It's seems like there has been enough deception of investors, employees, partners and customers over the 12 years with little/nothing to show that "fraudulent" is probably the correct word.
Without knowing the term sheets and early investor negotiations that were held, I shy away from using the term fraudulent in the strict legal sense of the word.
Certainly you can argue more broadly that Theranos statements to the public over the past decade go beyond being disingenuous about their implementation of difficult technology and enter into fraudulent territory.
