After seven days, Elizabeth Holmes was her own final witness in her defense against federal fraud charges tied to her failed blood-testing startup as testimony concluded Wednesday in the Theranos trial.
Wearing a royal blue dress and a black blazer, Holmes, Theranos' disgraced former CEO, parried with prosecutors, saying with crisp responses and occasional smiles and head tilts toward the prosecutor that she believed her misstatements at the time she made them and had no intention to deceive anyone.
During cross-examination, Holmes, 37, tried to deflect prosecutors' attempts to contradict her previous testimony. Repeatedly she said that when she made misstatements to investors and business partners, she believed them at the time. In other instances, she struggled to remember specifics about misstatements she made.
Evidence was displayed on digital monitors during the trial, one in front of each juror and two mounted to face the public. Holmes also claimed not to remember having sent the article to investors. Prosecutors then showed jurors an email indicating that she had. “The government can prove the statements were material misstatements in many cases. But they have to have been made with the intent to defraud for her to be guilty,” she said.“Did you ever take steps to mislead people who invested in Theranos?” Downey asked.“Was that a result of your attempting to mislead them?” Downey asked.
Holmes and Balwani face 11 charges of fraud connected to the blood-testing startup Theranos. Holmes founded the company when she was 19, dropping out of Stanford to pursue her vision of a micro-fluidic, finger prick blood-testing system that could diagnose more quickly and cheaply than conventional venous draws used by large vendors like Quest Diagnostics and LabCorp.
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