Publications
Publications
- February 2019 (Revised July 2025)
- HBS Case Collection
Theranos: Who Has Blood on Their Hands? (A)
By: Nien-hê Hsieh, Christina R. Wing, Emilie Fournier and Anna Resman
Abstract
This case covers the rise and fall of Theranos, the company founded by Elizabeth Holmes in 2004 to revolutionize the blood testing industry by creating a device that could provide from a small finger prick the same results and accuracy as intravenous blood draws. As founder and CEO, Holmes was hailed as the most successful female tech entrepreneur ever. In October 2015, however, a Wall Street Journal article exposed internal struggles and questioned the startup’s trajectory. Subsequent investigations revealed that Theranos, despite commercial operations in 40 retail locations, lacked a functioning product. Set in 2017, the (A) Case opens with Theranos’ motion to dismiss the class action lawsuit filed by two investors who claimed that Theranos and its officers had violated California’s securities law and engaged in fraud.
Keywords
Health Testing and Trials; Corporate Accountability; Organizational Culture; Misleading and Fraudulent Advertising; Crime and Corruption; Ethics; Entrepreneurship; Lawsuits and Litigation
Citation
Hsieh, Nien-hê, Christina R. Wing, Emilie Fournier, and Anna Resman. "Theranos: Who Has Blood on Their Hands? (A)." Harvard Business School Case 619-039, February 2019. (Revised July 2025.)