Elizabeth Holmes and Theranos

Primary Investigative Reporting

John Carreyrou, “Hot Startup Theranos Has Struggled With Its Blood-Test Technology” (October 15, 2015), The Wall Street Journalhttps://www.wsj.com/articles/theranos-has-struggled-with-blood-tests-1444881901

John Carreyrou, “Theranos Whistleblower Shook the Company—and His Family” (November 18, 2015), The Wall Street Journalhttps://www.wsj.com/articles/theranos-whistleblower-shook-the-companyand-his-family-1447872337

John Carreyrou, “Theranos Voids Two Years of Blood-Test Results” (May 18, 2016), The Wall Street Journalhttps://www.wsj.com/articles/theranos-voids-two-years-of-blood-test-results-1463604787

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Books

John Carreyrou, Bad Blood: Secrets and Lies in a Silicon Valley Startup (2018)https://www.penguinrandomhouse.com/books/557813/bad-blood-by-john-carreyrou/

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Court Documents and Government Filings

United States v. Elizabeth A. Holmes, Indictment (June 15, 2018)United States District Court, Northern District of Californiahttps://www.justice.gov/usao-ndca/press-release/file/1077886/download

SEC v. Elizabeth Holmes and Ramesh Balwani (March 14, 2018), U.S. Securities and Exchange Commission Press Releasehttps://www.sec.gov/news/press-release/2018-41

Centers for Medicare & Medicaid Services (CMS) Inspection Report – Theranos Laboratory (January 2016)https://www.cms.gov/Medicare/Provider-Enrollment-and-Certification/SurveyCertificationGenInfo/Downloads/Theranos-Statement-of-Deficiencies.pdf

U.S. Department of Justice Press Release – Elizabeth Holmes Sentenced to Over 11 Years for Fraud (November 18, 2022)https://www.justice.gov/usao-ndca/pr/elizabeth-holmes-sentenced-more-11-years-prison-defrauding-theranos-investors

U.S. Department of Justice Press Release – Ramesh “Sunny” Balwani Sentenced to Nearly 13 Years (December 7, 2022)https://www.justice.gov/usao-ndca/pr/ramesh-sunny-balwani-sentenced-nearly-13-years-prison-theranos-fraud

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Major Media Profiles (Pre-Scandal)

Fortune Magazine Cover Story (June 12, 2014): “This CEO Is Out for Blood”https://fortune.com/2014/06/12/elizabeth-holmes-theranos/

Forbes Profile (2014): “America’s Richest Self-Made Women”https://www.forbes.com/profile/elizabeth-holmes/

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Sentencing and Trial Coverage

New York Times – “Elizabeth Holmes Is Sentenced to More Than 11 Years in Prison” (November 18, 2022)https://www.nytimes.com/2022/11/18/technology/elizabeth-holmes-sentencing.html

Reuters – “Elizabeth Holmes Convicted in Theranos Fraud Trial” (January 3, 2022)https://www.reuters.com/legal/transactional/elizabeth-holmes-verdict-theranos-fraud-trial-2022-01-03/

Bloomberg – Theranos Trial Coverage Hubhttps://www.bloomberg.com/features/theranos/

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Documentaries and Adaptations

HBO Documentary – The Inventor: Out for Blood in Silicon Valley (2019)https://www.hbo.com/documentaries/the-inventor-out-for-blood-in-silicon-valley

Hulu Limited Series – The Dropout (2022)https://www.hulu.com/series/the-dropout-1392b56e-7e8d-4b4b-8a0a-5d6b8c1f3e5e

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Regulatory Context

Clinical Laboratory Improvement Amendments (CLIA) Overview – CMShttps://www.cms.gov/Regulations-and-Guidance/Legislation/CLIA

FDA Laboratory Developed Tests Policy Overviewhttps://www.fda.gov/medical-devices/in-vitro-diagnostics/laboratory-developed-tests

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Key Dates Referenced in This Episode

• 2003 – Elizabeth Holmes founds Theranos
• 2013 – Walgreens partnership launches in Arizona
• October 15, 2015 – First Wall Street Journal exposé
• January 2016 – CMS cites immediate jeopardy deficiencies
• March 2018 – SEC civil fraud charges
• June 15, 2018 – Federal criminal indictment
• January 3, 2022 – Jury verdict
• November 18, 2022 – Holmes sentenced
• May 2023 – Holmes reports to federal prison

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