SAN JOSE, Calif. — After weathering months of accusations that she lied to get cash for her blood testing start-up, Theranos, Elizabeth Holmes, the embattled Silicon Valley entrepreneur who’s on trial for fraud, sharpened her protection on Monday.
In simply under two hours of testimony, Ms. Holmes pushed again towards accusations that she had lied about Theranos’s work with drug firms. She additionally pointed the blame on the scientists and docs who had labored at her start-up, saying she believed what they’d informed her about Theranos’s know-how.
And all through all of it, Ms. Holmes’s protection bolstered the thought it has been pushing for the reason that begin of the trial: She could have made errors, however failure will not be against the law.
“We thought this was a very large thought,” Ms. Holmes stated about Theranos’s machines, which she as soon as promised might run a protracted record of medical assessments from only a few drops of their blood.
It was her second day of testimony in a trial that has gripped Silicon Valley and grow to be a referendum on start-up culture and simply how far entrepreneurs will take their hubristic claims of altering the world. For her attorneys, the thought on Monday was to indicate the kernel of fact that will have existed in some of essentially the most blatant misrepresentations that prosecutors attributed to her.
Ms. Holmes, 37, has been charged with 11 counts of fraud and conspiracy to commit fraud. She has pleaded not responsible. If convicted, she faces as much as 20 years in jail.
Her testimony has been the star attraction at a trial the place greater than 30 witnesses have been referred to as over the previous three months right into a San Jose, Calif., courtroom to testify. Ms. Holmes had watched the proceedings quietly, her expression obscured behind a medical masks. On Friday, the prosecution had rested its case.
Ms. Holmes is the rare Silicon Valley executive to be tried on fraud prices. Whereas the world of tech start-ups is thought for its tradition of hustle and hype, few have risen as excessive or fallen as dramatically as Theranos — and even fewer of their leaders have been indicted on accusations that they lied to buyers. Over 13 years, Theranos raised practically $1 billion in funding, valuing it at $9 billion. After The Wall Avenue Journal revealed in 2015 that Theranos’s know-how didn’t work as marketed, the corporate unraveled. It shut down in 2018.
Ms. Holmes’s choice to testify is a dangerous one which shocked the courtroom out of its Friday afternoon lull final week. She has opened herself as much as cross-examination by prosecutors and in addition dangers perjury.
However experts have argued that she had no alternative however to defend herself, given the proof offered by prosecutors. That has included textual content messages that confirmed Ms. Holmes was conscious of Theranos’s know-how issues and testimony about faked demonstrations of its talents. Prosecutors additionally revealed that after an worker, Erika Cheung, spoke to regulators about issues within the Theranos lab, the start-up employed a non-public detective to observe her.
“They suppose they’re behind, and so they have a wise, likable, younger, engaging witness,” Neama Rahmani, the president of the West Coast Trial Attorneys and a former federal prosecutor, stated of Ms. Holmes. “And she or he thinks she’s going to speak her method out of it.”
One key level made by prosecutors was that Theranos might by no means conduct greater than 12 totally different blood assessments by itself machines. It secretly used blood evaluation machines from firms like Siemens to run most of its assessments, however proclaimed it might do tons of or hundreds at varied instances.
Ms. Holmes’s attorneys have for weeks tried complicating the prosecution’s narrative. They’ve pointed to patents created by Theranos. They’ve hammered buyers for not doing enough diligence on the start-up earlier than eagerly writing checks to fund it. And so they painted Ms. Holmes as inexperienced and unqualified to run a lab, directing blame for Theranos’s failure at those that had been skilled and certified.
However on the stand, Ms. Holmes offered herself as a powerful and impressive chief govt when describing the early days of Theranos. She detailed a patent that bore her identify for an early idea of the corporate, in addition to the assistance she bought from Channing Robertson, a revered scientist and Stanford College professor who joined Theranos’s board. She was relaxed and assured, smiling broadly and nodding earlier than answering questions.
On Monday, her direct examination continued in chronological order. Her attorneys walked by way of the main points of preliminary research that Theranos had achieved with a quantity of drug firms in 2008, 2009 and 2010. Additionally they famous that Theranos’s know-how had carried out nicely in these early research with Merck, AstraZeneca, Centocor, Bristol Myers Squibb and others.
Representatives from Pfizer and Schering-Plough testified earlier that they’d evaluated Theranos’s know-how and had come away unimpressed.
However the level of Monday’s testimony was to indicate that Theranos did work with drug firms reasonably than by no means. Ms. Holmes testified not solely concerning the medical research but in addition a couple of examine revealed in a peer-reviewed journal.
That strategy allowed her to concentrate on Theranos’s early successes and the conversations she had with every potential associate, whereas glossing over the outcomes of these conversations.
Ms. Holmes additionally tried to shift the blame, noting that she discovered about Theranos’s know-how from the scientists and docs who labored within the firm’s lab. She testified that she believed them after they stated the know-how labored. The implication: Ms. Holmes couldn’t have supposed to deceive buyers if she believed the know-how was actual.
Prosecutors face a problem in proving that Ms. Holmes supposed to defraud buyers. The push-pull between displaying that she was conscious of Theranos’s issues and that she merely relied on what others informed her has been a recurring theme in testimony.
Emails between Ms. Holmes and Ian Gibbons, a former chief scientist at Theranos, additionally painted a rosy image of Theranos’s know-how.
“I understood that the 4 collection might do any blood check,” Ms. Holmes stated, referring to a model of Theranos’s machines, described by Mr. Gibbons.
Choose Edward J. Davila of U.S. District Court docket for the Northern District of California instructed jurors that many displays, together with the emails between Ms. Holmes and her lab employees, ought to be taken as a sign of her “state of thoughts” reasonably than the reality of the scenario.
Monday’s court docket session ended with Choose Davila once more rebuking spectators over the amount of their typing, reminders of the numerous interruptions and delays which have plagued the trial because it started in August.
Direct testimony of Ms. Holmes is predicted to final by way of Tuesday. She is going to then face cross-examination from prosecutors.
The jury filed out, however the attorneys continued to argue about what displays will be admitted. Robert Leach, a lawyer for the prosecution, stated they weren’t given sufficient time to overview the displays from the protection. Kevin Downey, Ms. Holmes’s lawyer, countered that this was extra time than the protection was given.
Testimony will start at 9 a.m. tomorrow and stretch till 4 p.m.
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Because the jurors filed out, Ms. Holmes tried to make eye contact with every of them. Few appeared up.
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Ms. Holmes’s authorized group confirmed one other electronic mail of Theranos’s scientists and lab employees telling Ms. Holmes about what Theranos’s know-how might do. She testified that her understanding of the corporate’s know-how was based mostly on what these specialists informed her — a key half of the protection argument that Ms. Holmes couldn’t have supposed to deceive buyers as a result of she believed the tech labored.
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That’s it for at present. The practically two-hour delay has not been defined! Again in court docket tomorrow morning
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Ms. Holmes testified about her interactions with Shane Weber, a Pfizer director who evaluated Theranos’s know-how and testified earlier within the trial. He concluded that the corporate’s solutions to his technical due diligence questions had been “non-informative, tangential, deflective or evasive” and that Pfizer shouldn’t work with the corporate.
Regardless of Mr. Weber’s conclusion, Theranos used stories with Pfizer’s brand on them to solicit funding.
Ms. Holmes testified that Theranos continued to “speak” and in addition “work together” with Pfizer after Ms. Weber’s conclusions, together with discussions about potential partnerships. She didn’t say whether or not any of these talks or interactions led to enterprise offers.
Ms. Holmes testified a couple of “nice name” a Theranos worker had with Constance Cullen, an immunology skilled from the pharmaceutical firm Schering-Plough.
“All in all, it was superior, I feel,” a Theranos worker wrote to Ms. Holmes in a 2010 electronic mail that was displayed within the courtroom. “Calling her each single morning for the final 3 weeks lastly paid off…”
Ms. Cullen testified earlier within the trial. Her characterization of her conversations with Ms. Holmes: “There have been what I’d describe as cagey responses or makes an attempt to redirect to different subjects of dialogue.” Ms. Holmes had pitched Ms. Cullen on Theranos’s know-how, however Ms. Cullen stated in her testimony that she was dissatisfied with Ms. Holmes’s responses. “There was inadequate technical element for us to have the ability to consider the know-how,” Ms. Cullen stated.
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Mr. Downey requested Ms. Holmes concerning the outcomes of Theranos’s work with GlaxoSmithKline. “I bear in mind they thought our system eradicated the necessity for a lab,” Ms. Holmes stated. The corporate continued to make use of Theranos machines in reference to medical research going ahead, she testified.
For many of the primary two months of Elizabeth Holmes’s trial, the temper contained in the courtroom has been calm and quiet. Edward Davila, the mild-mannered decide overseeing the trial, has saved proceedings orderly all through many hours of detailed testimony about Theranos’s interior workings and enterprise dealings.
Every day, a small group of reporters and curious spectators wait in line to have their baggage scanned by safety earlier than coming into the beige, windowless courtroom. Inside, Ms. Holmes sits upright in a leather-based chair at a desk along with her attorneys, staring straight forward.
Behind her within the gallery, her mom, Noel, usually sits in a reserved row with a rotating group of household and buddies who’ve are available in a present of help. Ms. Holmes’s associate, Billy Evans, is usually amongst them.
Attendees are assigned tickets for a restricted quantity of seats, spaced out as a pandemic precaution. Everybody within the courtroom wears a masks besides these testifying.
Reporters kind rigorously on laptops, cautious of warnings from the decide that they should have a “silent keyboard.” One juror has complained that clacking noise from keyboards was distracting.
Common attendees carry seat cushions for the onerous wooden benches — and to save lots of their seats throughout breaks. When displays are displayed on two massive displays on the perimeters of the room, these paying consideration squint and lean in to learn. One reporter makes use of binoculars.
Ms. Holmes’s testimony on Friday afternoon despatched a jolt of adrenaline by way of the sleepy room. Jurors listened intently. Reporters despatched panicked messages to their editors. And the extra devoted spectators who hadn’t but trickled out for the weekend sat up straight, craning to see Ms. Holmes plead her case.
On Monday, the courtroom was packed as Ms. Holmes testified for a second day and her protection started taking form.
The break is over and court docket is in session. Ms. Holmes is again on the stand.
On Monday, Elizabeth Holmes, the founder of the blood testing start-up Theranos, aimed to rebut a key argument made by prosecutors in her fraud case: that she lied about her firm’s work with pharmaceutical firms.
One of the most damning pieces of evidence prosecutors have offered towards Ms. Holmes is that Theranos despatched falsified pharmaceutical firm validation stories to buyers. These stories displayed the logos of drug makers, which acted as proof that Theranos’s know-how had been validated by them. In the course of the trial, buyers have testified that these stories helped persuade them to pour cash into Ms. Holmes’s start-up.
However representatives from Pfizer and Schering-Plough testified that their firms had by no means validated Theranos’s know-how. (Pfizer’s consultant stated the corporate had come to the other conclusion.) Nor had they accepted of having their logos added to the stories.
On the stand on Monday, Ms. Holmes testified about research that Theranos did with Merck, AstraZeneca, Centocor, Bristol Myers Squibb and others in 2008 and 2009. One exhibit displayed inner documentation concerning the success of some of this early work and confirmed a map of round a dozen cities around the globe the place Theranos’s machines had been used for research.
Kevin Downey, Ms. Holmes’s lawyer, additionally confirmed what he referred to as a peer-reviewed journal that revealed the outcomes of a examine that Theranos did with Stanford College round this time. He didn’t point out the identify of the journal.
In every instance, Ms. Holmes’s understanding of Theranos’s know-how was that “it carried out nicely,” she testified. In some of the examples, Theranos was paid for its work within the research.
All through her trial, Ms. Holmes’s protection group has tried making the case that there was some fact to what Ms. Holmes informed buyers.
“The truth of what occurred at Theranos is much, much more sophisticated than what you may have heard about Elizabeth Holmes thus far,” Lance Wade, one other of Ms. Holmes’s attorneys, stated in his opening assertion at the trial’s start in September.
The trial of Elizabeth Holmes has every part: a charismatic, engaging and youthful feminine defendant; celebrities; intercourse; huge sums of cash; the lengthy shadow of Steve Jobs; lives of actual individuals in danger.
If it’s one of essentially the most well-known legal instances ever to come back out of Silicon Valley, it additionally typically looks like the one one. Prosecutors in Northern California brought 57 white-collar crime cases in fiscal 12 months 2020. Even after accounting for the impact of Covid, instances have plunged from the height of 350 in 1995.
Not each white-collar case is a tech case or associated to start-ups, which implies there are solely a handful of instances annually when somebody in Silicon Valley is accused of against the law.
There are loads of sophisticated causes for this scarcity of courtroom motion.
A frequent explanation is that it’s the fault of a lackluster U.S. lawyer’s workplace in San Francisco. Few prosecutors come to the Bay Space to make their reputations, and people who do — like Robert Mueller 20 years in the past — quickly transfer on to higher jobs. Mr. Mueller took over the F.B.I.
It’s not only a native difficulty. Preventing white-collar crime has been much less of a precedence for the Division of Justice for the reason that Sept. 11 assaults introduced fears of widespread terrorism.
And for all of the rising consciousness of the ability of tech firms, there may be little public demand to carry them accountable. When David Anderson stepped down as U.S. lawyer for the Northern District of California early this 12 months, he did an interview with a radio station. None of the questions from the host or from callers handled Silicon Valley.
Mr. Anderson, a Trump appointee, had talked about making Silicon Valley a precedence for his prosecutors. His first public look was on a panel titled “White Collar Crime in a High-Tech World.” However he was in workplace for 2 years, too few to actually make an impression. The district has had an appearing U.S. lawyer, Stephanie Hinds, since March.
But one more reason is that Silicon Valley is a really wealthy place. That doesn’t make authorities prosecutions unimaginable. However it ensures that top-flight protection attorneys will be introduced in, making instances like Ms. Holmes’s neither brief nor easy.
Lastly, there’s a sense in Silicon Valley that failure — whether or not an organization that went beneath or an funding that was misplaced — is greatest saved within the household, far-off from prosecutors, regulators and the media. Buyers are speculated to be subtle, and a case like Ms. Holmes’s can reveal simply how foolish and naïve they were. The identical is true of workers.
Higher to only overlook about something suspicious than allege fraudulent exercise. In any case, you wouldn’t need to miss out on the following alternative.
The court docket is taking a break till round 12:10 p.m. Pacific time. Court docket is just scheduled to go till early afternoon at present.
Mr. Downey walked Ms. Holmes by way of Theranos’s relationships with varied pharmaceutical firms, together with AstraZeneca, Merck, Bristol Myers and Centocor. Ms. Holmes testified that Theranos know-how carried out nicely in evaluations by these firms.
The protection goes chronologically by way of Ms. Holmes’s time at Theranos. Ms. Holmes is now testifying about pharmaceutical research achieved throughout 2008-2009.
Mr. Downey confirmed a slide of “accomplished successes” on varied pharmaceutical research. Successes meant that “we had efficiently achieved the goals of this system,” Ms. Holmes stated.
Theranos’s relationship with pharmaceutical firms has come up steadily within the trial thus far. Scientists from Celgene, Pfizer and Schering-Plough testified about how they in the end didn’t advocate Theranos’s know-how. However Theranos nonetheless created a report displaying logos from Pfizer, Schering-Plough and GlaxoSmithKline, implying that these firms accepted the report when they didn’t.
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In an exhibit displaying outcomes of a examine on sepsis that Theranos did with Stanford, the corporate’s scientists concluded that “Assay outcomes have been exact.”
Ms. Holmes testified, “It meant our system was working nicely.”
Mr. Downey then pulled up a bit of a peer-reviewed journal which revealed the outcomes of the examine (with out saying its identify).
That is doubtless meant to rebut the prosecutor’s accusations that Theranos’s know-how didn’t work and that Ms. Holmes was conscious of the issues.
Mr. Downey requested Ms. Holmes concerning the areas by which Theranos tried to associate with the Protection Division, emphasizing the phrase “try.” Theranos’s relationship with the army is a key half of the prosecution’s case — the prosecution highlighted that Ms. Holmes stated Theranos signed contracts with the army, when it had not.
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Mr. Downey confirmed us a 2008 inner report itemizing options and technical specs for Theranos’s gadgets, together with “multiplexed measurement of biomarkers” and “manufacturing unit calibration.” Ms. Holmes defined a number of of them and why they might be superior to regular testing strategies.
The report additionally famous that Theranos techniques had been in medical analysis. Ms. Holmes testified that she was informed that the medical outcomes had been “glorious.”
Automating the blood testing course of was a serious half of Theranos’s argument for why their gadgets had been extra correct. Mr. Downey confirmed the jurors a paper saying that 93 % of the errors within the diagnostic course of had been human errors that Theranos’s system would theoretically have helped automate.
White-collar defendants not often take the stand as a result of it opens them as much as a probably damaging cross-examination. But Elizabeth Holmes is testifying in her personal protection.
Why take that probability?
Attorneys for Ms. Holmes, 37, could also be betting that their consumer — who charmed buyers and companions as she constructed Theranos to a $9 billion valuation earlier than it collapsed — shall be persuasive and charismatic sufficient to get 12 jurors on her facet.
“They suppose they’re behind, and so they have a wise, likable, younger, engaging witness,” stated Neama Rahmani, who’s the president of the West Coast Trial Attorneys and a former federal prosecutor. “And she or he thinks she’s going to speak her method out of it.”
Ms. Holmes’s testimony can also be the one technique to present that she didn’t intend to deceive anybody, Mr. Rahmani stated. She will be able to discuss her relationship with Ramesh “Sunny” Balwani, 55, Theranos’s former chief working officer and her former boyfriend. In court docket filings, she has stated he was emotionally abusive and controlling. He has denied the allegations.
Ms. Holmes, who smiled and appeared relaxed when she took the stand on Friday, can also be hoping to current herself to the jury as a sympathetic determine. She had a baby in July and has confirmed as much as the courtroom carrying a diaper bag and holding palms along with her mom.
However by talking in court docket, Ms. Holmes is taking a danger. That’s as a result of she has beforehand made many statements about Theranos — each beneath oath and in media interviews — which prosecutors can grill her on.
“She’s going to be the perfect witness for herself, or the worst,” Mr. Rahmani stated. “She could variety of dangle herself, so we’ll see.”
These advantages included miniaturization and elevated automation of the machine. “We thought this was a very large thought,” she stated.
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Ms. Holmes testified that by 2007, she believed Theranos’s know-how had advantages over conventional blood testing strategies.
As Ms. Holmes testifies, she is talking slowly and clearly, wanting immediately at her lawyer, Kevin Downey.
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Ms. Holmes has taken the stand and resumed discussing the Novartis demo she mentioned on Friday. She defined that the issues in that demo — which have been reported on — had been a consequence of an issue with the glue used to carry the machine collectively, not the know-how itself, and the corporate mounted the issue.
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The decide and jury have entered.
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The lead attorneys from either side of the case emerged from the decide’s chambers and Ms. Holmes has taken her seat on the lawyer’s desk within the courtroom. We’re nonetheless ready and haven’t any phrase on what’s taking place.
Elizabeth Holmes, the founder of the blood testing start-up Theranos, arrived in court docket on Monday for her second day of testimony. She got here along with her mom, Noel Holmes, and one other one that has been a constant presence alongside her on the trial: Billy Evans, her associate.
Mr. Evans’s household based the Evans Resort Group, a resort chain in Southern California. He graduated from the Massachusetts Institute of Know-how in 2015 and labored at a tech start-up till early 2019, in line with his public LinkedIn web page.
Not a lot is publicly recognized about Ms. Holmes’s relationship with Mr. Evans. The 2 had been first seen collectively on the Burning Man competition in 2018, the 12 months that Theranos shut down. Mr. Evans and Ms. Holmes, 37, had a toddler collectively in July; she typically totes a diaper bag in court docket.
Mr. Evans typically sits with the remaining of Ms. Holmes’s household of their reserved row within the courtroom in San Jose, Calif., often leaning over to seek advice from Noel Holmes throughout testimony. He and the opposite members of Ms. Holmes’s entourage maintain to themselves and don’t work together with the press or the general public. He has declined to touch upon the trial.
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After being ushered into the courtroom anticipating a 9 a.m. begin, we’ve now been ready for practically an hour. Kevin Downey and Jeffrey Schenk, the lead attorneys for Ms. Holmes and the prosecution, respectively, aren’t right here. Nor are Ms. Holmes, Choose Edward Davila and the jury.
For the reason that trial’s opening statements, the authorized group for Elizabeth Holmes, the founder of the failed blood testing start-up Theranos, has made it clear how they plan to defend their consumer from prices of fraud.
First, they’ve stated: Ms. Holmes was a hardworking entrepreneur who believed her claims that Theranos’s know-how was revolutionary and whose failure was not against the law. Second: Different Theranos workers, executives and buyers ought to have recognized higher. And third: Ms. Holmes was manipulated by Ramesh Balwani, who is called Sunny and who was previously Theranos’s chief working officer and Ms. Holmes’s boyfriend.
“She did her degree greatest, day in, day trip, to make Theranos profitable, and he or she genuinely, deeply believed it might achieve success,” Lance Wade, one of Ms. Holmes’s attorneys, stated throughout opening statements.
Theranos, which had been hailed as a profitable Silicon Valley start-up, collapsed in scandal and shut down in 2018 after the corporate’s know-how was proven to not work.
Over the primary 11 weeks of the trial, Ms. Holmes’s attorneys have repeatedly pushed the primary two factors of their protection. They’ve sought to undercut testimony from lab workers by pointing to their superior levels and evaluating that to Ms. Holmes, who dropped out of Stanford College. They’ve additionally attacked buyers’ credibility by detailing their lack of due diligence.
As Ms. Holmes, 37, takes the stand for a second day, she could level the finger at Mr. Balwani. In court docket filings, she has stated that Mr. Balwani, 55, was emotionally abusive and controlling throughout their relationship. Mr. Balwani, who will stand trial subsequent 12 months, has denied the allegations. Each have pleaded not responsible.
As a result of Ms. Holmes and Mr. Balwani saved their relationship secret whereas they labored at Theranos, jurors have heard little or no about their interactions. Ms. Holmes’s testimony will doubtless be jurors’ first actual perception into the interior workings of the connection.
Ms. Holmes arrived hand-in-hand along with her mom, Noel Holmes. She was additionally accompanied by her associate, Billy Evans, and varied different members of her entourage, together with two who arrived earlier than 4 a.m. to attend according to the remaining of the general public.
Each the courtroom and an overflow room are full of spectators who arrived nicely earlier than daybreak. The courtroom is quiet as reporters pull out their laptops and everybody waits for testimony to begin.
After ready outdoors for hours, spectators have now filed into the courtroom for the second day of Elizabeth Holmes testifying in self-defense. (As a result of the proceedings aren’t live-streamed, standing in line is the one technique to safe a spot inside.) Ms. Holmes, sporting a royal blue costume, has arrived on the courthouse, however will not be but within the courtroom. Neither are the decide nor jury.
On the finish of a grueling 5 days of testimony this week, the protection within the case of United States v. Elizabeth Holmes on Friday referred to as Ms. Holmes, the founder of the failed blood testing start-up Theranos, to the stand.
A flutter of typing and murmuring washed over the gallery, which had been full of spectators early within the day, earlier than the viewers dwindled because the weekend crept nearer. Ms. Holmes has been charged with 11 counts of defrauding investors about what Theranos’s know-how might do and about its enterprise.
Ms. Holmes, 37, spent solely an hour on the stand earlier than the court docket closed for the day, so her testimony was truncated. What she mentioned had been the early days of Theranos and why she had set the corporate up — and he or she used the chance to current herself in her personal phrases after her emails, texts and different communications had been dissected over the trial’s practically three months of testimony.
Ms. Holmes’s attorneys have argued that she was merely a younger, naïve, formidable founder who relied an excessive amount of on others who gave her unhealthy recommendation. Her attorneys have additionally hammered on her lack of expertise and experience. However on Friday, she offered herself as an skilled on her firm’s know-how.
She testified concerning the early days of Theranos, which began out as Realtime Cures in 2003. She testified a couple of patent she had created whereas a pupil at Stanford, which led her to drop out and work on the corporate full time. She additionally briefly mentioned demonstrations of Theranos’s early know-how and the early rounds of funding she raised to develop it.
Ms. Holmes’s attorneys indicated that her preliminary testimony is more likely to take up Monday and Tuesday subsequent week. That signifies that the prosecution’s cross-examination, which is predicted to be prolonged, gained’t start till after Thanksgiving.
Ms. Holmes was the third witness to be referred to as by her protection group.
Elizabeth Holmes Concludes Day 2 of Her Testimony Source link Elizabeth Holmes Concludes Day 2 of Her Testimony