Theranos' Holmes says investors were future-focused as testimony wraps
Reuters
Published Dec 08, 2021 02:37PM ET
Updated Dec 08, 2021 02:51PM ET
By Jody Godoy
SAN JOSE, Calif. (Reuters) - Theranos founder Elizabeth Holmes finished testifying in her own defense against fraud charges on Wednesday morning, telling jurors that investors "weren't interested in today" but focused on the blood-testing startup's impact in the long-run.
Holmes, 37, faces nine counts of fraud and two counts of conspiracy for allegedly lying about Theranos' technology to bring in cash from wealthy private investors and patients who paid for tests from the company.
Holmes rose to fame in Silicon Valley for her ambitious play to reinvent blood testing with a device that supposedly could perform a diagnostic analysis from a finger prick.
Once valued at $9 billion, Theranos collapsed after the Wall Street Journal published a series of articles, starting in 2015, that suggested its devices were flawed and inaccurate.
Prosecutors allege Holmes' fraud included false claims that Theranos' devices were able to run a range of tests more quickly and accurately than conventional laboratory means.
During her final moments on the stand, Holmes said that she had sought to communicate the future promise of the company to long-term investors.
"I wanted to convey the impact the company could make for people and for healthcare," Holmes said. "They weren't interested in today, tomorrow or next month."
Neither Holmes' attorneys nor prosecutors called further witnesses on Wednesday. Jurors will hear closing arguments on an unspecified date.
U.S. District Judge Edward Davila said that he needs time to hear arguments from the parties about the legal instructions he will give jurors, and that deliberations in the case could begin as late as January, depending on jurors' holiday plans.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.