What to Know Ahead of Day 5 of Elizabeth Holmes Trial Deliberations

Ms. Holmes, the founder of the failed blood testing start-up Theranos, is accused of lying about its technology.,

Ms. Holmes, the founder of the failed blood testing start-up Theranos, is accused of lying about its technology.

SAN JOSE, Calif. — Jurors ended a fifth day of deliberations on Tuesday without a verdict in the trial of Elizabeth Holmes, who is accused of defrauding investors, patients and advertisers when she served as chief executive of the blood testing start-up Theranos.

Ms. Holmes, 37, faces nine counts of wire fraud and two counts of conspiracy to commit wire fraud. Each wire fraud charge carries a maximum sentence of 20 years in prison.

A jury of eight men and four women deliberated for three days last week and for around seven hours on Monday before returning on Tuesday. Deliberations were scheduled to resume Wednesday morning in federal court in San Jose, Calif.

Last week, the jurors listened to audio recordings of Ms. Holmes talking to investors. Prosecutors had highlighted the recorded call as a time when Ms. Holmes misrepresented Theranos’s relationship 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 deliberations have added over a week to Ms. Holmes’s trial, which for nearly four months has been scrutinized as a test of start-up culture itself. As Theranos’s chief executive, Ms. Holmes exemplified the myth of the genius founder. She founded the start-up in 2003, dropped out of Stanford the next year and raised $945 million from investors on the promise that her company would revolutionize blood testing.

In 2015, that myth unraveled after a Wall Street Journal investigation revealed that Theranos’s technology did not live up to Ms. Holmes’s lofty claims. The company shut down in 2018, the same year Ms. Holmes was indicted by the federal government.

Over three months of testimony, prosecutors put 29 witnesses on the stand, trying to overwhelm the jury with evidence to support the fraud charges. They showed jurors misleading validation reports, inaccurate ads and emails in which Theranos employees discussed faking technology demonstrations.

Ms. Holmes’s defense was anchored by her own testimony. She took the stand for seven days, pointing blame at her employees and saying she believed that Theranos’s technology “performed well.”

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