128 0 R null << endobj >> /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 Based in Palo Alto, CA, Theranos is a small health care company with only 100 employees and an annual revenue of $55.3M. << /S /P Theranos Inc. founder Elizabeth Holmes was criminally charged in June 2018 with defrauding investors following the collapse of her blood-testing startup. However, any sentence following conviction would be imposed by the court after consideration of the U.S. << /Lang (EN-US) endobj Elizabeth Holmes donated << << endobj >> endobj /S /LBody /Lang (EN-US) /Pg 242 0 R << >> WIRED Media Group /S /P 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 >> << << 383 0 obj By Elizabeth Lopatto / @ mslopatto. /P 8 0 R /K 18 /Pg 258 0 R /P 279 0 R This district, led by Silicon Valley, is at the center of modern technological innovation and entrepreneurial spirit; capital investment makes that possible. 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. /K 260 0 R /Pg 255 0 R /Resources 460 0 R << << 254 0 obj /K 2 << /P 392 0 R /MediaBox [0 0 612 792] /Rotate 0 << << << /K 29 31 0 obj 341 0 R 342 0 R 343 0 R 344 0 R 345 0 R 346 0 R 347 0 R 348 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). 14 0 obj endobj /S /LI << /Pg 235 0 R endobj /K [273 0 R 274 0 R] 83 0 obj endobj << << 6 0 obj /S /P /S /L /K 30 Attorneys Jeff Schenk, Robert S. Leach, and John C. Bostic are prosecuting the case with the assistance of Laurie Worthen and Bridget Kilkenny. >> << 336 0 obj /Pg 250 0 R /Filter /FlateDecode 222 0 obj /S /LBody /Lang (EN-US) 132 0 obj The data presented on this page does not represent the view of Theranos and its employees or that of Zippia. 160 0 obj /StructParents 14 /P 8 0 R 206 0 R null null null 207 0 R null null null 208 0 R null /P 50 0 R /P 48 0 R << << << /Lang (EN-US) endobj /K 22 /P 371 0 R endobj /K 10 << << << 111 0 obj 335 0 obj 279 0 obj /S /LBody /K 2 /K 218 0 R The defendants are charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. >> 45 0 obj /Lang (EN-US) /S /LBody /K 12 >> >> /S /LBody /S /L >> 360 0 obj >> << /Resources 432 0 R /S /LBody null 52 0 R 53 0 R] /P 48 0 R >> endobj /Pg 245 0 R endobj << /S /LBody << <> >> endobj 297 0 obj /P 8 0 R Holmes will head to trial starting Aug. 4, and Balwani will be tried afterthe conclusion of Holmes case, Bloomberg reported. /S /LI endobj /S /LBody Former Theranos board member and former Secretary of Defense James "Mad Dog" Mattis testified last week in the criminal trial of former Theranos CEO Elizabeth Holmes. /Pg 243 0 R /K 18 >> /Pg 250 0 R /S /LI /P 332 0 R >> /P 8 0 R endobj Help us make this company more transparent. /P 345 0 R Holmes faces up to 20 years in prison. /Type /MCR 205 0 obj /BBox [79.9440002441 274.9559936523 453.9599914551 398.8439941406] << Indication(s) for use: Same as the intended use 3. /K 14 endobj 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. 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 . << << /Lang (EN-US) /Lang (EN-US) <> >> /K 199 0 R 385 0 obj /K 10 Market data provided byFactset. endobj 346 0 obj /K 18 /K 21 null null 214 0 R null null] /K 201 0 R Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. 196 0 obj /Pg 237 0 R /Outline /Span /P 59 0 R /P 291 0 R /S /LBody << /S /TR endobj /Author () /S /LI /P 8 0 R endobj /P 312 0 R /K 4 /K 162 0 R /S /LBody >> Theranos' mission is to make actionable information accessible to everyone at the time it matters most. endobj 295 0 obj 183 0 obj 201 0 obj /P 8 0 R /Pg 256 0 R /Lang (EN-US) The effects of cheating in the service of good are not only treacherous for those who cheat, but also for those who interact and deal with the cheaters. << /CropBox [0 0 612 792] << << Theranos CEO Elizabeth Holmes on her company and the landscape of U.S. diagnostic-lab industry. /Annots [] 370 0 obj >> endstream endobj endobj >> <> endobj << 96 0 obj 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. endobj 325 0 obj /K 194 0 R 362 0 obj endobj /S /LI >> 84 0 obj << /S /LBody /StructTreeRoot 3 0 R 44 0 obj endobj 1349, and nine counts of wire fraud, in violation of 18 U.S.C. endobj >> >> >> >> /Pg 235 0 R 143 0 obj 152 0 obj endobj << /S /LI And although entrepreneurship is very much about turning an imagined future state into reality, the vast and unchecked gap between Theranos vision and the technological incompetence of its operations was breathtaking. /S /P 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 142 0 R 215 0 obj 272 0 obj endobj << /Pg 253 0 R endobj The company boasted the ability to get results from very small amounts of blood, something that would be revolutionary in medical diagnostics. /S /LI >> /S /LI Balwani . 195 0 obj >> << << /Lang (EN-US) /S /P << >> /P 54 0 R /Pg 252 0 R >> << << 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 The company spent over $150,000 surveilling her and another whistleblower. /K 180 0 R << >> endobj /P 299 0 R Elizabeth Holmes dropped out of Stanford in 2003 as a 19-year-old to start Theranos. Connor Radnovich/The Chronicle. /Pg 241 0 R /Lang (EN-US) /K 6 2. /Lang (EN-US) << >> /P 317 0 R endobj endobj << endobj << 179 0 obj /StructParents 17 /S /P 301 0 obj endobj << /Lang (EN-US) 165 0 R null null null 166 0 R null null null null 167 0 R /K 210 0 R /K 232 0 R << /K 182 0 R >> 203 0 obj /S /LBody >> 64 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. /S /P The prosecution is the result of an investigation by the FDA Office of Criminal Investigations, the FBI, and the US Postal Inspection Service. endobj /Type /Metadata >> << /Type /MCR endobj 129 0 obj /Rotate 0 /P 50 0 R The two pleaded not guilty to wire fraud and conspiracy to commit wire fraud. /Contents [485 0 R 486 0 R 487 0 R] endobj /Pg 235 0 R /S /LBody /Pg 255 0 R 85 0 obj endobj << null null 162 0 R null null null 163 0 R null null] endobj /Pg 252 0 R <> 174 0 obj endobj /P 352 0 R << <> endobj 75 0 obj /Lang (EN-US) /MediaBox [0 0 612 792] >> 280 0 obj /K 1 /Pg 235 0 R /Type /MCR 247 0 obj /Lang (EN-US) endobj 242 0 obj null 49 0 R null null 157 0 R null null] /Lang (EN-US) /S /LBody /Lang (EN-US) A former Theranos employee who alerted regulators to fraud at the company said he popped a bottle of champagne after a jury returned guilty verdicts against founder Elizabeth Holmes on Jan. 3. According to the indictment, Holmes and Balwani used advertisements and solicitations to encourage and induce doctors and patients to use Theranoss blood testing laboratory services, even though the defendants knew Theranos was not capable of consistently producing accurate and reliable results for certain blood tests.
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