Elizabeth Holmes, the founder of Theranos, has been charged with 12 counts of wire fraud and conspiracy to commit wire fraud in connection to money she raised for the blood testing start-up. Credit… Jim Wilson/The New York Times Opening statements in the case of Elizabeth Holmes , the founder of the blood testing start-up Theranos, are set to begin in San Jose, Calif., on Wednesday morning, kicking off one of Silicon Valley’s most anticipated trials.
Ms. Holmes, 37, has been charged with 12 counts of wire fraud and conspiracy to commit wire fraud in connection with money she raised for Theranos, which dissolved in 2018 after its blood tests were revealed to have problems.
A jury will decide whether Ms. Holmes, who founded Theranos in 2003 and hawked a mission of revolutionizing health care, lied to investors about her company’s technology.
Ms. Holmes claimed Theranos’s machines, called Edison, could quickly conduct a wide range of blood tests using just a drop of blood. The United States has accused Ms. Holmes of knowing that the tests were limited and unreliable, harming patients who relied on them. Prosecutors also said she overstated Theranos’s business deals and performance.
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Erin Woo 📍Reporting from San Jose, Calif.
Erin Woo 📍Reporting from San Jose, Calif.
Carlos Chavarria for The New York Times Elizabeth Holmes, the disgraced founder of the blood testing start-up Theranos, stands trial soon for two counts of conspiracy to commit wire fraud and 10 counts of wire fraud.
Here are some of the key figures in the case →
Erin Woo 📍Reporting from San Jose, Calif.
Stephen Lam/Reuters Holmes founded Theranos in 2003 as a 19-year-old Stanford dropout. She raised $700 million from investors and was crowned the world’s youngest billionaire, but has been accused of lying about how well Theranos’s technology worked. She has pleaded not guilty.
Erin Woo 📍Reporting from San Jose, Calif.
Justin Sullivan/Getty Images Ramesh Balwani , known as Sunny, was Theranos’s president and chief operating officer from 2009 through 2016 and was in a romantic relationship with Holmes. He has also been accused of fraud and may stand trial next year. He has pleaded not guilty.
Erin Woo 📍Reporting from San Jose, Calif.
Jefferson Siegel for The New York Times David Boies , a prominent litigator, represented Theranos as its attorney and served on its board.
He tried to shut down whistleblowers and reporters who questioned the company’s business practices.
Erin Woo 📍Reporting from San Jose, Calif.
Getty Images The journalist John Carreyrou wrote stories exposing fraudulent practices at Theranos.
His coverage for The Wall Street Journal helped lead to the implosion of Theranos.
Erin Woo 📍Reporting from San Jose, Calif.
Jeff Kravitz/FilmMagic, via Getty Images Tyler Shultz and Erika Cheung are former Theranos employees and were whistle-blowers. They worked at the start-up in 2013 and 2014.
Shultz is a grandson of George Shultz, a former Secretary of State who was on the Theranos board.
Erin Woo 📍Reporting from San Jose, Calif.
Eric Thayer for The New York Times James Mattis, a retired four-star general, was a member of Theranos’s board of directors.
He went on to serve as President Donald J. Trump’s secretary of defense.
Erin Woo 📍Reporting from San Jose, Calif.
Edward Davila, a federal judge for the Northern District of California, will oversee the case.
Kevin Downey, a partner at the Washington law firm Williams Connolly, is the lead attorney for Holmes.
Robert Leach, an assistant United States attorney for the Northern District of California, will lead the prosecution for the government, along with other prosecutors from the U.S. attorney’s office.
Read more about Elizabeth Holmes:
Theranos’s former president, Ramesh Balwani, known as Sunny, is being tried in a separate case set to begin next year. Both Ms. Holmes and Mr. Balwani have pleaded not guilty. Judge Edward Davila of the U.S. District Court for the Northern District of California is presiding over the cases.
If convicted, Ms. Holmes could face up to 20 years in jail, which would make her one of the few Silicon Valley executives accused of wrongdoing to ever go to jail.
The trial caps years of delays and legal squabbles over everything from which emails and arguments can be used to whether Ms. Holmes should be required to wear a mask while sitting in the courtroom.
Last week, a jury of seven men and five women was sworn in after weeding out many potential jurors who had either heard of Ms. Holmes, had direct experience with domestic abuse or had scheduling issues for the three-month trial.
Ms. Holmes’s lawyers have indicated that they may use a mental health defense, arguing that Mr. Balwani, whom she dated, was emotionally and physically abusive, which prevented her from intending to deceive. Mr. Balwani has denied the accusations. Ms. Holmes’s lawyers have also indicated in court filings that she is likely to take the stand.
In court documents filed over the weekend, prosecutors listed more than 200 potential witnesses including David Boies, Theranos’s former lawyer; Henry Kissinger, who sat on Theranos’s board; James Mattis, the former defense secretary and a Theranos director; and Rupert Murdoch, the media mogul, who backed Theranos and was part of a lawsuit over its demise. Some names were displayed as initials.
Ms. Holmes’s lawyers listed more than 60 witnesses, including several of the U.S. attorneys on the case; John Carreyrou, a reporter and the author of a book about Theranos; William Frist, the former U.S. Senator who sat on the Theranos board; and Ms. Holmes.
In a separate filing, lawyers for Ms. Holmes also asked that testimony from three former Theranos employees be excluded. One of the witnesses, Erika Cheung, worked in Theranos’s lab and reported problems with its blood testing to federal regulators. Ms. Holmes’s lawyers argued that various parts of Ms. Cheung’s testimony would be irrelevant, based on hearsay or not directly connected to Ms. Holmes.
Ms. Holmes’s lawyers also asked to exclude testimony from Daniel Edlin, a former project manager at the company, and Danise Yam, Theranos’s corporate controller for 11 years.
Prosecutors responded with exhibits backing up Ms. Cheung’s claims. On Tuesday, Judge Davila ordered that such an exclusion would be “premature” ahead of hearing the government’s questions or argument.
— Erin Griffith
Read more
Article source: https://www.nytimes.com/live/2021/09/08/business/economy-stock-market-news/
