Holmes testified that she believes Theranos can achieve its goal of a miniaturized device that will make blood testing cheaper and more accessible.
Theranos founder Elizabeth Holmes denied making misleading statements about the blood testing startup during the cross-examination because her testimony defending the fraud allegations is nearing completion.
Former investors of Theranos testified at the trial that Holmes convinced them that the company’s technology was being used by the US military in this area. When questioned by prosecutor Robert Leach, Holmes said on Tuesday that she had never made such statements to investors and that these statements would not be true.
Holmes gained fame in Silicon Valley for his ambitious reinvention of diagnostic testing. But she has been tried in a court in San Jose, California for three months, accused of exaggerating Theranos’ technology to deceive patients and investors.
Theranos, once valued at US$9 billion, went bankrupt after publishing a series of articles in The Wall Street Journal since 2015 indicating that its equipment was defective and inaccurate.
In the stands, Holmes testified that she believed Theranos could achieve its goal of miniaturizing equipment, making blood tests cheaper and more accessible.
Holmes explained some of her actions, such as trying to withdraw the Wall Street Journal’s report on Theranos, saying that the purpose was to protect the company’s trade secrets.
Rich has stated that he will question Holmes on this statement, and she has also refused Theranos’ use of Walgreens’ third-party blood testing machine on this basis.
The drugstore chain cooperates with Theranos to provide blood testing services in some of its stores.
Sherlock Holmes’s lawyers said that her defense case is expected to end this week.