The Denver Gazette

Elizabeth Holmes denies misleading Theranos investors

Reuters

SAN JOSE, CALIF. • Theranos founder Elizabeth Holmes denied making misleading statements about the blood-testing startup during cross-examination on Tuesday, as her testimony in defense against fraud charges neared its end.

Former Theranos investors have testified at the trial that Holmes led them to believe the company’s technology was being used by the U.S. military in the field. Under questioning from prosecutor Robert Leach, Holmes said she never made such statements to investors and that they would not have been true.

Holmes also said she did not recall telling an investor that Theranos expected to achieve $990 million in revenue in 2015, a claim prosecutors have said was false.

But Holmes acknowledged she was in regular contact with Theranos’ financial controller and had ultimate responsibility for the company’s finances as its chief executive officer.

Leach completed his cross-examination of Holmes on Tuesday afternoon.

Holmes rose to fame in Silicon Valley for her ambitious play to reinvent diagnostic testing. But she has been on trial for three months in a San Jose, California, court, accused of exaggerating Theranos’ technology to bilk patients and investors. Once valued at $9 billion, Theranos collapsed after the Wall Street Journal published a series of articles, starting in 2015, that suggested its devices were flawed and inaccurate.

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2021-12-08T08:00:00.0000000Z

2021-12-08T08:00:00.0000000Z

https://daily.denvergazette.com/article/281818582124722

The Gazette, Colorado Springs