Theranos Trial: Elizabeth Holmes Takes Stand To Defend Herself
On Friday, Theranos founder Elizabeth Holmes took the stand to defend herself against charges of defrauding investors and patients about the capabilities of her now-defunct medical startup’s blood-testing machines.
Holmes is accused of making false claims about Theranos, including that its blood-testing devices could run a wide range of diagnostic tests more quickly and accurately than conventional laboratory testing with just a finger prick of blood.
Stepping forward to testify on Friday, Holmes said that her work at Theranos led her to believe in the company’s technology. She told the jury about her early efforts to raise capital and said she met with Silicon Valley venture capitalist Don Lucas who invested in Holmes’ company and became the chairman of its board. Holmes said she knew Lucas as someone who “focused on building great companies for the long term.”
He “began a very comprehensive diligence process,” including asking for information about Theranos’ finances, Holmes added.
Holmes’ willingness to testify has added to the buzz of an already closely-watched trial. While defendants are not required to testify in criminal cases, some chose to do so in a bid to create reasonable doubt about their guilt.
Elizabeth Holmes has pleaded not guilty to 12 counts of wire fraud and conspiracy to commit wire fraud.