Holmes Ends Her Testimony With Denials

Defense rests, but closing arguments won't take place till Dec. 16
By Bob Cronin,  Newser Staff
Posted Dec 8, 2021 6:40 PM CST
Defense Rests After Holmes Gives Denial
Elizabeth Holmes leaves the courthouse with her partner, Billy Evans, last week in San Jose.   (Anda Chu/Bay Area News Group via AP)

(Newser) – The defense wrapped up its case in Elizabeth Holmes' trial Wednesday with her declaration that she didn't mislead investors in her blood tech startup—"Never," she said. "You understand they were entitled to truthful answers about Theranos' capabilities?" a prosecutor asked. "Of course," Holmes answered. That was the end of the former Theranos CEO's seven days of testimony in the criminal wire fraud trial, the Washington Post reports. Holmes has blamed employees for giving her bad information that she relayed to investors. Closing arguments are scheduled for Dec. 16.

But before closing arguments begin, both sides have to agree on jury instructions, per the New York Times. The trial already has lasted nearly four months. Waiting more than a week after testimony ends before closing arguments begin is one reason, said the president of West Coast Trial Lawyers. "It's one of the slowest trials I've ever heard of," Neama Rahmani said. Despite largely blaming others for the 2018 collapse of Theranos and its blood testing technology, Holmes mentioned a few regrets.

One was putting pharmaceutical companies' logos on validation reports that went to investors, fostering the idea that drug companies were behind Theranos' technology. Another was attacking former employees, complete with private investigators, in response to a Wall Street Journal exposé. At one point, Holmes talked about the goals of her sales pitches to potential investors. "I wanted to convey the impact," she testified. "I wanted to talk about what this company could do a year from now, five years from now, 10 years from now." Holmes committed mistakes but not fraud, her lawyers said. "Theranos didn't see mistakes as crimes," one said. "They saw them as part of the path to success." (Read more Elizabeth Holmes stories.)

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