“This is Silicon Valley hubris in force,” said Lakshman Ramamurthy, a former official with the Food and Drug Administration and currently the global regulatory lead at Foundation Medicine.

At its height, Theranos was viewed as the tech world’s answer to the nation’s antiquated and high-cost health care system — heralded as another example of how Silicon Valley would disrupt major industries. Through its proprietary “nanotainer” devices, the company claimed to be able to perform myriad lab tests from just a few drops of blood, avoiding the pain and inconvenience of a conventional blood test. In a vote of confidence, Walgreens signed onto a partnership in 2013 placing Theranos “wellness centers” inside some of its drugstores.

Prominent venture capitalists soon signed on, including Timothy Draper, Ms. Holmes’s former neighbor, and Don Lucas, an early investor in Oracle. Ms. Holmes also assembled a star-studded board of directors, including the former secretaries of state George P. Shultz and Henry A. Kissinger as well as two former United States senators. Gen. Jim Mattis, the current secretary of defense, also served on the board: He told Fortune magazine in 2014 that he joined the board after retiring from the military because he was impressed by the strength of Theranos’s leadership.

In October 2015, Ms. Holmes, in her signature turtleneck, appeared on the cover of Inc. magazine, next to the headline “The Next Steve Jobs.”

That month marked a turning point: A series of articles in The Wall Street Journal cast doubt on whether the technology worked, leading to a spate of investigations. The well-known lawyer David Boies not only defended Theranos, but also joined the board at the height of the company’s turmoil.

The company faces a separate federal criminal inquiry, in which no charges have been filed yet.

In 2016, federal regulators barred Ms. Holmes from owning and operating a medical laboratory for two years, sanctions that Theranos said it would appeal. Later that year, Theranos announced it was closing its lab and laying off about 340 employees, or more than 40 percent of its work force.

Walgreens also sued Theranos over a breach of contract, although the companies later settled for an undisclosed amount.