You know, where Theranos went wrong was not selling some other thing and then tack on their “Full blood test in just one drop” thing as an add-on. Oh and making sure it’s labeled beta . That’s very important.
Milton from Nikola would be better example in my opinion. You had him rolling a truck down the hill to show it works despite at the time it was still technology in development (company is still doing progress now). It still shocks me he is going to prison for that as a fraud when it was just a commercial. I don't know if you know - but classical trick in advertising food is using cigarette smoke instead of hot steam…
Doesn't matter what consumers know about authenticity of advertising imagery, it matters that McDonalds investors aren't being lied to about the existence of the Big Mac and Nikola One investors were being lied to about the existence of the Nikola One's propulsion system. Which is why "other companies that aren't amongst history's biggest pump and dump scams also get creative with product images" was never going to be a viable legal defence for Milton.