A reliable and applicable record states the opposite.
Theranos represented to investors that its portable blood analyzer could run a full range of blood tests from finger drops of blood.
could conduct comprehensive blood tests from finger drops of blood
- About
- Theranos, Inc.
- Claim made by
- US Securities and Exchange Commission, regulator statement
- Published
- 14 March 2018
- Evidence score
- 93 How it was scored
- Last reviewed
- 25 October 2026
Why this label
The SEC states that the proprietary analyzer could complete only a small number of tests and that most patient tests ran on modified commercial analyzers made by othersS1. The US Attorney's office says Holmes claimed the device could perform a full range of clinical tests from small finger stick samples, and that she relied on conventional machines bought from third parties for much of the testingS2. A jury convicted Holmes on investor fraud counts tied to these representationsS2, and the conviction was upheld on appealS3. The company's product claim is contradicted by regulator and court records.
Current procedural position
SEC civil action settled by Theranos without admitting or denying on 14 March 2018S1. Holmes found guilty on four counts as announced on 4 January 2022S2. Conviction affirmed in February 2025 and rehearing denied on 8 May 2025S3.
Record supporting the assessment
could complete only a small number of tests
perform a full range of clinical tests
Conflicting or limiting record
No record located that conflicts with this assessment.
Evidence score: 93 of 100
The score grades how well the record establishes this assessment. It is not a score of Theranos, Inc.. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.
| Component | Points | Max | Reason |
|---|---|---|---|
| Source authorityIs the source competent to establish the proposition? | 29 | 30 | SEC and US Attorney records are competent to describe the claims and the evidence. |
| DirectnessDoes the source state the proposition or only discuss adjacent facts? | 18 | 20 | Both records state the gap between the claim and the device's capacity. |
| CorroborationDo independent records support the same material point? | 14 | 15 | A civil regulator and a criminal jury verdict point the same way. |
| Procedural accuracyDoes the record settle the procedural state the claim describes? | 13 | 15 | Criminal conviction affirmed on appeal. The company settlement was not a finding. |
| CurrencyHas the record been checked against later developments? | 9 | 10 | Checked against appeal rulings in 2025 and reporting in January 2026. |
| ReproducibilityCan a reader locate the passage and repeat the assessment? | 10 | 10 | Both releases are public. |
| Total | 93 | 100 |
Timeline
Related cases
- Securities and Exchange Commission v. Theranos, Inc. and Elizabeth HolmesUS Securities and Exchange Commission, action in the US District Court for the Northern District of California. Civil. Not published.Stage: Settled by Theranos and Holmes without admitting or denying, subject to court approval.
- Settlement announced, including a US$500,000 penalty and a 10 year officer and director bar for HolmesS1
- United States v. Elizabeth HolmesUS District Court for the Northern District of California, appeal to the US Court of Appeals for the Ninth Circuit. Criminal. Not published.Stage: Conviction affirmed in February 2025 and rehearing en banc denied on 8 May 2025S3. No clemency grant listed as of 20 October 2026S6.
Revision history
- Assessment first published with label Contradicted.
Have a record that changes this assessment? See corrections and responses.
Sources
- S1Tier A Theranos, CEO Holmes, and Former President Balwani Charged With Massive FraudUS Securities and Exchange Commission. Regulator press release. 14 March 2018.Supports the charges, the company claims and the SEC's account of the device. The settlement is not a finding.
- S2Tier A Theranos Founder Elizabeth Holmes Found Guilty Of Investor FraudUS Attorney's Office, Northern District of California. Government press release. 4 January 2022.Supports the counts of conviction and acquittal and the evidence on the device. It does not cover sentencing or appeal.Link working, checked 25 October 2026
- S3Tier C Ninth Circuit denies Elizabeth Holmes' request for rehearingCourthouse News Service. Press report. 8 May 2025.Report by Matt Simons on the rehearing denial and the February 2025 affirmance. It does not give the affirmance day.Link working, checked 25 October 2026
- S6Tier A Clemency Grants by President Donald J. Trump (2025-Present)US Department of Justice, Office of the Pardon Attorney. Government press release. Updated 20 October 2026.Official list of pardons and commutations since 2025, latest grant 13 October 2026. It lists no grant to Holmes or her former co-defendant. It does not show pending petitions.Link working, checked 25 October 2026
Other claims about Theranos, Inc.
- Partly supported83The SEC said in March 2018 that Theranos, its CEO and its former president carried out a massive fraud, and that the company was liable for it.Regulator statement, 14 March 20184 records citedFraud
- Supported81Courthouse News reported in May 2025 that the Ninth Circuit denied the former Theranos chief executive's request for en banc rehearing after upholding her conviction in February.Press report, 8 May 20252 records citedFraud
- Supported61The New York Times reported in September 2018 that Theranos was preparing to close and dissolve.Press report, 5 September 20181 record citedCorporate status