MENU
  • Loading ...
  • Loading ...

Stays Accommodation

Latest News Stays Accommodation

Are you looking for a holiday? Get special deals.

 

Elizabeth Holmes says she had faith in Theranos?s early studies

24 Nov 2021 By theguardian

Elizabeth Holmes says she had faith in Theranos?s early studies

The Theranos founder Elizabeth Holmes completed a second day of testimony in her own defense, in a widely followed fraud trial that could have major implications for Silicon Valley.

Flanked by her mother and partner Billy Evans, Holmes brusquely walked into the federal courthouse in San Jose, California, past throngs of journalists who had been waiting since the early morning hours to chronicle one of the most high-profile trials the tech world has seen in decades.

She faces up to 20 years in prison for allegedly defrauding investors and patients after her company's blood-testing devices failed to deliver on ambitious promises to perform hundreds of health tests using just a drop of blood. Holmes, 37, has pleaded not guilty.

In her testimony on Monday, Holmes primarily focused on her understanding at the time that Theranos's technology was more accurate than it was due to the company's early trials.

The defense introduced studies of Theranos's blood-testing machines that showed favorable results for the company, including research from big-name pharmaceutical firms such as Pfizer, Novartis and AstraZeneca. Holmes said she took the studies to mean the devices had been vetted.

One study, conducted by Stanford University, concluded the blood devices had found "very clear patterns of disease progression, remission and effects of therapies are apparent".

Holmes said that at the time the numbers meant "our system was working well". Other studies referenced by the defense included one conducted by Schering-Plough (a pharmaceutical firm that later became Merck) and Pfizer.

The judge instructed the jury to note that the evidence speaks not to whether the technology was, in fact, accurate but to Holmes' "state of mind" at the time.

Holmes spoke for nearly two hours before court adjourned for the day. She will resume her examination on Tuesday morning.

The prosecution rested its case against Holmes on Friday afternoon, and in the 11 preceding weeks argued to the jury that the former CEO had intentionally misrepresented the capabilities of the company's technology, raising millions of dollars in funding on false promises. Federal attorneys questioned former Theranos employees, investors and patients on the failures of the devices.

Theranos lab directors called by prosecutors testified that their concerns over the technology's shortcomings were largely ignored. Meanwhile, former investors said they were discouraged from scrutinizing the company but felt pressured to invest for fear of missing out on the next big Silicon Valley unicorn. In one of the more shocking revelations of the trial, the prosecution alleged Theranos published forged documents with the Pfizer logo to imply the drug company's support.

The decision from Holmes to take the stand came largely as a surprise, since it opens her to risky questioning from prosecutors over possible inconsistencies in her numerous public statements.

In her first day of testimony on Friday, Holmes recounted her early years as a student at Stanford University and her interest in disease detection, culminating in her decision to drop out of college at age 19 and found the startup later known as Theranos.

Lawyers for the defense have indicated they would continue for at least several more days. The trial is anticipated to run into December.

More News

Booking.com
Don't fall for this bank phishing scam trick
Don't fall for this bank phishing scam trick
159-year-old company embraces driverless trucks
159-year-old company embraces driverless trucks
Taliban lures young travel influencers four years after Afghanistan takeover
Taliban lures young travel influencers four years after Afghanistan takeover
2,000-year-old Jewish rebel coin, minted decades after Jesus, unearthed in Jerusalem
2,000-year-old Jewish rebel coin, minted decades after Jesus, unearthed in Jerusalem
Beto O'Rourke says he does not regret saying he will take away AK-47s and AR-15s while running for president
Beto O'Rourke says he does not regret saying he will take away AK-47s and AR-15s while running for president
Taylor Swift's music gave Travis Kelce a roadmap on how to be her perfect boyfriend
Taylor Swift's music gave Travis Kelce a roadmap on how to be her perfect boyfriend
Louisville woman shot and killed walking child to school bus stop
Louisville woman shot and killed walking child to school bus stop
City council cracks down on 'vulgar' merchandise at popular beach destination
City council cracks down on 'vulgar' merchandise at popular beach destination
Daily Beast roasted for 'absolutely bonkers' article defending Florida death row inmates and slamming DeSantis
Daily Beast roasted for 'absolutely bonkers' article defending Florida death row inmates and slamming DeSantis
ICE hauls in illegal immigrants convicted of child crimes in nationwide Wednesday sweep: 'clear message'
ICE hauls in illegal immigrants convicted of child crimes in nationwide Wednesday sweep: 'clear message'
Make-up brand apologizes for ad featuring comedian who made controversial joke two years ago
Make-up brand apologizes for ad featuring comedian who made controversial joke two years ago
NYPD releases dramatic body cam footage of officers tackling alleged teen gunman in Brooklyn chase
NYPD releases dramatic body cam footage of officers tackling alleged teen gunman in Brooklyn chase
Racial discrimination lawsuit against NFL and teams can go to trial, court rules
Racial discrimination lawsuit against NFL and teams can go to trial, court rules
Parents defend using push-ups and squats as punishment in viral video
Parents defend using push-ups and squats as punishment in viral video
Mother and son arrested at Miami airport after fatal New Jersey street racing crash and escape attempt
Mother and son arrested at Miami airport after fatal New Jersey street racing crash and escape attempt
New Paramount chief backs Colbert cancellation, says late-night landscape has 'huge problem'
New Paramount chief backs Colbert cancellation, says late-night landscape has 'huge problem'
Ashley Biden deletes social media post attacking soon-to-be-ex-husband amid divorce filing: reports
Ashley Biden deletes social media post attacking soon-to-be-ex-husband amid divorce filing: reports
Stefon Diggs noncommittal on Patriots debut as he recovers from injury: 'Taking it day by day'
Stefon Diggs noncommittal on Patriots debut as he recovers from injury: 'Taking it day by day'
Supreme Court has 'good chance' of hearing Kim Davis' case urging same-sex marriage be overturned: lawyer
Supreme Court has 'good chance' of hearing Kim Davis' case urging same-sex marriage be overturned: lawyer
Meet the former Soros foundation exec connecting Obama world with Mamdani campaign
Meet the former Soros foundation exec connecting Obama world with Mamdani campaign
Latest News

copyright © 2025 Stays Accommodation.   All rights reserved.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z