[JimboOmega]

You could say Theranos' core product was "released" - they were doing blood testing. Maybe badly. Maybe clandestinely on other equipment. But as far as the rest of the world was concerned it was "working".

Plus you have to define what "core product" means. Is it the bit that makes money? A lot of startups have slotted the money making bit in later and gone alright; others never really could figure that out.

And... relatively boring companies with real business can transform themselves into "house of cards built on lies" type businesses pretty easily, too. Think about Enron, or any financial firm that went heavily in on the subprime mortgages.

[RangerScience]

Maybe their core product, but not their flagship product.

Theranos was built on the promise of an amazing new tech for blood testing, not on the promise of blood testing.

By "flagship product" I mean the thing you're basing your corporate identity on. Like the stereotypical waiter in LA, they're actually an actor; their identity (flagship product) is actor, but their day job (released/core products) is something else.