During closing arguments in the 15-week fraud trial of former Theranos CEO Elizabeth Holmes, defense lawyers got one last chance to portray their client as a true believer in her unproven technology and had simply tried her best and failed.
“She gave up her education, she gave up her youth, she gave up her close friends, a relationship with her friends, why? Because she believed that she built a technology that could change the world,” said one of her attorneys, Kevin Downey.
Downey reiterated that Holmes had relied on the advice of others and never misrepresented her work with the military. He said prosecutors failed to prove intent to deceive or defraud because she never sold a share in the company. When the company dramatically failed surprise government lab inspections, she instituted sweeping internal reforms, agreeing to void two years of test results and installing new lab leadership, Downey said.
“She believed in this technology,” Downey said. “She stayed the whole time… That is who this woman is.”During the trial, Holmes testified the company's use of third-party machines instead of its own faulty devices was a"trade secret," which is why it kept the information from investors, the media and its own board of directors.If it were a soda company, it would repackage sodas sold by its competitors and sell them as their own, or only sell a few sodas, he said.
"On each of these issues Ms. Holmes had a choice and she consistently put the reputation of the company over what the law requires," Bostic said. In keeping with the archetypical Silicon Valley origin story, Holmes dropped out of Stanford at 19 to build the company with a single-minded vision of compressing an entire commercial lab into a PC-sized device that used fingerprick tests instead of drawing blood from a vein.
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