Holmes’ testimony reaches fourth day in U.S. Theranos fraud trial -Breaking
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Jody Godoy
SAN JOSE CA (Reuters) – Elizabeth Holmes founder of Theranos is set to give testimony Monday at her fourth-day fraud trial in California. She will be presenting herself as an entrepreneur who has faced many challenges while trying to reshape this industry.
Holmes, 37, pleaded not guilty in nine cases of wire fraud and two conspiracies. Theranos is a former startup for blood-testing that was accused of lying to Holmes, 37.
Theranos, once valued at $9Billion, propelled Holmes, a Stanford University dropout to Silicon Valley superstardom. The Wall Street Journal published several articles in 2015 which suggested that Theranos’ devices could be flawed or inaccurate. 2018 saw her indicted.
Holmes will be testifying for her defense. She will tell her story in public in court, in a dangerous move that could expose her to tough cross-examination from prosecutors. The third day of her testimony was last Tuesday, when Holmes denied lying to Walgreens about the company’s technology and offered reasons why she withheld key information about internal processes.
Jurors in San Jose heard evidence from Holmes since the September trial. They have heard that Holmes deceived investors and patients between 2010-2015 when Theranos made its tests available commercially, which included a partnership agreement with Walgreens.
Opening statements by the prosecution stated that Holmes was a victim of fraud when pharmaceutical companies stopped being interested in Theranos’ technology. Jurors were told by Holmes’ attorneys that Holmes was a hardworking young entrepreneur who lost interest in Theranos technology.
Holmes has already testified that Theranos may have reached its goal to create a miniature device that makes testing more affordable and accessible. Holmes also cited positive outcomes from earlier work with drugmakers. Pfizer Inc. (NYSE:)
Also, she said that Walgreens plans to sell Theranos products in their stores face logistical and regulatory challenges.
Jurors have also heard from over two dozen witnesses, including investors and patients who testified that Holmes was deceived.
Ramesh Balwani (ex-chief operating officer at Theranos) is also facing charges. He will be trial separately in January 2019. Holmes briefly testified last week that Balwani (who has pleaded guilty) prepared financial projections which were shared with investors.
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