Elizabeth Holmes expresses remorse in her criminal trial | WGN Radio 720

The center’s Elizabeth Holmes entered the federal court in San Jose, California on Monday, November 22, 2021. (AP photo / Nick Coolie)

San Jose, CA (AP) —Biotechnology entrepreneur Elizabeth Holmes, a former billionaire accused of committing a major medical fraud, expressed remorse at a witness stand on Tuesday, but her company’s She worked as promised, denying that the blood test method tried to hide that it wasn’t.

Holmes admitted on the third day of his famous criminal testimony that he made some mistakes as CEO of Theranos, founded in 2003 at the age of 19.Of a respected board of directors, including other executives and former ministers of various presidential administrations

Holmes, now 37, also revealed that Theranos continues to believe that it will revolutionize healthcare with technology that should be able to detect a variety of illnesses and other problems with just a few drops of blood. .. Faced with adversity.

“It’s never smooth,” Holmes testified. “There are always challenges.”

Theranos eventually collapsed after a series of explosive articles in The Wall Street Journal and audits by federal regulators revealed serious and potentially dangerous flaws in the company’s blood tests. The scandal wiped out Holmes’ property, estimated at $ 4.5 billion in 2014, when she was the subject of Fortune magazine’s ardent cover story.

Holmes addressed some of the pesky areas highlighted by government prosecutors in presenting their proceedings during the first decade of the trial. However, she and her lawyer have not yet touched on the hot button issue that they have proposed as an important defense. Whether Holmes was secretly manipulated by unethical behavior by her ex-girlfriend and former Chief Operating Officer of Theranos, Sunny Balwani.

Holmes’ lawyer accused Balwani of exposing Holmes to “intimate violence” in a court document opened shortly before the trial began in early September. Faced with another fraud trial next year, Balwani denied those allegations through his lawyer.

Balwani’s role as a Theranos executive first appeared on Tuesday since Holmes stood on the stand late last week. At one point, Holmes indirectly criticized Barwani in a 2013 unfriendly email scolding former Theranos manager Sleka Gangakedkar in the middle of the night. Gangakhedkar, who testified that he had expressed concern about Theranos’ technical issues, eventually resigned because of the stress she felt.

Holmes told the jury that he regrets the episode with Ganga Hedkar. “This is the wrong way to treat people,” she said.

According to Holmes, Balwani also produced a series of financial forecasts that are the focus of the trial. Theranos, a document distributed to future investors, forecasts annual revenues of $ 140 million in 2014 and $ 990 million in 2015.

Holmes testified that the 2015 earnings forecast was primarily based on the expected expansion to 3,000 Walgreens stores, which retailers did not realize after withdrawing their partnership with Theranos.

Another moment of regret came when she was responsible for adding the logo of the leading pharmaceutical company Pfizer to a report praising the effectiveness of Theranos’ technology. Did the decision come after Pfizer’s internal report that Holmes said she had never seen? He questioned the reliability of Theranos’ blood tests.

“I wish I had done it differently,” Holmes said. Some investors testify that the Pfizer logo on the report helped convince them to invest in Theranos.

Having raised nearly $ 1 billion since the founding of Theranos in 2003, Holmes faced allegations of tricking investors, patients and business partners while running a company in Palo Alto, California. increase. If convicted, she can face up to 20 years in prison.

Elizabeth Holmes expresses remorse in her criminal trial | WGN Radio 720

Source link Elizabeth Holmes expresses remorse in her criminal trial | WGN Radio 720

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