Elizabeth Holmes trial: the jury has reached a verdict

Earlier on Monday, a jury of eight men and four women, who had deliberated for 45 hours at the time, returned a note indicating they were at a standstill and unanimously agreed on three of the 11 cases. Couldn’t reach decision. In response, Judge Edward Davila, who is presiding over the case, directed them to continue deliberations to try to reach a verdict, known as an Allen charge.

Hours later, the jury returned another note indicating that it was unable to reach a verdict on those cases.

After reading the note aloud, the judge brought the jury to the courtroom. He questioned jurors whether more deliberation would help return a unanimous verdict, which none of the jurors raised that this would be the case. He sent them back to the discussion room to complete the judgment form.

Holmes, who claimed to have revolutionized blood testing, faced nine counts of federal wire fraud and two counts of conspiracy to commit wire fraud, on charges he knowingly solicited investors, doctors and patients from his company’s blood-testing capabilities. lied about so that they could take his money and promote his company.

Holmes, who pleaded not guilty, faces up to 20 years in prison as well as a $250,000 fine, as well as indemnity for each count of wire fraud and one count of conspiracy.

decision comes after The lengthy trial that kicked off last fall at a federal court in San Jose presided over by Judge Edward Davila. While Holmes, 37, was first charged more than three years ago, her trial was delayed by the pandemic and the birth of her child.

The trial, which lasted three months before going to jury, has given Holmes significant interest in fame during his heyday and as a rare criminal fraud trial of a Silicon Valley entrepreneur.

Holmes started Theranos in 2003 at the age of 19 and dropped out of his sophomore year at Stanford soon after to push the effort full force. After a decade of working under the radar, Theranos publicly launched its ability to test for conditions like cancer and diabetes with a few drops of blood from a finger prick and announced a retail partnership with Walgreens. Of.

Many people promised: Theranos earned $945 million from high-profile individuals who invested in Theranos, including media mogul Rupert Murdoch, Oracle founder Larry Ellison, Walmart’s Walton family, and the billionaire family of former education secretary Betsy DeVos. . Theranos was worth $9 billion, making Holmes a paper billionaire for a time. But, dominoes began to fall after a Wall Street Journal investigation in 2015 revealed that the company was only using its proprietary technology for about a dozen out of hundreds of tests, and with questionable accuracy.

Elizabeth Holmes was the CEO of Theranos during an interview on September 29, 2015.
During the case, the jurors heard 32 witnesses. Prosecutors called 29 witnesses, including former Theranos employees, retail executives and a former US Defense Secretary, as it attempted to weave together a complex web of alleged deceit that Holmes said was allegedly cheating investors and patients. engaged in cheating. The purpose of the prosecution was to find out what Holmes knew about her company’s technology and its failures, when she knew it and intended to mislead despite that knowledge.

Meanwhile, the defense’s case rested largely on the testimony of Holmes himself.

Testifying for nearly 24 hours over seven court days, Holmes admitted that Theranos’ equipment was only used to conduct a dozen tests on patients, but he provided his side of the story as to why and why not. This was due to some technical failure. He acknowledged some of the government’s other key points but portrayed himself as a true believer in the company’s capabilities and mission. While she expressed some remorse during her time on the stand, she denied ever intending to deceiveā€”a key sticking point that prosecutors should convince jurors to convict Holmes.

Holmes pointed the finger at others, so much so Her ex-boyfriend, former Theranos chairman and chief operating officer Ramesh “Sunny” Balwani, who oversaw some of the key areas related to the allegations, such as the company’s diagnostic laboratory. (Balwani faces the same charges as Holmes and will face trial early next year. He has pleaded not guilty.)

Emotional rising on the stand, Holmes alleged that she was the victim of a decade-long abusive relationship with Balwani. Denying that Balwani controlled his statements to investors and others, he also claimed that Balwani sought to control almost every aspect of his life. Balwani had earlier denied allegations of misconduct in court filings.

Holmes testified that while he was not aware of everything going on in the company, It “never” took any steps to try to mislead investors.

“They were people who were long-term investors, and I wanted to talk about what this company can do a year from now, five years from now, ten years from now,” she testified. “He was not interested in today or tomorrow or the next month. He was interested in what kind of change we could make.”

Asked if he ever made patients believe Theranos could offer accurate and reliable blood tests when it didn’t? Holmes testified: “Not at all.”

Rishi Iyengar contributed to this story.

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