Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Theranos Whistleblower Tyler Shultz: A Tale of Courage and Ethical Duty

By Stuart Teicher, Esq.
May 31, 2025

In the annals of corporate fraud, few stories resonate as powerfully as that of Theranos, the Silicon Valley biotech startup that promised to revolutionize blood testing but collapsed under the weight of its own deception. At the heart of this saga is Tyler Shultz, a young whistleblower whose courage exposed the company’s fraudulent practices, sparking a reckoning that reverberated across the legal, business and medical worlds. As a professional ethics CLE instructor, adjunct law professor and disciplinary investigator, I’ve spent my career exploring the ethical dilemmas that define the legal profession. Recently, I partnered with Tyler to create a two-hour on-demand ethics CLE program for Law.com’s CLE Center, titled Fraud is Not a Trade Secret: An Interview with the Theranos Whistleblower and the Lessons of Attorney Ethics. This article recounts Tyler’s extraordinary journey and invites legal professionals to explore its lessons through our CLE program, which bridges his real-world experience with the ethical obligations enshrined in the Rules of Professional Conduct.

The Rise and Fall of Theranos


Founded in 2003 by Elizabeth Holmes, a 19-year-old Stanford dropout, Theranos captivated investors with a bold vision: a device called the Edison that could run hundreds of diagnostic tests from a single drop of blood. By 2014, the company was valued at $9 billion, and Holmes was hailed as the next Steve Jobs. Her board boasted luminaries like former Secretary of State George Shultz, who lent Theranos an aura of credibility. Yet, beneath the glossy narrative, the technology didn’t work. The Edison produced unreliable results, and Theranos relied on third-party machines to process tests, misleading investors, regulators and patients.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It Image

Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?

A Lawyer's System for Active Reading Image

Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.

The DOJ's Corporate Enforcement Policy: One Year Later Image

The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.

Blockchain Domains: New Developments for Brand Owners Image

Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.