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Theranos’ Holmes says investors were future-focused as testimony wraps -Breaking

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© Reuters. Elizabeth Holmes, founder of Theranos, leaves following her fraud trial in San Jose (California), U.S. November 22nd, 2021. REUTERS/Brittany Hosea-Small/File Photo

Jody Godoy

SAN JOSE CA (Reuters) – Elizabeth Holmes is the founder of Theranos. On Wednesday morning she testified in her own defense to fraud charges. Holmes said that investors weren’t interested today but were more concerned about the future impact of the startup blood-testing business.

Holmes, 37 years old, is facing nine fraud charges and two conspiracy counts for lying about Theranos technology in order to raise cash from wealthy investors and patients who had paid for testing from the company.

Holmes was a Silicon Valley star for her bold play to reinvent blood tests with a device that could do a diagnosis from a finger prick.

Theranos, once valued at $9 billion collapsed in 2015 after The Wall Street Journal published series of articles starting in 2015. These articles suggested that its devices could be flawed or inaccurate.

The prosecution alleges Holmes committed fraud by falsely claiming that Theranos devices could run more tests quickly than traditional laboratory methods.

Holmes spoke last on the stand to say that she wanted to share the company’s future prospects with long-term investors.

Holmes explained that Holmes wanted to communicate the positive effects the company can have on healthcare and people. They weren’t interested today, tomorrow, or next month.

Holmes’ lawyers, nor the prosecutors, called any further witnesses on Wednesday. On an unknown date, jurors will hear the closing arguments.

U.S. District judge Edward Davila indicated that he needed time to hear arguments about legal instructions he would give jurors. He also said that the deliberations on the case might begin in January depending upon jurors’ vacation plans.

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