Elizabeth Holmes Denies Misleading Investors In Trial Testimony
During cross-examination on Tuesday, Theranos founder Elizabeth Holmes denied making misleading statements about her blood-testing startup.
Former investors in the now-defunct company have testified at the trial that Holmes had led them to believe that Theranos’ technology had been adopted by the US military. As Holmes’ testimony in defence against fraud charges nears its end, she denied making such statements to investors.
Holmes also said she did not recall telling an investor that Theranos was anticipating revenues of $990 million for 2015, a claim that prosecutors have deemed to be false.
Holmes did, however, acknowledge that she regularly communicated with Theranos’ financial controller and had ultimate responsibility for the startup’s finances as its CEO. Holmes testified that she believed Theranos could have been successful in its goal of a miniature device that would revolutionise blood testing by making it more affordable and more accessible.
Holmes’ attorneys have characterised her as a young entrepreneur who underestimated the major obstacles faced by the company. They have argued that Theranos’ failure was not a crime.
Holmes is on trial for charges of fraud and conspiracy to commit fraud. If convicted, the Theranos founder faces up to 20 years in prison. Her testimony is expected to conclude on Wednesday.
