In opening arguments of a trial set to last for months, Elizabeth Holmes’ defense attorneys argued the failure of health care startup Theranos was due to “technical” shortcomings rather than deception on the part of its disgraced founder.
Holmes is charged with multiple counts of conspiracy and fraud over claims she made about the company’s purportedly revolutionary blood-testing invention. Investigations revealed the technology had serious problems. In a few short years, Theranos went from being valued at $9 billion to one of the decade’s more notorious Silicon Valley stories.
Holmes’ attorney Lance Wade told jurors in a San Jose courtroom that the story of Theranos’ remarkable fall was “far more human and real, and oftentimes… complicated and boring”.
The trial began Wednesday in a federal court presided over by US District Judge Edward Davila. A 12-member jury heard from the prosecution first, which argued that Holmes deceived investors.
“Out of time, out of money, Elizabeth Holmes decided to lie,” assistant US attorney Robert Leach told the jury.
Defense attorneys later countered that Theranos investors were well aware of the risks involved in backing the startup.
The courtroom drama has been over three years in the making, with Holmes originally charged in June 2018. The trial has been delayed multiple times by the COVID-19 pandemic and by the birth of Holmes’ child on July 10 of this year.
Here’s what to know about one of the biggest trials of the decade so far.
