Theranos
US health technology company developing blood-testing devices; the subject of the investigation.
PIA Investigations Covering This Organisation
Theranos appears in 1 Project Insider Asia investigation, covering Corporate Disasters.
The Evidence Record
What the investigations document about Theranos's involvement, drawn from the published investigation records.
Theranos Fraud
| Investigation focus | Theranos: How False Claims, Weak Governance and Failed Technology Led to Criminal Convictions |
|---|---|
| Cost | $700M |
| Key dates | 2026-07-06 |
Governance Lessons
Lessons from the investigations covering Theranos, each attributed to its source investigation.
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Board Composition Must Include Technical Validators
Theranos's board included Henry Kissinger, George Shultz, and Jim Mattis — eminent statesmen with zero medical expertise. When a board lacks domain-specific technical knowledge, it cannot validate claims or spot fraud. Reputation is not a substitute for expertise.
From Theranos Fraud
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Due Diligence Must Include Independent Testing
Major investors including Walgreens and Safeway conducted limited due diligence that did not include independent verification of the core technology claim. When you invest in a technology company, test the technology independently before you invest.
From Theranos Fraud
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Whistleblowers Need Protected Channels
Tyler Shultz, grandson of board member George Shultz, became a whistleblower because internal channels were blocked. When employees cannot raise concerns internally, they raise them publicly — or not at all. Protected whistleblower channels are governance infrastructure.
From Theranos Fraud
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