Theranos founder Elizabeth Holmes goes on trial on Wednesday in federal court, with prosecutors poised to lay out fraud charges against the former Silicon Valley star accused of lying about her now-defunct blood-testing startup once valued at $9 billion.
SAN JOSE, Calif. -Theranos founder Elizabeth Holmes is not a villain but rather a hard-working businesswoman whose company failed, her lawyer told jurors on Wednesday at the former Silicon Valley star's trial on federal fraud charges arising from her actions at the now-defunct blood-testing startup once valued at $9 billion.
"Elizabeth Holmes did not go to work every day intending to lie, cheat and steal. The government would have you believe her company, her entire life, is a fraud. That is wrong. That is not true," Wade said in the courtroom in San Jose, California. The trial is being presided over by U.S. District Judge Edward Davila, with a 12-member jury along with five alternate jurors.
In 2009, after losing interest from Pfizer Inc and other pharmaceutical companies, Holmes turned to fraud, Leach said.Prosecutors have said Holmes and Balwani defrauded investors between 2010 and 2015 and deceived patients when the company began making its tests commercially available, including via a partnership with the Walgreens drugstore chain."It was not doing anything that could not be done in an ordinary central blood testing laboratory," Leach said of Theranos.
Leach laid out several ways in which Holmes allegedly defrauded investors, including by suggesting that the company's miniature lab had been vetted by Pfizer, that its technology was being used by the U.S. military in the field, and that it would achieve more than $140 million in revenue by the end of 2014, which he called "nowhere near achieving."
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