What happened on Day 2 of Elizabeth Holmes’s testimony.
On Monday, after months of accusing her of lying to get money for her blood test start-up, Theranos, Elizabeth Holmes, an entrepreneur embroiled in a fraud case, sharpened her defense.
In her second-day testimony, which lasted just over two hours, Ms. Holmes’ lawyers demonstrated and questioned her for pushing back against the plaintiff’s claims that she had defrauded investors, patients and doctors.
The idea put forward by Ms. Holmes’s lawyers in the opening statements of the trial was to show that the Colonel of Truth must have existed in some of the most reprehensible misrepresentations made by prosecutors to Ms. Holmes.
Here are the main contradictions:
Theranos worked in pharmaceutical companies
One of the main allegations made by the plaintiffs against Ms. Holmes was that she claimed that Thernos’ technology had been “comprehensively certified” by 10 of the 15 largest pharmaceutical companies in the world.
That was not true, prosecutors said. However, Theranos sent out reports showing the companies’ logos to investors, who testified that the reports boosted the credibility of young start-ups and persuaded them to invest.
On Monday, Ms. Holmes drew a different picture. Theranos worked in pharmaceutical companies, she testified. Clinical studies and even one study were published in a peer-reviewed journal. (Ms. Holmes’ attorney did not name anyone.)
The Q&A allowed Ms. Holmes to focus on conversations with potential partners while focusing on Thernos’ early success and the consequences of those conversations. Ms. Holmes stopped addressing her subsequent claims about Theranos’ success and the claims about the reports, which give Theranos approval stamps from pharmaceutical companies.
During her testimony, Ms. Holmes tried to correct the fault. She learned about Thernos’ technology from scientists and doctors working in the company’s laboratory. She added that she believed them when they said technology worked. Meaning: If Ms. Holmes believed the technology was real, she would not have intended to deceive investors.
“We thought it was a really great idea,” Ms. Holmes said.
Ms. Holmes has been charged with 11 counts of conspiracy to commit fraud and embezzlement. She has pleaded not guilty. If convicted, she faces up to 20 years in prison.
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