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. $12,600 to the Democratic Party. endobj /S /LI /P 8 0 R 179 0 obj /P 50 0 R << 129 0 obj >> /K 22 /S /LBody endobj >> /P 8 0 R >> 213 0 obj /P 8 0 R But constantly focusing on a desired future state may have the effect of giving extra highlight to the positives of a distant vision at the expense of the operational challenges that are taking place in the here and now. Next to a perfectly dosed narrative of black turtlenecks, sprawling office facilities, glossy paper spreads and alluring marketing campaigns, the supposed Apple look-alike of the health technology industry tantalized investors and consumers with its mission, to facilitate the early detection and prevention of disease and empower people everywhere to live their best possible lives. Its no surprise that many bought into it. >> /Resources 420 0 R /Lang (EN-US) Theranos wanted to make detailed blood sample analysts accessible to all doctors in a timely manner. endobj endobj /K 6 /S /P During the trial Holmes accused her ex-boyfriend and business partner, Ramesh "Sunny" Balwani, of emotional and sexual abuse at the time of the alleged crimes, impairing her mental state. Theranos | 27,358 followers on LinkedIn. /Pg 245 0 R Holmes will head to trial starting Aug. 4, and Balwani will be tried afterthe conclusion of Holmes case, Bloomberg reported. Holmes dropped out of Stanford University at 19 to found Theranos in 2003. 297 0 obj /P 50 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. /K 20 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.". 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. /S /LI 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. /Lang (EN-US) The Theranos scandal has dominated headlines, and both fascinated and appalled readers worldwide, since John Carreyrou's shattering report first broke in 2015. /P 8 0 R Despite persistent losses, Holmes salary increased from $200,000 to $400,000, Yam said. /P 51 0 R /K [30 396 0 R] /P 317 0 R endobj >> << /Count 5 /S /LI endobj << >> /S /LBody << endobj 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. endobj >> << /MediaBox [0 0 612 792] null null 197 0 R null null null 198 0 R null null null The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. null 52 0 R 53 0 R] /Lang (EN-US) >> endobj >> /K 225 0 R /K 8 /P 59 0 R endobj /K 10 >> /S /LI /P 59 0 R /S /P The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. << Initially she funded Real-Time Cures with her co. /Lang (EN-US) /P 287 0 R /K [276 0 R 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R 284 0 R 285 0 R The indictment describes a number of schemes that defendants allegedly employed to mislead investors, doctors, and patients. >> /Lang (EN-US) << << >> 68 0 obj 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. /S /P endobj 127 0 obj 170 0 obj /Pg 253 0 R Using a "nanotainer" (a small device designed to draw, retain, and analyze a . /S /Span >> All rights reserved. /S /P endobj /K 29 >> /Type /MCR /P 8 0 R 184 0 obj /P 39 0 R /K 169 0 R /Pg 258 0 R Follow Company. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. /S /TD /Lang (EN-US) /K 22 10 [null null 163 0 R null null null 164 0 R null null null /P 273 0 R << << /S /P /Lang (EN-US) >> /S /LI /Parent 13 0 R Mission statements, where crafted and utilized effectively, have been proven to drive billions of dollars in corporate value. >> /S /LBody endobj (Photo by Brad Barket/Invision/AP). /Lang (EN-US) /K 132 0 R : 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 The Seattle-based coffee giant originated in 1971 and has since become ubiquitous around the world. /P 48 0 R /P 48 0 R /Lang (EN-US) >> >> /Lang (EN-US) /K 6 /Pg 242 0 R endobj /Pg 235 0 R /Pg 257 0 R >> /Type /Pages /K 6 /K 12 The mission statement conveys no values such as honesty, transparency, or integrity. 354 0 obj Last word: Your mission statement, and what it says about you << /S /LBody I write about culture, leadership and ethics in business and work. >> /Pg 244 0 R << /S /LBody >> << And the company's downfall later became the focus of an HBO documentary, "The Inventor: Out for Blood in Silicon Valley. << << /P 171 0 R /Lang (EN-US) /P 48 0 R /Pg 255 0 R endobj /P 282 0 R >> 212 0 obj /Lang (DE-DE) An indictment merely alleges that crimes have been committed, and the defendants are presumed innocent until proven guilty beyond a reasonable doubt. Understanding the Theranos Scandal: 'I Make All the Decisions Here.' << /CropBox [0 0 612 792] /Rotate 0 206 0 obj Read our affiliate link policy. /K 188 0 R /S /LBody endobj /P 328 0 R >> /K 170 0 R Theranos is in the biotechnology industry. endobj >> >> stream endobj endobj >> /P 8 0 R 79 0 obj /P 40 0 R 99 0 obj 202 0 obj Holmes only canceled the trip after prosecutors contacted Holmes attorneys about the unauthorized flight, prosecutors said. /P 40 0 R /Pg 241 0 R 173 0 obj 13 [null null 178 0 R null null null 179 0 R null null null >> << 45 0 obj After asking questions about Theranos continued losses and lack of revenue, prosecutors showed Yam a document they said was shared with investors; it projected $140 million in revenue in 2014 and $990 million in 2015. /Annots [] endobj >> /P 50 0 R 207 0 obj /K 167 0 R Elizabeth Holmes and Theranos: How "The Change in Healthcare" Turned /Tabs /S >> /Contents [398 0 R 399 0 R 400 0 R 401 0 R 402 0 R 403 0 R 404 0 R 405 0 R 406 0 R 407 0 R] endobj /Lang (EN-US) 262 0 obj /P 55 0 R >> endobj << /K 21 endobj /Pg 235 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. >> /P 8 0 R /Type /Page 206 0 R null null null 207 0 R null null null 208 0 R null << /CropBox [0 0 612 792] /StructParents 10 << endobj /Resources 452 0 R null 49 0 R null null 157 0 R null null] /K 6 /K 223 0 R /K 2 << /S /LI /Pg 239 0 R << 304 0 obj /Type /MCR /P 330 0 R /Count 9 endobj /Pg 253 0 R /P 8 0 R /Lang (EN-US) /StructParents 23 endobj /Lang (EN-US) /Resources 432 0 R 344 0 obj /Pg 237 0 R endobj /K 10 << /S /P >> 360 0 obj >> endobj /S /LI >> /S /LI /K 11 >> >> 11 [null null 169 0 R null null null 170 0 R null null null >> /S /LBody In opening statements, a federal prosecutor depicted Balwani as an instrumental accomplice who helped Holmes pull off a huge scam tied to Theranos' blood-testing technology. endobj /P 59 0 R /Length 502 0 R /S /LI endobj Theranos Inc. founder Elizabeth Holmes was criminally charged in June 2018 with defrauding investors following the collapse of her blood-testing startup. 154 0 obj 258 0 obj How Mission Statements Have Created Billions in Value | Toptal >> >> 43 0 obj /Type /Page 397 0 obj /Annots [] /Type /MCR 62 0 obj "I was taken with the idea . 302 0 obj /Pg 250 0 R The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. /Pg 236 0 R /P 55 0 R << The matter was assigned to the Honorable Lucy H. Koh, U.S. District Judge, for further proceedings. /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) 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. 2018-03-14T09:02:10-07:00 /Lang (EN-US) Theranos CEO Elizabeth Holmes needs to grow up, and fast /Lang (EN-US) /StructParents 13 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. >> /CropBox [0 0 612 792] /Lang (EN-US) The once-lauded businesswoman ultimately stepped down from the company, which announced in Sept. 2018 it would be closing. /K 197 0 R /P 8 0 R /Pg 245 0 R 35 0 obj /P 48 0 R /Lang (EN-US) null 110 0 R null null null 111 0 R null 112 0 R null 113 0 R For the small private firm, the publically traded company or the large enterprise vision, effort and determination needs to be firmly tied to the track - compliance. /S /LI /S /P 55 0 obj 326 0 obj 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. /S /LI /K 6 endobj >> Photographer: David Paul Morris/Bloomberg *** Local Caption *** Elizabeth Holmes. "Sunny Balwani did not start Theranos," said the lawyer . null null null 231 0 R null null null 232 0 R null null null] /P 50 0 R 100 0 obj >> << /Pg 247 0 R 109 0 obj endobj /S /LBody endobj /K 2 314 0 obj In addition, the defendants represented to investors that Theranos would soon dramatically increase the number of Wellness Centers within Walgreens stores when, in truth, Holmes and Balwani knew by late 2014 that Theranoss retail Walgreens rollout had stalled because of several issues, including that Walgreenss executives had concerns with Theranoss performance. /K 4 /MCID 2 >> >> /Lang (EN-US) 253 0 obj /K 210 0 R /Annots [] endobj /Pg 248 0 R /Lang (EN-US) /CropBox [0 0 612 792] The Securities and Exchange Commission also brought civil fraud charges against Holmes and Balwani. >> /K 120 0 R 226 0 obj %PDF-1.5 /Pg 258 0 R 185 0 obj 25 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, . /Lang (EN-US) endobj /MediaBox [0 0 612 792] >> /Lang (EN-US) << /K 26 /Pg 257 0 R /Lang (EN-US) /Lang (EN-US) 357 0 obj /MCID 2 /Type /Page << /Tabs /S << /S /P >> /K 14 >> >> >> endobj Elizabeth Holmes' fate in jurors' hands after fiery closing arguments endobj /Type /Metadata /P 48 0 R 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. endobj >> Acrobat PDFMaker 18 for Word Lessons from the Theranos Whistleblower - Ideas & Insights 116 0 obj << << /S /P /S /LI Both schemes involved efforts to promote Palo Alto, Calif.-based Theranos. << >> 392 0 obj /Parent 14 0 R /K 261 0 R /ModDate (D:20180314090210-07'00') << /Pg 235 0 R /K 209 0 R /P 46 0 R Fear a Culture of Fear. It's unclear whether Theranos' rise and fall will turn out to be a dazzling mirage of "would-be" business . /Pg 236 0 R /P 8 0 R /K 25 243 0 obj /S /LI /MCID 2 /P 44 0 R /Pg 245 0 R /S /LI Theranos Flashcards | Quizlet << >> >> 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 overstating the extent of Theranos' relationships with commercial partners and government entities, to whom they had also made misrepresentations . /P 50 0 R /S /LI /S /L /Tabs /S . << /Pg 257 0 R >> /S /LBody >> endobj 364 0 R 365 0 R 366 0 R 367 0 R] Quotes displayed in real-time or delayed by at least 15 minutes. /P 50 0 R 175 0 obj 208 0 obj 331 0 obj /Pg 244 0 R null null 127 0 R null null 45 0 R null null 128 0 R null endobj There were . 128 0 obj /P 63 0 R The startup was founded in Feb. 2014, was headquartered in Palo Alto, Calif., according to Bloomberg. endobj /S /LI << /K 166 0 R /K [273 0 R 274 0 R] /K 14

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