JUST IN: Elizabeth Holmes, the former chief executive of the once high-flying biotech startup Theranos, was found guilty on four of 11 charges of defrauding the company's investors and patients. She was found not guilty on three counts.
Elizabeth Holmes, the former chief executive of the once high-flying biotech startup Theranos, was found guilty on four of 11 charges of defrauding the company's investors and patients. She was found not guilty on four counts.
During the nearly four-month federal trial in San Jose, Calif., jurors heard from over 30 witnesses called by prosecutors. Together, they painted Holmes as a charismatic entrepreneur who secured hundreds of millions of dollars in investment for a medical device that never delivered on her promises. When Theranos' technology fell short, the government argued, Holmes covered it up and kept insisting that the machines would transform how diseases are diagnosed through blood tests.
The jury's decision followed seven days of deliberations. Still, the jury could not reach a unanimous decision on three charges, which will be resolved at a later date.Holmes took the witness stand for more than 20 hours to defend herself. She accused her ex-boyfriend and former deputy at Theranos, Ramesh"Sunny" Balwani, of sexual abuse, saying that this abuse clouded her judgment.Holmes also showed remorse on the stand.
But when Theranos' machines were rolled out to Walgreens stores in California and Arizona, they gave patients false or flawed results. One patient testified that she was led to believe she was having a miscarriage after taking a Theranos test, when indeed her pregnancy was viable. Another patient thought her cancer had returned when it had not, following a test.
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