Random Most Obviously BS Claims Theranos And Elizabeth Holmes (13 items)

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  (#2) The Company Could Deliver Test Results Almost Immediately

  What Theranos said: Standardized blood tests take a few days or even weeks to provide results, but Holmes claimed Theranos products could produce accurate information much quicker. Holmes told The New Yorker:

  A chemistry is performed so that a chemical reaction occurs and generates a signal from the chemical interaction with the sample, which is translated into a result, which is then reviewed by certified laboratory personnel.

  The reality: The Edison could not perform the tasks Theranos claimed - certainly not in such a short period of time. Since the Edison did not work, the company was using standard third-party lab devices to administer tests and provide results. That's right, the exact lab devices Theranos claimed to outperform.
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  (#6) Elizabeth Holmes Said Theranos Did Not Need FDA Approval

  What Theranos said: Holmes told investors and employees they didn't need FDA approval for their diagnostic tests.
  
  The reality: Theranos did need approval, but managed to avoid FDA intervention. The company hid the equipment they knew didn't work during FDA inspections. They also used a loophole by designating their technology as "lab-developed tests," which allowed them to move ahead without official approval.

  The FDA approved just one test for herpes, but a Theranos employee filed a complaint against it saying it was "tainted by breaches in research protocol." 
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  (#10) Holmes Was Devastated By Her Uncle's Passing

  What Elizabeth Holmes said: Holmes was very open about how devastated she was when she lost her uncle to cancer. His passing allegedly inspired her work at Theranos. She said her technology was supposed to "create a world in which no one has to say goodbye too soon."
  
  The reality: While the Holmes family did visit Ron Dietz - the husband of Elizabeth's mother's sister - Holmes was not nearly as close to him as she claimed. According to Bad Blood author John Carreyrou, "To family members who knew the reality of their relationship, using his [passing] to promote her company felt phony and exploitative." 
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  (#1) The US Department Of Defense Was Using Theranos's Products In Afghanistan

  What Theranos said: Theranos told investors the US Department of Defense was using the company's products. Elizabeth Holmes and Ramesh "Sunny" Balwani claimed Theranos's blood testing devices were already actively used in medevac helicopters on military battlefields.

  The reality: The product never worked and was certainly not widely used by the government in wartime. Theranos products were, however, part of a government burn study. Theranos made $300,000 over three contracts. Other than that, its products were not approved by officials. 
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  (#8) Holmes's Dog Is A Wolf

  What Elizabeth Holmes said: Holmes claims her Siberian Husky, Balto, is a wolf. After hearing her dog has DNA that can be traced back to ancient wolves, Holmes started identifying Balto as a wild animal.

  The reality: Balto is no more of a wolf than any other dog. All dogs carry a certain amount of wolf DNA. Holmes, however, treated her dog as if he were a wild animal. She never housetrained Balto; when he followed her around the Theranos facility, he would relieve himself as he pleased - including in board meetings. 
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  (#4) Theranos's Projected Revenue For 2015 Was $1 Billion

  What Theranos said: Theranos COO Sunny Balwani and Holmes told investors Theranos was on track to make $1 billion in 2015 after generating $100 million in 2014. 

  The reality: According to the SEC filing against Theranos, "This information had no basis." Theranos made only $100,000 in 2014. While Balwani was giving these inflated projections to investors, the company was hemorrhaging almost $9 million a month. 

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