Theranos: Elizabeth Holmes denies misleading investors Business and Economic News

Holmes stated that he believed that Theranos could achieve the goal of a miniaturized device that would make blood tests cheaper and more affordable.

Theranos founder Elizabeth Holmes has denied making misleading statements about the start of blood tests in a cross-examination because she is nearing the end of her testimony in her defense against fraudulent allegations.

Former Theranos investors have testified at trial that Holmes believed the company’s technology was being used by the U.S. military in the field. Asked by prosecutor Robert Leach, Holmes said Tuesday that he had never made such a statement to investors and that it would not be true.

Holmes gained fame in Silicon Valley for his highly ambitious play reinventing diagnostic tests. But he has been on trial in a San Jose, California court for three months for allegedly violating Theranos’ technology overrun to exchange patients and investors.

Once valued at $ 9 billion, Theranos collapsed in the Wall Street Journal in 2015 after publishing a series of articles suggesting that its devices were faulty and inaccurate.

At the stand, Holmes stated that he believed that Theranos could achieve the goal of a miniaturized device that would make blood tests cheaper and more affordable.

Holmes explained some of his actions, such as an attempt to delete a story from Theranos’s Wall Street Journal, saying it was aimed at protecting the company’s trade secrets.

Leach said he would question Holmes about the claim, which Theranos also used to justify his refusal to use Walgreens’ third-party blood tests.

The pharmacy chain partnered with Theranos to offer blood tests at some of its stores.

Holmes ’lawyer said his defense case is expected to end this week.