As Elizabeth Holmes' fraud trial gets underway this week, lawyers for the former Silicon Valley entrepreneur may try to show she was a true believer in the blood-testing technology at her startup Theranos Inc, and never intended to defraud investors and patients, legal experts said.
On Wednesday, federal jurors in San Jose, California will hear opening arguments in the case against the Stanford University dropout who once dazzled Silicon Valley and is now charged with misleading investors and patients by falsely claiming that the company's printer-sized devices could run a range of tests and produce accurate results using a single drop of blood.
Holmes, 37, founded Theranos in 2003 at the age of 19, and prosecutors allege she told the company's private investors several lies, including that Theranos did not need U.S. Food and Drug Administration approval for its devices. Holmes is also accused of having defrauded patients by leading them to think blood tests from Theranos machines were more accurate than they were.
Holmes' lawyers said last year that she was "highly likely" to take the stand in her own defense, a move that experts called risky. It could backfire if jurors do not view her as credible and give prosecutors latitude to bring in a broader range of evidence, they said.Former Theranos CEO Elizabeth Holmes leaves after a hearing at a federal court in San Jose, California, July 17, U.S., 2019.
Holmes told a psychologist that Balwani was controlling, "monitoring her calls, text messages, and emails; physical violence, such as throwing hard, sharp objects at her; restricting her sleep," according to a filing from February 2020 by Balwani's lawyers, who said the allegations required separate trials.
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