Jury in Elizabeth Holmes Trial Ends Fourth Day of Deliberations

A jury of eight men and four women deliberated for three days last week with no verdict in the case of the Theranos founder.

A jury of eight men and four women deliberated for three days last week with no verdict in the case of the Theranos founder.

SAN JOSE, Calif. — Jurors ended a fourth day of deliberations without a verdict on Monday in the fraud trial of Elizabeth Holmes, the founder of the failed blood testing start-up Theranos.

Ms. Holmes, 37, faces 11 counts of wire fraud and conspiracy to commit wire fraud over charges that she lied about Theranos’s technology as she sought investments and business for her start-up. If convicted, she faces up to 20 years in prison for each count of wire fraud.

A jury of eight men and four women also deliberated last Monday, Tuesday and Thursday.They are scheduled to return to federal court in San Jose, Calif., at 8:30 a.m. Tuesday to resume deliberations.

On Thursday, they asked to hear recordings of a call Ms. Holmes had with investors, in which she allegedly made misleading claims about Theranos’s partnerships with pharmaceutical companies and the military.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Carlos Chavarria for The New York Times

Elizabeth Holmes, the disgraced founder of the blood testing start-up Theranos, stands trial for two counts of conspiracy to commit wire fraud and nine counts of wire fraud.

Here are some of the key figures in the case ->

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Stephen Lam/Reuters

Holmes founded Theranos in 2003 as a 19-year-old Stanford dropout. She raised $945 million from investors and was crowned the world’s youngest billionaire, but has been accused of lying about how well Theranos’s technology worked. She has pleaded not guilty.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Justin Sullivan/Getty Images

Ramesh Balwani, known as Sunny,was Theranos’s president and chief operating officer from 2009 through 2016 and was in a romantic relationship with Holmes. He has also been accused of fraud and may stand trial next year. He has pleaded not guilty.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Jefferson Siegel for The New York Times

David Boies, a prominent litigator, represented Theranos as its lawyer and served on its board.

He tried to shut down whistle-blowers and reporters who questioned the company’s business practices.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Getty Images

The journalist John Carreyrou wrote stories exposing fraudulent practices at Theranos.

His coverage for The Wall Street Journal helped lead to the implosion of Theranos.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Jeff Kravitz/FilmMagic, via Getty Images

Tyler Shultz and Erika Cheung are former Theranos employees and were whistle-blowers. They worked at the start-up in 2013 and 2014.

Shultz is a grandson of George Shultz, a former secretary of state who was on the Theranos board.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Eric Thayer for The New York Times

James Mattis, a retired four-star general, was a member of Theranos’s board.

He went on to serve as President Donald J. Trump’s secretary of defense.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Edward Davila, a federal judge for the Northern District of California, will oversee the case.

Kevin Downey, a partner at the Washington law firm Williams & Connolly, is the lead lawyer for Holmes.

Robert Leach, an assistant United States attorney for the Northern District of California, will lead the prosecution for the government, along with other prosecutors from the U.S. attorney’s office.

Nov. 15, 2021

The jurors’ deliberations follow a nearly four-month trial that is viewed as a referendum on the worst excesses of Silicon Valley’s start-up culture. Before Theranos collapsed, Ms. Holmes was a highly celebrated female founder. She dropped out of Stanford University at age 19 to focus on her company and spent the next decade raising nearly $1 billion from investors.

In 2015, Theranos began to unravel after a Wall Street Journal investigation revealed that the company had relied on commercially available machines to perform many of its blood tests, rather than its own supposedly revolutionary devices. Theranos shut down in 2018, the same year Ms. Holmes was indicted.

During the trial, federal prosecutors have tried to prove that Ms. Holmes intentionally deceived investors, patients and commercial partners by forging validation reports, faking demonstrations and misrepresenting Theranos to the media and the public.

“She chose fraud over business failure,” Jeffrey Schenk, an assistant U.S. attorney, said during the government’s closing argument.

Ms. Holmes, who took the stand for seven days in her own defense, has tried painting herself as a well-meaning entrepreneur who believed her own claims and was led astray by those around her.

“She believed she was building a technology that would change the world,” said Kevin Downey, a lawyer for Ms. Holmes.

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