Prosecutors Rest Their Case Against Theranos Founder Elizabeth Holmes
SAN JOSE, Calif.: Prosecutors rested their criminal fraud case against Theranos founder Elizabeth Holmes on Thursday, but it was still unclear whether the former Silicon Valley executive who once promised to revolutionize the blood testing industry would testify in her own defense.
Over the course of the two-month trial, jurors in San Jose, California, have heard testimony from more than two dozen witnesses, including patients and investors whom prosecutors say Holmes deceived. At the close of their case, prosecutors moved to dismiss one count of fraud regarding a patient.
Now, Holmes will have the opportunity to present witnesses in her own defense, though she is not obligated to.
Holmes is accused of making false claims about Theranos, including that its devices could run a range of tests more quickly and accurately than conventional laboratory means from a drop of blood from a finger prick.
Once touted as the Steve Jobs of biotech for her company’s supposedly innovative technology, Holmes faces nine counts of wire fraud and two counts of conspiracy. She has pleaded not guilty.
Founded by Holmes at the age of 19 in 2003, Theranos garnered attention from private investors and was once valued at $9 billion.
Its fortunes waned after the Wall Street Journal published a series of articles starting in 2015 that suggested the Theranos devices were flawed and inaccurate.