Stock Groups

Holmes to take stand for third day in Theranos fraud trial -Breaking

[ad_1]

© Reuters. Elizabeth Holmes, Theranos founder, departs after she attends her fraud trial before a federal court in San Jose California on November 22, 2021. REUTERS/Brittany Hosea-Small

Jody Godoy

SAN JOSE (Reuters) – Elizabeth Holmes, founder of Theranos, is scheduled to testify for a third time Tuesday at her trial over fraud allegations related to her startup. Holmes once claimed that her company would revolutionize blood testing.

Holmes (37), who spent approximately two-and-a half hours discussing Theranos technology as well as its positive performance in early trials, is expected to testify for the full day.

Theranos accused her of lying about the technology, which was touted as being able to run diagnostic tests more quickly and accurately than traditional laboratory testing using a drop from a finger prick.

Theranos was once valued at $9Billion and collapsed in 2015 after The Wall Street Journal published several articles that suggested the company’s devices had been flawed or inaccurate.

Holmes’ decision not to testify could be risky because she is open to cross-examination from prosecutors.

This trial shines light on Silicon Valley startups, who often get high valuations due to promises of success in the future rather than real revenue streams and profits.

Holmes’ lawyers tried to present her as an entrepreneurial young woman who underestimated Theranos’ difficulties.

Jurors heard more than 20 witnesses from prosecution, which included investors and patients whom Holmes allegedly deceived.

Holmes pleaded not guilty in nine cases of wire fraud and two conspiracies.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]