06/10/2016 AT 01:00 AM EDT
The company, which was at one point worth $9 billion, lost trust with the public after an investigation by The Wall Street Journal poked holes in its claims about its new blood testing system.
Adam McKay, who recently directed the financial crisis drama The Big Short is set to produce the film, according to Deadline, which first reported the story. Lawrence will play the company’s 32-year-old founder.
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Theranos was once one of Silicon Valley’s most promising startups, with its multi-billion dollar valuation and promises of a blood testing system that claimed to be able to perform complex tests with just a drop of blood.
While the company disputed many of The Wall Street Journal’s findings, subsequent regulatory inspections found evidence of issues causing “immediate jeopardy to patient health and safety.” Inspectors threatened to ban the company from operating any laboratories after it claimed the problems were not rectified. The company is also under investigation by federal prosecutors to find out if investors were intentionally misled, according to The Wall Street Journal.
As a result of the investigations, Holmes lost her position as one of the richest female self-starters in Silicon Valley.