Blood test start-up Theranos founder Elizabeth Holmes is facing a second day of deliberations by judges on Tuesday in a fraud trial.
Ms. Holmes, who pleaded not guilty, faced 11 counts of wire fraud and conspiracy to commit wire fraud. The final arguments in the case were completed last week. On Monday, the judges began deliberations at 8:30 a.m., they left the courthouse around 4 p.m.
On Tuesday, a jury of eight men and four women resumed deliberations around 8:30 a.m. If they do not reach a verdict on Tuesday, an additional time is set for Thursday. The next days will be decided if required.
The deliberations are the final phase of a nearly four-month trial that has drawn long lines of viewers eager to see a high-profile Silicon Valley entrepreneur defend himself in a case seen as a referendum on start-up culture.
Before her company was disrupted, Ms. Holmes, 37, gives the example of a talented founder. She founded Theranos in 2003, dropped out of Stanford University the second year to focus on the company, and raised $ 945 million from investors. On top of that, Theranos was valued at 9 billion.
Ms. Holmes also sold her entrepreneurial vision and styled herself as a founder, like Steve Jobs, wearing a black turtleneck uniform. She became a billionaire on paper, attracted the cover of many magazines and was widely celebrated.
But a 2015 Wall Street Journal investigation found that Theranos exaggerated many of its claims about its technology and business relationships. The company officially closed in 2018.
The judgment of the case boils down to purpose. Prosecutors argued that Ms. Holmes deliberately sought out investors and patients rather than investing and doing business for his start-up. The defense sought to portray her as a good-natured entrepreneur whose failure was not a crime.
Ms. Testimony from. Holmes anchored the defense case. She blamed senior lab staff for her company’s problems, argued that her own actions were misunderstood and said she believed the claims made about Theranos’ technology. She also alleged that she was emotionally and physically abused by Ramesh Balwani, her ex-boyfriend and the former chief operating officer of Theranos, a charge she denied.