THE jury in the trial against former Theranos CEO Elizabeth Holmes has entered its second week of deliberations.
In March 2018, the US Securities and Exchange Commission charged Holmes and Theranos’s former president, Ramesh “Sunny” Balwani, with fraud by taking more than $700million from investors while advertising a false product.
Theranos, a Silicon Valley biotech company, was once valued at $10billion and claimed to have created groundbreaking medical testing equipment.
The diagnostics company promised faster and cheaper results compared with traditional labs, running an analytical gamut with a few drops of blood.
However, after years of hype and billions of dollars later, the miracle machines allegedly did not work.
Prosecutors allege Holmes knew it, yet continued to lie to investors, doctors, and patients so she could raise more than $700million.
Holmes’ lawyer Kevin Downey told the judge his client always “acted in good faith and was propelled by ambition and optimism.”
Downey said Holmes “believed she was building a technology that would change the world.”
The jury deliberated for three days last week before being dismissed Thursday afternoon for the holiday weekend.
If convicted, Holmes could face up to 20 years in federal prison.
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