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Watch ABC News video: The Dropout
Elizabeth Holmes, once hailed as the youngest
Watch ABC News video: The Dropout
Elizabeth Holmes, once hailed as the youngest self-made female billionaire, became the face of corporate innovation when she founded the company Theranos in 2003. The company offered an affordable, quick, and minimally invasive blood testing. The company claimed to have developed groundbreaking technology capable of conducting a myriad of tests with just a few drops of blood, making it easier for consumers to get diagnostic testing without going to a traditional lab. Holmes garnered support and partnerships with major companies and figures in the industry. Theranos’ board included influential individuals like Henry Kissinger and James Mattis.
As Theranos gained attention and investments, reports surfaced about the unreliability of its technology. Former employees alleged that the company manipulated test results and used commercially available machines for some tests instead of the technology developed by the company, undermining the accuracy of its claims.
The lack of transparency and the aggressive silencing of whistleblowers raised concerns about the ethical conduct of Theranos and its leadership. As concerns mounted, regulatory bodies such as the U.S. Food and Drug Administration (FDA) and the Centers for Medicare & Medicaid Services (CMS) began investigating Theranos. The company faced severe regulatory challenges, with the FDA ultimately banning Holmes from operating a lab for two years. Theranos’ valuation plummeted, and the once-celebrated unicorn faced a series of lawsuits. In 2018, the Securities and Exchange Commission (SEC) charged Holmes and she was forced to pay fines, and relinquish her control of Theranos, and return millions of shares. In 2021, she faced a high-profile criminal trial in which she was convicted and sentenced to 11 years in jail.
Please answer the following questions based on the chapter readings on Crimes:
(1) What crimes did Elizabeth Holmes commit? Was the crime considered a felony or misdemeanor? In identifying the crimes, please provide the definitions provided in the chapter.
(2) In what ways did Theranos fail to meet fundamental principles of corporate responsibility and which groups were impacted by the company’s deception?
(3) Can a corporation be criminally responsible for their acts and acts of employees?
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