A significant proportion of these were erroneous all had to be voided. Specifically, Holmes and the company’s former president Ramesh ‘Sunny’ Balwani raised more than US$700 million through “elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance”, as the US Securities and Exchange Commission put it in March this year.īy the time Carreyrou’s Wall Street Journal story and a long chain of follow-ups had led to regulators closing down Theranos’s labs in 2016, nearly 1 million lab tests had been run in California and Arizona. In Bad Blood, acclaimed investigative journalist John Carreyrou, who broke the story in 2015, presents comprehensive evidence of the fraud perpetrated by Theranos chief executive Elizabeth Holmes.
Credit: Carlos Chavarria/NYT/Redux/eyevineīad Blood: Secrets and Lies in a Silicon Valley Startup John Carreyrou Knopf (2018)įew scandals have so gripped both the health-care and technology industries as the seismic rise and fall of blood-testing company Theranos. Elizabeth Holmes, chief executive of Theranos, in a company facility in Newark, California.
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