The doctor eventually received a notice a year later voiding two of the four results.Īnother provider, nurse practitioner Audra Zachman, testified in September about one of her patients receiving inaccurate test results suggesting she was having a miscarriage. Mark Burnes discussed abnormal – and highly varied – prostate-antigen results for a patient over the course of about two months. ![]() Medical providers also took the stand to testify about their interactions with the company's tech.Īs reported by The Wall Street Journal, Arizona-based Dr. "The company was more about PR and fundraising than patient care," said Rosendorff, according to the Verge reporting. These allegations were echoed by numerous witnesses in the Holmes trial, including former Theranos lab director Adam Rosendorff, who testified in September 2021. "In truth, according to the SEC’s complaint, Theranos’ proprietary analyzer could complete only a small number of tests, and the company conducted the vast majority of patient tests on modified and industry-standard commercial analyzers manufactured by others," the agency continued. "The complaints allege that Theranos, Holmes and Balwani made numerous false and misleading statements in investor presentations, product demonstrations, and media articles by which they deceived investors into believing that its key product – a portable blood analyzer – could conduct comprehensive blood tests from finger drops of blood, revolutionizing the blood testing industry," said the SEC in a 2018 press release. That year, Theranos and Holmes agreed to settle what the Securities and Exchange Commission referred to as charges of "massive fraud." Theranos had sought to make a splash in the health industry with its technology, purportedly able to produce test results from a finger-prick blood sample.īut after a series of damning media reports, research studies and federal inquiries, the company floundered – eventually shuttering in 2018. "It is further alleged that the tests performed on Theranos technology were likely to contain inaccurate and unreliable results," the indictment continued. "Holmes and Balwani used advertisements and solicitations to encourage and induce doctors and patients to use Theranos' blood testing laboratory services, even though, according to the government, the defendants knew Theranos was not capable of consistently producing accurate and reliable results for certain blood tests," read the indictment. ![]() The verdict follows months of testimony, including some from doctors, former Theranos employees and board members, patients, and Holmes herself, about their experiences with the once-vaunted blood-testing startup. ![]() Theranos founder and former chief executive officer Elizabeth Holmes, who once promised "lab on a chip" technology to upend the diagnostics industry, was found guilty of four counts of fraud on Monday.
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