Documentaries lift lid on Theranos biotech scam

As criminal fraud investigations continue into former Theranos CEO Elizabeth Holmes and president Ramesh Balwani, further details are emerging in two documentaries about how the company hoodwinked doctors, patients, and investors with bogus and exaggerated claims about its diagnostic technology. Earlier this month a federal judge granted more time to investigators in the criminal fraud case against Holmes and Balwani after the implosion of Theranos over the last couple of years. Once a silicon valley giant worth billions, Theranos’ blood testing empire collapsed over the last few years amid probes by journalists, the FDA, and more recently prosecutors.
Now two documentaries are set to reveal more about how the company raised money from investors in what turned out to be one of the biggest biotech scams in history. Holmes and Balwani still deny any wrongdoing. This week, ABC News is previewing its documentary on Holmes called “The Dropout” in its late-night current affairs programme, Nightline. The first episode of the six-part podcast will be available on a range of platforms including Apple Podcasts and Spotify tomorrow. It includes footage from a 2017 deposition from a whistleblower who said Holmes lied about the capabilities of Theranos’ testing device.