ABC News and 20/20 will release a two-hour documentary March 15 on the catastrophic fate of Theranos, the tech startup that promised to revolutionize the healthcare industry, and its disgraced founder, according to RollingStone.
The Dropout, explores the story of Theranos former CEO and founder Elizabeth Holmes and the scam she is accused of pulling off for a decade. Ms. Holmes, once credited as the "next Steve Jobs" and the youngest self-made female billionaire, launched Theranos in 2003 with a promise to revolutionize blood testing. The company claimed its blood-testing device could offer diagnostic results for a plethora of diseases using only a single drop of blood. At its height, the company was valued at $9 billion.
But there was one big problem: The blood test didn't work.
Following an expose by the Wall Street Journal and subsequent federal investigations, Ms. Holmes was charged with 11 counts related to defrauding investors and deception. She later settled multiple massive fraud charges with the Securities and Exchange Commission, Rolling Stone reported.
She agreed to pay $500,000, step down from the company and not run another company for 10 years. She did not admit any wrongdoing.
The documentary features never-before-heard deposition tapes and interviews with former Theranos investors and employees.