Theranos timeline - B by Beth Rose https://padlet.com/bethroseesl/2y2w2m59h7fppbtg en-us 2021-08-18 04:24:14 UTC 2021-08-18 23:41:22 UTC hello@padlet.com 2003: Nineteen-year-old Stanford chemical and electrical engineering drop-out Elizabeth Holmes founded Theranos with the aim of revolutionizing blood testing. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443125 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443125 2004: Theranos raised $6.9 million in early funding gaining a $30 million valuation. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443126 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443126 2007: The company's valuation hit $197 million after it raised another $43.2 million in early-round funding. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443127 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443127 2010: After further rounds of funding, Theranos was valued at $1 billion. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443128 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443128 2013: After a decade working "in the dark," Holmes introduced Theranos to the world via press appearances and unveiled a website. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443129 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443129 2014: With over $400 million in funding, Theranos was valued at nearly $9 billion. Holmes effectively became a multi-billionaire thanks to her 50% stake. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443130 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443130 December 2014: Despite her company's hefty valuation, Holmes remained tight-lipped on how exactly Theranos’s technology worked. It turned out that the technology had never been submitted for peer review in medical journals. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443131 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443131 July 8, 2015: Capital BlueCross, a Pennsylvania insurer with 725,000 customers, chose Theranos as its preferred lab work provider. Theranos was valued at $10 billion. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443132 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443132 October 15, 2015: The Wall Street Journal ran a scathing article criticizing Theranos. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443134 Holmes appeared on "Mad Money" and other media outlets to do damage control. She was “shocked” by the Wall Street Journal article and claimed that Theranos supplied over 1,000 pages of documentation to refute the allegations. The Wall Street Journal stood by its reporting.]]> 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443134 October 16, 2015: A follow-up article in the Wall Street Journal stated that Theranos was forced to suspend the use of its unapproved nanotainer for all but one type of blood test. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443135 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443135 October 27, 2015: The FDA released two partially-redacted Form 483 reports from an ongoing investigation into Theranos. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443137 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443137 October 28, 2015: Fortune reported that Theranos had sought to raise an additional $200 million in Series C-3 funding just days before the initial Wall Street Journal article was published. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443138 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443138 November 10, 2015: A $350 million deal with Safeway fizzled out after Theranos failed to meet key deadlines for rollouts and Safeway executives questioned the validity of the test results. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443139 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443139 December 27, 2015: The Wall Street Journal ran another article alleging management ineptitude at Theranos and test rigging to produce better results for its Edison machines. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443141 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443141 January 27, 2016: The Centers for Medicare & Medicaid Services (CMS) releases its damming report on Theranos' California-based lab. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443142 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443142 January 28, 2016: Following the CMS report, Walgreens Boots Alliance Inc. (WBA) decided to temporarily close the Theranos Wellness Center in its Palo Alto store and suspend its use of Theranos's Newark, Calif. lab. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443143 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443143 May 1, 2017: Theranos settled a lawsuit with Partner Fund Management, one of its largest investors, after the hedge fund accused the company of securities fraud. Theranos had previously settled proceedings with the Centers for Medicare & Medicaid Services and the Arizona Attorney General. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443144 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443144 March 14, 2018: The SEC charged Theranos, its founder and CEO Elizabeth Holmes, and its former President Ramesh "Sunny" Balwani with massive fraud. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443146 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443146 June 15, 2018: A federal grand jury indicted both Holmes and Balwani on nine counts of wire fraud and two counts of conspiracy to commit wire fraud. bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443147

]]> 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443147 June 15, 2018: The press release from the U.S. Attorney's Office stated that in order to promote Theranos, both Holmes and Balwani "engaged in a multi-million dollar scheme to defraud investors and a separate scheme to defraud doctors and patients." bethroseesl https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443148 Holmes had stepped down as Theranos CEO earlier in the day although she continues to be the chair of the company's board.]]> 2021-08-18 04:24:14 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1683443148 Implication https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684928536 Theranos worth almost $9 billion after funding over $400 million in 2014. Which makes Holmes a billionaire because of the stake she holds in the company.]]> 2021-08-18 23:36:23 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684928536 2003: Nineteen-year-old Stanford chemical and electrical engineering drop-out Elizabeth Holmes founded Theranos with the aim of revolutionizing blood testing. berosenberg https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684928948 2021-08-18 23:36:47 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684928948 2003: Nineteen-year-old Stanford chemical and electrical engineering drop-out Elizabeth Holmes founded Theranos with the aim of revolutionizing blood testing. berosenberg https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684929043 2021-08-18 23:36:53 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684929043 December 2014: Despite her company's hefty valuation, Holmes remained tight-lipped on how exactly Theranos’s technology worked. It turned out that the technology had never been submitted for peer review in medical journals. https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684930375 2021-08-18 23:38:07 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684930375 Definition analyze https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684930469 The term "massive fraud" has been used to refer to situations in which Holmes deceived the whole country.]]> 2021-08-18 23:38:11 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684930469 June 15, 2018: A federal grand jury indicted both Holmes and Balwani on nine counts of wire fraud and two counts of conspiracy to commit wire fraud. https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684930819 2021-08-18 23:38:28 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684930819 July 8, 2015: Capital BlueCross, a Pennsylvania insurer with 725,000 customers, chose Theranos as its preferred lab work provider. Theranos was valued at $10 billion. https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684931002 2021-08-18 23:38:37 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684931002 March 14, 2018: The SEC charged Theranos, its founder and CEO Elizabeth Holmes, and its former President Ramesh "Sunny" Balwani with massive fraud. https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684931277 2021-08-18 23:38:53 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684931277 July 8, 2015: Capital BlueCross, a Pennsylvania insurer with 725,000 customers, chose Theranos as its preferred lab work provider. Theranos was valued at $10 billion https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684932033 2021-08-18 23:39:36 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684932033 March 14, 2018: The SEC charged Theranos, its founder and CEO Elizabeth Holmes, and its former President Ramesh "Sunny" Balwani with massive fraud. https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684932718 2021-08-18 23:40:09 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684932718 January 28, 2016: Following the CMS report, Walgreens Boots Alliance Inc. (WBA) decided to temporarily close the Theranos Wellness Center in its Palo Alto store and suspend its use of Theranos's Newark, Calif. lab. https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684933440 2021-08-18 23:40:56 UTC https://padlet.com/bethroseesl/2y2w2m59h7fppbtg/wish/1684933440