SAN JOSE, California – Jurors ended a fifth day of deliberation on Tuesday without a verdict in the trial of Elizabeth Holmes, who is accused of defrauding investors, patients and advertisers when she served as CEO of blood test start-up Theranos.
Ms. Holmes, 37, faces nine counts of wire fraud and two counts of conspiracy to commit wire fraud. Each charge of wire fraud carries a maximum penalty of 20 years in prison.
A jury of eight men and four women discussed for three days last week and for about seven hours on Monday before returning on Tuesday. The trial was scheduled to resume Wednesday morning in federal court in San Jose, California.
Last week, the jury heard audio recordings of Holmes talking to investors. Prosecutors had highlighted the recorded conversation as a time when Holmes misrepresented Therano’s relationship with pharmaceutical companies and the military.
The considerations have added over a week to Ms. Holme’s trial, which for almost four months has been examined as a test of the start-up culture itself. As Theranos’ CEO, Ms. Holmes’ myth of the genius founder. She founded the company in 2003, dropped out of Stanford the following year and raised $ 945 million from investors promising that her company would revolutionize blood tests.
In 2015, it disproved the myth after a Wall Street Journal investigation revealed that Theranos ‘technology did not live up to Holmes’ high claims. The company closed down in 2018, the same year that Holmes was indicted by the federal government.
During a three-month testimony, the prosecution put 29 witnesses in the stands, and tried to overwhelm the jury with evidence to support the fraud allegations. The jury members presented misleading validation reports, inaccurate advertisements and emails in which Theranos employees discussed fake technology demonstrations.
Ms. Holme’s defense was rooted in her own testimony. She took the stand for seven days, blaming the employees and saying she believed Theranos’ technology “worked well.”