Theranos convinced statesmen, investors, and pharmacies that a drop of blood could run hundreds of tests — a claim its own devices could not meet, and one that ended in a federal fraud conviction.
She believed in the technology and its promise; ambition and mistakes, not intent to deceive.
Holmes and Balwani knowingly misrepresented the technology to investors and patients; the jury convicted on the investor counts.
Founder and CEO; the face of Theranos who raised hundreds of millions and built a celebrity board — and was convicted of defrauding investors.
President and COO (and Holmes's secret romantic partner) who ran operations; separately tried and convicted of fraud.
Former U.S. Secretary of State; a marquee board member whose prestige lent Theranos credibility. His grandson, Tyler Shultz, became a whistleblower.
Employee (and George Shultz's grandson) who raised internal concerns and became a key whistleblower to the Wall Street Journal, at great personal cost.
Wall Street Journal reporter whose 2015 investigation exposed that Theranos's technology did not work as claimed; later wrote 'Bad Blood.'
0 of 5 have put their version on the record.
Holmes drops out of Stanford at 19 to build a company promising cheap, painless blood tests from a single drop.
Theranos launches finger-prick testing inside Walgreens stores and goes public with its story, backed by a prestigious board. Its valuation soars toward ~$9B.
Theranos claimed its devices could run many tests from a finger-prick; they could not. It ran most tests on modified commercial machines, not its own technology. Insiders warned that the technology didn't work; the WSJ exposed it in 2015. Holmes and Balwani were convicted of fraud (investor counts) in 2022.
She believed in the technology and its promise; ambition and mistakes, not intent to deceive.
Holmes and Balwani knowingly misrepresented the technology to investors and patients; the jury convicted on the investor counts.
Unresolved: The precise point at which optimism crossed into deception.
Theranos claimed its devices could run many tests from a finger-prick; they could not. It ran most tests on modified commercial machines, not its own technology. Insiders warned that the technology didn't work; the WSJ exposed it in 2015. Holmes and Balwani were convicted of fraud (investor counts) in 2022.
She believed in the technology and its promise; ambition and mistakes, not intent to deceive.
Holmes and Balwani knowingly misrepresented the technology to investors and patients; the jury convicted on the investor counts.
Unresolved: The precise point at which optimism crossed into deception.
The SEC charges Holmes and Balwani with 'massive fraud'; Holmes settles the civil charges, is barred from public-company leadership, and gives up control.
After criminal indictments in June 2018, Theranos ceases operations and dissolves.
That she genuinely believed in the technology and did not intend to defraud anyone — that Theranos was a failure, not a fraud.
The jury convicted Holmes of defrauding investors, finding she knowingly made false claims; the verdict rejected the 'failure, not fraud' defense on the investor counts.
Theranos claimed its devices could run many tests from a finger-prick; they could not. It ran most tests on modified commercial machines, not its own technology. Insiders warned that the technology didn't work; the WSJ exposed it in 2015. Holmes and Balwani were convicted of fraud (investor counts) in 2022.
She believed in the technology and its promise; ambition and mistakes, not intent to deceive.
Holmes and Balwani knowingly misrepresented the technology to investors and patients; the jury convicted on the investor counts.
Unresolved: The precise point at which optimism crossed into deception.
Holmes is sentenced to more than 11 years (135 months) in prison for defrauding investors of hundreds of millions; Balwani receives a longer sentence.
Convicted of investor fraud; sentenced to 11+ years in prison.
Convicted separately; sentenced to a longer term.