Theranos, founded by Elizabeth Holmes in 2003, claimed its proprietary Edison device could run hundreds of diagnostic tests from a single finger-prick of blood. The technology never worked as claimed. A 2015 Wall Street Journal investigation by John Carreyrou exposed the fraud. The company voided two years of Edison-based test results, affecting approximately 176,000 patients. Holmes was convicted of four counts of wire fraud (January 2022, sentenced to 11 years). President Balwani was convicted of 12 counts (July 2022, sentenced to nearly 13 years). Patients received false medical results; some made clinical decisions based on inaccurate data.