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In 2014, Fortune magazine ran a cover story featuring Elizabeth Holmes: a blonde woman wearing a black turtleneck, staring deadpan at the camera, with the headline, “This CEO’s out for blood.”
A decade earlier, Holmes had founded Theranos, a company promising to “revolutionize” the blood testing industry, initially using a microfluidics approach — moving from deep vein draws to a single drop of blood. It promised easier, cheaper, more accessible lab tests — and a revolutionized healthcare experience.
But it turns out that all those lofty promises were empty. There was no revolutionary new way to test blood. This past spring, Holmes settled a lawsuit with the Securities and Exchange Commissio, though admitted no wrongdoing. Last Friday, another nail in the coffin for Theranos came in the form of federal charges of wire fraud, filed against Holmes and the company's former president, Ramesh “Sunny” Balwani.
The alleged fraud was uncovered by the dogged reporting of John Carreyrou, an investigative journalist at the Wall Street Journal and author of "Bad Blood: Secrets and Lies in a Silicon Valley Startup." |
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