Theranos founder Elizabeth Holmes takes stand in fraud case

Theranos founder Elizabeth Holmes took the stand on Friday to defend against fraud claims involving the now-defunct blood-testing startup once valued at $9 billion. She has pleaded not guilty. Over the course of the two-month trial, jurors in San Jose, California, have heard testimony from more than two dozen witnesses for the prosecution, including patients and investors whom prosecutors say Holmes deceived.


Reuters | Updated: 20-11-2021 05:09 IST | Created: 20-11-2021 05:09 IST
Theranos founder Elizabeth Holmes takes stand in fraud case

Theranos founder Elizabeth Holmes took the stand on Friday to defend against fraud claims involving the now-defunct blood-testing startup once valued at $9 billion. Holmes is accused of making false claims about Theranos, including that its technology could run a range of diagnostic tests more quickly and accurately than conventional laboratory testing with a drop of blood from a finger prick.

Removing her blue mask to testify, Holmes said that her work at Theranos led her to believe in the company's technology. Defendants are not required to testify in criminal cases, but sometimes do so in a bid to create reasonable doubt about their guilt by punching holes in the prosecution's case.

A major risk is that prosecutors can cross examine them, in an effort to expose possible inconsistencies or lies in their testimony. Once touted as the Steve Jobs of biotech for her company’s supposedly innovative technology, Holmes faces nine counts of wire fraud and two counts of conspiracy. She has pleaded not guilty.

Over the course of the two-month trial, jurors in San Jose, California, have heard testimony from more than two dozen witnesses for the prosecution, including patients and investors whom prosecutors say Holmes deceived. At the close of their case on Friday, prosecutors moved to dismiss one count of fraud regarding a patient. Defense attorney Lance Wade told jurors during opening arguments in September that Holmes was a hardworking young entrepreneur who had underestimated the obstacles Theranos faced before it failed.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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