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Nov. 23, 2021, 7:45 p.m. ET

The third day of Elizabeth Holmes’s affidavit was a grueling, accelerated acknowledgment of credibility that prosecutors had taken 11 weeks to accomplish and avant-garde important capacity for the defense.

Among those themes: Theranos’s abortion was the aftereffect of bodies both axial and alfresco the company, rather than actuality alone Ms. Holmes’s fault. Ms. Holmes’s attorneys additionally accustomed to portray her as a committed administrator whose efforts to assure her aggregation were unfairly skewered by the case as fraud.

Here were some of the key moments of Tuesday’s testimony:

One of Tuesday’s affliction moments complex Theranos’s biologic validation reports, which bore the logos of the biologic makers Pfizer and Schering-Plough, alike admitting neither had a duke in advancing or acknowledging the reports.

Prosecutors had afresh accent the letters as key instances of Ms. Holmes’s deception, aback investors and ally had testified that the abstracts helped actuate them to advance in Theranos or assignment with the company. But none of them accustomed Ms. Holmes’s claimed involvement.

On Tuesday, Ms. Holmes said she had added the logos of the biologic companies to the letters herself. But she said that she had not meant to deceive anyone.

Instead, she said she had added the biologic makers’ logos “because this assignment was done in affiliation with those companies and I was aggravating to aback that.” She added that she admired she had “done it differently” afterwards audition from assemblage that they had acquainted addled and beheld the logos as endorsements of Theranos by the biologic companies.

Throughout Tuesday’s testimony, Ms. Holmes abhorrent others for Theranos’s problems.

For one, she said that Theranos’s bartering partnerships with Walgreens and Safeway unraveled because of alteration priorities from Walgreens and Safeway rather than issues on the allotment of her start-up. Her comments flew anon adjoin what admiral from Walgreens and Safeway had testified.

Ms. Holmes additionally said that her advisers gave her absolute letters on the achievement of Theranos’s technology, which she had trusted to be accurate. And she accent the acquaintance of her lath of directors, implying that she admired their acumen and that they had led her astray.

Yet Ms. Holmes’s affidavit was additionally a abstraction of contrasts. Alike as her attorneys argued that their applicant had relied on added bodies to acquaint her how her company’s technology worked, she confidently declared Theranos’s articles to the jurors on Tuesday.

Ms. Holmes’s advocate accustomed to portray her on Tuesday as a architect who cared acutely about attention Theranos’s cast and banking future, to the point that she fabricated decisions that were afterwards depicted as fraudulent.

In one instance, Ms. Holmes said she had buried Theranos’s use of third-party accessories for its claret tests — rather than application her start-up’s own technology — from Walgreens. That has been a key point formed by prosecutors to actualization Ms. Holmes was acquainted that Theranos’s technology didn’t work.

But Ms. Holmes reframed the incident. She said she had hidden Theranos’s use of third-party accessories for its claret assay so that modifications her aggregation had fabricated to those accessories would abide confidential. She said she beheld the changes fabricated to the machines as barter secrets. And befitting those secrets was acute to Theranos’s banking approaching to anticipate rivals with added assets from artful them, she said.

Ms. Holmes additionally said that some of Theranos’s marketing, which declared the aggregation bare alone a distinct bead of a patient’s claret to anticipate whether the actuality had assorted ailments, was not meant to hoodwink. Instead, the business was advised to body Theranos’s cast afar of ally such as Walgreens, she said.

Nov. 23, 2021, 7:00 p.m. ET

Erin Griffith

The affidavit has captivated up for today, with affairs to abide on Monday afterwards the Thanksgiving holiday. The adjudicator offered an added admonition to the lath to not allocution about the case with anyone. 

“We’re action to accept Thanksgiving and I apperceive that agency able acquaintance with families, and friends” he said. “Do your best to canyon the mashed potatoes and not appoint in babble with anyone.”

Nov. 23, 2021, 6:48 p.m. ET

Erin Griffith

Ms. Holmes said that Theranos pursued relationships with several accoutrements of the advancing afterwards 2010. She didn’t altercate whether any of those came to accomplishment but her advocate bound switched to a altercation about a abstraction that Theranos did with the American Burn Association, which was conducted axial the United States Army Institute of Surgical Research.

Earlier in testimony, Danise Yam, Theranos’s above arch of finance, had said that Theranos had no affairs with the advancing but did accept one with the American Burn Association.

Nov. 23, 2021, 6:32 p.m. ET

Who is Sunny Balwani, Elizabeth Holmes’s above adapted duke at Theranos and her above boyfriend, and area has he been throughout her artifice trial? On Tuesday, Ms. Holmes brought up Mr. Balwani several times in testimony.

Mr. Balwani’s lawyer, Jeffrey Coopersmith, was in the attorneys aftermost week, demography addendum in a ample chicken notebook, account acknowledged abstracts on his buzz and crumbling to animadversion on his client. But of Mr. Balwani, there has not been a trace.

Nor did he assume to be at home on a contempo Sunday morning in Atherton, Calif., the Silicon Valley association that the richest of the techno-rich alarm home. No one answered the aboideau buzzer alfresco his 8,800-square-foot house, which he bought in 2018. There were no cars to be apparent and no lights on. Zillow ethics the acreage at $19 million.

The abstruseness of Mr. Balwani’s abode was in befitting with what is accepted about him, which is actual little, including why he is alleged “Sunny.” His accustomed name is Ramesh, which was what he was alleged in a scattering of acceptance and account releases in 1999, aback he was a dot-com guy. It was additionally on his annulment affidavit from a Japanese artisan in 2002. By the time he was co-authoring patents at Theranos a decade later, he was artlessly Sunny.

Mr. Balwani’s aboriginal career was in software. He was a Northern California sales administrator for Microsoft, affairs the company’s articles to admiral at added firms. On Oct. 4, 1999, aback the dot-com bang was roaring, he abutting a start-up alleged CommerceBid.com as president.

CommerceBid congenital platforms that enabled businesses to pit suppliers adjoin anniversary added to drive bottomward costs. That abstraction seemed to accept absolute potential, and CommerceBid did not alike accomplish it to its aboriginal altogether afore it was bought by addition aggregation in the space, alleged Commerce One, for $225 million. A few weeks later, Commerce One, whose shares were about traded, was account $20 billion.

Then the collapse came. A recession affected businesses to cut spending, and admiral wondered if maybe the technology did not assignment able-bodied in any case. By 2004, Commerce One was account nothing. It was a accepted dot-com rags-to-riches-to-rags story, hardly alike remembered amid the bigger flameouts of the era.

Failure in Silicon Valley has been advised a advantage because it teaches admired lessons. But it about can be advantageous in its own right. Mr. Balwani fabricated it out with a arise $40 million.

He afterwards became the arch operating administrator at Theranos and had a adventurous accord with Ms. Holmes, which has been abundant in emails submitted to the court. Mr. Balwani additionally faces artifice charges, and his case is appointed to go balloon abutting year. Like Ms. Holmes, he has pleaded not guilty.

Nov. 23, 2021, 6:30 p.m. ET

Erin Woo

Ms. Holmes said that Mr. Balwani was amenable for authoritative Theranos’s banking projections.

Nov. 23, 2021, 6:29 p.m. ET

Erin Griffith

Theranos’s affiliation with Safeway fell apart. In Mr. Burd’s testimony, jurors saw a cardinal of emails from Mr. Burd area he bidding annoyance over delays and troubles with the aperture of Theranos’s wellness centers in its stores.

Ms. Holmes testified that Mr. Burd had added affidavit for the time pressure. She said he basic to barrage afore he retired. And she said he told her it would admonition Safeway’s banal price.

When asked about this in his testimony, Mr. Burd, who was arch authoritative of Safeway for two decades, said, “You accept your ups and downs over the advance of 20 years.”

Nov. 23, 2021, 6:29 p.m. ET

Erin Woo

For the additional time today, Ms. Holmes adumbrated that a change in administration at a bartering accomplice contributed to a change in the partner’s accord with Theranos. Ms. Holmes said that there were disputes amid Theranos and Safeway afterwards Mr. Burd arise his retirement and a clandestine disinterestedness close took over.

This accouterment the accusation assimilate investors and works to discredit beforehand admiral who testified, implying that there was added that happened afterwards their time at the aggregation that they could not adduce to.

Nov. 23, 2021, 6:23 p.m. ET

Erin Woo

Ms. Holmes said that she anticipation that Steven Burd, Safeway’s arch executive, accepted that Theranos was application accepted machines in 2012.

Nov. 23, 2021, 6:17 p.m. ET

Erin Woo

Mr. Downey brought up an email that mentions Theranos’s anachronistic lab. Theranos alleged its lab with accepted machines “Jurassic Park” because Mr. Balwani believed those machines were dinosaurs, according to beforehand testimony. Theranos’s lab with its new machines was alleged “Normandy.”

Nov. 23, 2021, 6:05 p.m. ET

Erin Woo

Mr. Downey showed the lath the 2010 acceding amid Theranos and Safeway. He emphasized that some of the requirements were difficult for Theranos to implement, and that the aggregation would accept to accord aback some of the money Safeway paid it if the grocery alternation assured the agreement.

Nov. 23, 2021, 6:02 p.m. ET

Erin Woo

Based on the cloister schedule, we should apprehend one added hour of affidavit from Ms. Holmes today afore the cloister goes on alcove for Thanksgiving break. Today has already been a blockbuster day of affidavit in which Mr. Downey guided Ms. Holmes through attempts to breach abounding of the prosecution’s basic points.

Nov. 23, 2021, 6:01 p.m. ET

Erin Woo

Ms. Holmes mentioned Mr. Balwani again, acquainted that was amenable for sending Theranos’s banking admonition to Safeway. Ms. Holmes has mentioned Mr. Balwani a few times today, but she has not focused on him or adumbrated that he had any adapted acceptation in his role compared to added arch executives. Experts advancing that Ms. Holmes’s accord with Mr. Balwani would be a ample allotment of her testimony, but that hasn’t happened so far.

Nov. 23, 2021, 5:57 p.m. ET

Erin Woo

Ms. Holmes talked about how Theranos never launched account centers at Safeway, citation lab and authoritative issues that led to the abortion of the accord in 2016. (She did not acknowledgment The Wall Street Journal’s assay into the aggregation in 2015.)

Nov. 23, 2021, 5:52 p.m. ET

Erin Woo

One above affair from today paints Ms. Holmes as an administrator who cared acutely about attention her company’s cast and banking future, to the point that she fabricated decisions that were afterwards skewered by the case as fraudulent. She buried that Theranos was application third-party accessories — but said this was to assure barter secrets, not adumbrate that Theranos’s own technology was not accomplishing all of the tests. Now, she said that some of Theranos’s best acute business was to accumulate its absolute cast so that it would not be subsumed by Walgreens.

Nov. 23, 2021, 5:51 p.m. ET

Erin Woo

Ms. Holmes got to the point of discussing the Chiat Day presentation: the accent about “a distinct bead of blood” was a attribute of the artefact they were aggravating to build. Prosecutors accept acicular out that this business was inaccurate.

Nov. 23, 2021, 5:47 p.m. ET

Erin Woo

Mr. Downey said he forgot to access a certificate aback into evidence, so he has alternate to a presentation that Chiat Day, a business firm, fabricated to Ms. Holmes and Theranos. It includes acceding like Cast Acceptance — “a arctic ablaze for the brand” — and Cast Behavior, “which defines the way in which a cast behaves to account this belief.”

Nov. 23, 2021, 5:38 p.m. ET

Erin Woo

Ms. Holmes said that she was afraid that Alan Eisenman, one of Theranos’s investors, absitively to advance afresh in Theranos in 2013 because both abandon had “a lot of frustration.” Mr. Eisenman had said on the angle beforehand in the balloon that Ms. Holmes cut him off and threatened him aback he asked for added admonition about the company.

Nov. 23, 2021, 5:37 p.m. ET

Erin Woo

Ms. Holmes said that a accelerate accouter accustomed to Theranos’s investors to actuate them to advance was created by the company’s engineers and scientists. The case had acicular out some ambiguous claims about Theranos’s technology in that deck.

Nov. 23, 2021, 5:34 p.m. ET

Elizabeth Holmes, the architect of the claret testing start-up Theranos, accustomed recasting the dissolution of her start-up’s affiliation with Walgreens on Tuesday. The ambition appeared to be to about-face the accusation assimilate Walgreens’s admiral and abroad from issues with her company’s technology.

Theranos and Walgreens had collaborated to abode Theranos’s claret tests in Walgreens food starting in 2013. At the time, Ms. Holmes and Theranos hailed the cooperation as a assurance of her start-up’s success, which afresh led to added absorption in her aggregation from investors and others. The affiliation afresh unraveled aback Theranos’s technology was apparent not to work.

Earlier in Ms. Holmes’s artifice trial, above Walgreens admiral said they had not alien Theranos’s technology in food nationally because of problems with the start-up’s technology. Instead, Walgreens bedfast the Theranos tests to some of its food in Arizona and California. Their affidavit showed the fallout from Theranos’s technology issues on ally and on patients.

On Tuesday, Ms. Holmes said she was acquainted of some snafus with the Walgreens rollout in the aboriginal bisected of 2014 but anticipation that it was action well.

She said that Theranos’s affiliation with Walgreens afflicted aback Walgreens acquired a pharmacy company, Boots. That acquired a administration alteration at Walgreens that included the abandonment of Wade Miquelon, the company’s above arch banking officer. (Mr. Miquelon testified at the balloon for the prosecution.) Walgreens afresh absitively to apathetic the amplification beneath the new management, she said.

The association was that it was not Theranos’s accountability that the civic rollout did not occur, but rather was the aftereffect of a about-face in priorities for Walgreens. Throughout her affidavit on Tuesday, Ms. Holmes has argued that she was not the one to blame. She said she absolutely believed Theranos’s technology formed because that was what she had been told by her company’s scientists and added employees. She additionally said the admiral on Theranos’s lath were experienced, implying that they should accept accustomed her bigger counsel.

Ms. Holmes additionally addressed inaccuracies in Theranos’s assay results. Prosecutors had focused on affidavit from patients who had complained about apocryphal after-effects from Theranos’s claret tests that they took at Walgreens.

Ms. Holmes said she did not accept complaints about inaccuracies in her account updates about the Walgreens rollout.

Nov. 23, 2021, 5:31 p.m. ET

Elizabeth Holmes, testifying in her aegis in federal cloister on Tuesday, declared the associates of Theranos’s lath of admiral as able bodies with invaluable admonition for an executive.

They were absolutely arresting Americans, fatigued from decades of account in arch levels of government and some of the best able companies in the country. And they were able-bodied compensated for their time: Anniversary was paid a $150,000 bacon and accustomed bisected a actor shares. Some additionally accustomed consulting salaries.

One of those lath members, above Aegis Secretary Jim Mattis, has said he was afraid that the lath had little medical ability accompanying to the blazon of tests that Theranos, the bootless claret testing start-up, said it offered.

Here are the acclaimed associates of the Theranos lath that Ms. Holmes was apropos to during her affidavit on Tuesday:

George Shultz, an economist, above secretary of accompaniment and affiliate of several Republican administrations.

William Perry, a above aegis secretary.

Henry Kissinger, the longtime diplomat, above secretary of accompaniment and above civic aegis adviser.

Sam Nunn, a above Democratic agent from Georgia.

Bill Frist, a physician and above Republican agent from Tennessee.

Gary Roughead, a retired Navy admiral and above arch of argosy operations for the Navy.

Mr. Mattis, the above aegis secretary and Marine Corps general.

Richard Kovacevich, the above arch authoritative of Wells Fargo.

Riley Bechtel, a billionaire and the above administrator of the Bechtel Corporation.

William Foege, the above administrator of the Centers for Disease Control and Prevention.

Ms. Holmes herself, and Theranos’s arch operating officer, Ramesh “Sunny” Balwani, who were dating at the time.

Nov. 23, 2021, 5:25 p.m. ET

Erin Woo

Ms. Holmes connected her affidavit about Mr. Lucas afterwards the break. She testified that he asked no questions about Theranos’s technology or about its business plan. A abridgement of due action by Theranos investors has been a above affair of the trial.

Nov. 23, 2021, 5:18 p.m. ET

Erin Woo

Before the break, Ms. Holmes addressed her abnegation to analyze Theranos’s cardinal ally to broker Christopher Lucas, a point that came up in his testimony. She said Theranos had acquaintance agreements with those companies and had been asked not to acknowledge them.

Nov. 23, 2021, 5:15 p.m. ET

Erin Woo

Court is aback in session.

Nov. 23, 2021, 4:36 p.m. ET

Erin Woo

The cloister is demography its afternoon break. Aback in a bit.

Nov. 23, 2021, 4:17 p.m. ET

Erin Woo

Ms. Holmes said that she aggregate Theranos’s barter secrets with the board, including that they could run a babyish sample on a acceptable machine. She said the lath talked about whether to book for accessible patents and discussed the accommodation to bottle it as a barter secret.

Senator Nunn, who had been on the lath of Coca-Cola, talked about the methods the aggregation acclimated to assure the Coke formula, Ms. Holmes said.

The association is that Theranos’s admiral profited amply from their assignment on the board, and that Ms. Holmes, already again, was relying on the accomplished bodies she amidst herself with. It additionally supports the beyond affair that Ms. Holmes was aloof aggravating to assure her company, not aggravating to burrow Theranos’s technology.

Nov. 23, 2021, 4:12 p.m. ET

Erin Woo

Ms. Holmes said that her lath was awful able — and able-bodied compensated for their advice.

Theranos’s star-studded lath included George Shultz, a above secretary of state; Agent Sam Nunn; James Mattis, who afterwards became aegis secretary; and Henry Kissinger, a above secretary of state. Anniversary was paid a $150,000 bacon every year and accustomed bisected a actor shares. Some additionally accustomed consulting salaries. Mr. Kissinger, for example, accustomed $500,000 a year.

Nov. 23, 2021, 3:50 p.m. ET

Erin Woo

Ms. Holmes said that she aggregate Theranos’s abstracts and processes with the FDA, including that Theranos was application accepted analyzers.

She aggregate it because she was assured the FDA would assure her barter secrets, she said.

This feeds into her beforehand altercation about aggravating to adumbrate the use of third-party accessories from Walgreens in adjustment to adumbrate barter secrets — and into a beyond affair that she was not aggravating to burrow problems with Theranos’s devices.

Nov. 23, 2021, 3:43 p.m. ET

The artifice balloon of Elizabeth Holmes, who founded the bootless claret testing start-up Theranos, has affluence of implications for Silicon Valley.

Her acceleration and abatement has been captivated up as the ultimate assay of Silicon Valley’s fake-it-until-you-make-it culture. At some hot start-ups, it is not aberrant for founders to aerate their acquirement or advertising their company’s articles to accession money and dedicated deals, alike if their articles may not absolutely do what was advertised, said Margaret O’Mara, a University of Washington abettor who has accounting a book on the history of Silicon Valley.

Ms. Holmes additionally captivated herself in the belief of the tech industry. The Stanford University dropout styled herself afterwards the backward Apple co-founder Steve Jobs, headquartered her aggregation in Palo Alto, Calif., and benefited from a acclamatory media.

The aftereffect of Ms. Holmes’s balloon may be a election on that behavior, attorneys and others said. If Ms. Holmes is begin guilty, start-up entrepreneurs may be added accurate with the claims they accomplish to investors and partners, alive that they could be answerable with fraud, said Neama Rahmani, admiral of the West Coast Balloon Attorneys and a above federal prosecutor.

But a “a non-guilty adjudication will absolve a Silicon Valley ability of adulatory advancing addition at the amount of the complete and accomplished truth,” said Jeffrey M. Cohen, an accessory abettor at Boston College Law School.

Still, some in Silicon Valley accept pushed aback adjoin the abstraction that Ms. Holmes and Theranos represented the archetypal start-up. That’s because Ms. Holmes aloft the aggregate of her money from advance firms that represented affluent families, and not acceptable adventure basic firms that about advance in fast-growing tech start-ups. Ms. Holmes was additionally architecture medical devices, not software as with abounding added start-ups.

For that reason, Ms. O’Mara said, some Silicon Valley assembly ability abolish the accent of the outcome.

Nov. 23, 2021, 3:39 p.m. ET

Erin Griffith

Theranos abiding an commodity with The Wall Street Account at the admonition of its accessible relations admiral to authorize itself alone from Walgreens. She went to Joe Rago, a affiliate of The Journal’s beat board, because he had access with associates of Theranos’s lath and focused on healthcare and economics.

Ms. Holmes said that she had an befalling to assay the 2013 article, blue-blooded “The Breakthrough of Instant Diagnosis” afore it was published. 

Ms. Holmes beatific the commodity to abeyant investors. In aperture statements, Robert Leach, a prosecutor for the United States, characterized that commodity as “falsely suggesting it had revolutionized claret testing with a claret analyzer with a feel stick.”

Nov. 23, 2021, 3:29 p.m. ET

Erin Woo

Ms. Holmes said that she did not alone assay every account in Theranos’s business materials, but that she did not accept any abstracts she anticipation were inaccurate.

Prosecutors had brought up statements about Theranos’s technology — fabricated on its website and in business abstracts — that they argued were inaccurate.

Nov. 23, 2021, 3:28 p.m. ET

Erin Griffith

Dr. Rosendorff had testified that he was decidedly anxious about Theranos’s barrage of its claret tests with Walgreens and did not accept the company’s technology was ready. Ms. Holmes said that the barrage was delayed from March 2013 until September 2013 because the two companies weren’t ready.

Nov. 23, 2021, 3:21 p.m. ET

Erin Woo

Ms. Holmes is continuing to try to canyon accusation to Theranos’s lab advisers such as Adam Rosendorff, a above lab administrator at Theranos who spent six canicule on the stand, the longest of any attestant appropriately far.

Ms. Holmes said that Dr. Rosendorff was amenable for arch whether a claret assay worked, and that she did not accept the training to apperceive if a assay was acceptable for use. She said she was not acquainted of any tests in use that didn’t work, and that she would not accept acceptable this. She said that she did not burden anyone to assurance off on a validation.

Dr. Rosendorff had testified about issues he accomplished in the lab. Ms. Holmes said that she told him Theranos would do “whatever it takes” for him to accept time to fix the tests.

Nov. 23, 2021, 3:15 p.m. ET

Erin Woo

Ms. Holmes’s affidavit is aggravating to abode a key point for the prosecution: that she bamboozled ally and investors by concealing these devices’ use. Ms. Holmes is aggravating to adapt that altercation by adage that Theranos fabricated modifications to the third-party accessories that the aggregation basic to accumulate secret, so that rivals could not charm them and abuse Theranos’s business model.

Nov. 23, 2021, 3:14 p.m. ET

Erin Griffith

Ms. Holmes did not about acknowledge that Theranos was application third-party accessories for claret tests, she said. Aback asked if she told Walgreens, she said, “Not in that way.”

Instead, she said Theranos adapted the third-party accessories so they acclimated beneath blood. Afresh she accustomed apparent aegis for those changes because she beheld them to be a barter secret.

Nov. 23, 2021, 3:00 p.m. ET

Erin Griffith

Ms. Holmes spent a lot of time explaining, in accurate detail, some of the issues that Theranos ran into on its devices. It was a accession to altercate the accommodation to alpha application commercially accessible machines from companies like Siemens for claret tests.

The best blockbuster affirmation adjoin Ms. Holmes and Theranos was that the aggregation alone acclimated its own machines for a dozen altered tests, alike as it said it could do hundreds or thousands.

Nov. 23, 2021, 2:40 p.m. ET

Erin Woo

Court is aback in session. Ms. Holmes accustomed to accomplish eye acquaintance with the jurors as they filed in, but alone one juror appeared to attending up.

Nov. 23, 2021, 2:32 p.m. ET

Erin Griffith

The breach is about to end and Ms. Holmes is chatting with the cloister reporter. Afore the break, she had testified about the overheating problems acquired by accepting too abounding Theranos accessories arranged calm in one spot.

Nov. 23, 2021, 2:30 p.m. ET

Elizabeth Holmes believed.

That altercation was a band of aegis that Ms. Holmes, the architect of the claret testing start-up Theranos, brought up on Monday during affidavit in her artifice trial. She argued, essentially, that she could not accept bamboozled Theranos’s investors, patients and others about how able-bodied her company’s medical accessories formed because she believed the technology to be real. Afterwards all, that was what her advisers told her, she said.

On Tuesday, in her third day of testimony, Ms. Holmes added congenital up that defense.

During the proceedings, Kevin Downey, Ms. Holmes’s lawyer, brought up emails and presentations from arch Theranos scientists such as Ian Gibbons and Surekha Gangakhedkar in which they gave absolute letters about the start-up’s devices. Ms. Holmes about claimed Theranos’s accessories were revolutionary, but The Wall Street Account apparent in 2015 that the machines didn’t work.

In one case, Mr. Downey displayed a February 2010 email from Mr. Gibbons to Ms. Holmes. Ms. Holmes had asked about assorted claret tests, and he responded, “Essentially all are accessible in the proposed system.” She said that she took this to beggarly that these tests were actuality run on Theranos’s system.

In addition case, Ms. Holmes emailed her scientists to ask them about a presentation they had prepared. Aback Mr. Downey asked why she had beatific the email, she said, “Our scientists had said that, and so I basic to bigger accept that statement.”

Mr. Downey additionally accustomed to actualization that Ms. Holmes had relied on alfresco experts and her lath of directors. He brought up a abstraction done by scientists at Johns Hopkins University that assured that Theranos’s technology was “novel and sound.”

“Our aggregation was absolutely aflame about this,” Ms. Holmes said. “This was some of the best class experts in the world.”

Mr. Downey additionally acicular out that Theranos’s lath in 2010 included Don Lucas, an broker who backed Oracle and Adobe; Pete Thomas, a longtime broker at the adventure basic close IVP; and Channing Robertson, a Stanford University professor.

One actuality Ms. Holmes hasn’t absolutely discussed is Ramesh Balwani, Theranos’s above arch operating administrator and her above boyfriend, who is accepted as Sunny. In three canicule on the stand, she has mentioned his name alone once, to agenda that he was complex in the Hopkins study.

But there additionally has been a antagonism in Ms. Holmes’s testimony. She has talked confidently about Theranos’s technology during her testimony, a adverse to how her attorneys accept accustomed to altercate that she depended on added bodies to acquaint her how the technology worked.

Nov. 23, 2021, 2:09 p.m. ET

As she has dedicated herself in court, Elizabeth Holmes has fabricated the arguments that longtime attorneys anticipated.

Ms. Holmes, the architect of the bootless claret testing start-up Theranos, has accustomed to about-face accusation assimilate added Theranos advisers with added abstruse skills. She has accustomed to blow holes in prosecutors’ arguments that she aria about alive with biologic companies. And, the attorneys said, she has accustomed to arise affectionate and bottomward to apple by assuming up to cloister hand-in-hand with her mother and cutting accouterment adapted for a attorneys instead of the atramentous turtlenecks she was already acclaimed for wearing.

It’s all allotment of painting the picture, they said, of Ms. Holmes as a well-meaning but ultimately bootless executive, rather than addition who carefully addled investors and should be bedevilled of fraud.

“This is absolutely what you would expect,” said Neama Rahmani, the admiral of the law close West Coast Balloon Attorneys and a above federal prosecutor. “Generally speaking, aback you go into these types of cases, there’s two types of defenses: ‘I didn’t know’ and ‘It wasn’t me.’”

Ms. Holmes, 37, has been answerable with 11 counts of artifice and cabal to accomplish fraud. She has pleaded not guilty. If convicted, she faces up to 20 years in prison.

Mr. Rahmani said that Ms. Holmes’s attempts to accusation others for the company’s problems while emphasizing her own benightedness was archetypal of artifice defendants. He said the tactic was additionally about acclimated in money bed-making and biologic trials — cases area prosecutors accept to prove that a actor knew they were alteration drugs or that money came from adulterous activities.

In Ms. Holmes’s case, she and her aggregation “are action to do aggregate they can to ambit themselves from that knowledge,” he said.

Jeffrey Cohen, an accessory abettor at Boston College Law Academy and a above federal prosecutor, said attempts to accomplish Ms. Holmes arise apprenticed were allotment of a beyond strategy.

“What I would apprehend a actor in a high-profile case to do is try to acculturate themselves and accomplish the lath see that they’re not aloof a accumulated C.E.O., but a actuality with the flaws that any actuality ability accept who’s active a ample corporation,” Mr. Cohen said. He added that accepting Ms. Holmes’s mother in the allowance “says to the lath that she could be a affectionate actualization and not this administrator of a counterfeit scheme.”

As for Ms. Holmes’s attempts to breach arguments fabricated by the prosecution, such as by pointing to studies Theranos did with biologic companies, Mr. Rahmani said it was acceptable an accomplishment to actualize ambiguity about Ms. Holmes’s culpability.

“They’re aggravating to acrylic this abundant added nuanced picture, because acutely all they allegation to do is authorize reasonable doubt. They’re acquisitive to aces off a few jurors,” he said. “If they get some association who are affectionate or some bodies who are on the fence, that’s their aisle to success here.”

Nov. 23, 2021, 1:57 p.m. ET

Erin Griffith

We are demography our morning break. Aback soon.

Nov. 23, 2021, 1:55 p.m. ET

Erin Woo

Ms. Holmes’s affidavit has apparent an absorbing astriction amid how confidently she talks about Theranos’s technology to the jurors, and how her aegis is additionally aggravating to altercate that she aloof relied on added bodies to acquaint her how it worked.

Nov. 23, 2021, 1:45 p.m. ET

Erin Woo

Ms. Holmes seems to be authoritative an accomplishment to explain Theranos’s technology in a way that jurors can understand. She declared the close apparatus of one Theranos device, adage it had an centralized “robot” and that “the accessory calls the billow to say, ‘What do I do with that storage?’”

Nov. 23, 2021, 1:34 p.m. ET

Elizabeth Holmes, the architect of the claret testing start-up Theranos, testified on Tuesday about her claimed role in one of the prosecution’s best anathema pieces of affirmation in her artifice case — and accustomed to cast the narrative.

That allotment of affirmation is a set of validation letters that accurate studies of Theranos’s technology done in affiliation with biologic companies and displayed the logos of above biologic companies, including Pfizer and Schering-Plough. Ms. Holmes beatific these letters to investors and ally as allotment of her angle to get them to advance in and do business with Theranos.

Investors and partners, including Wade Miquelon, the above arch banking administrator of Walgreens, had ahead testified that the alfresco endorsement had helped argue them to advance in and assignment with Theranos.

“My acceptance was that both parties agreed to what was written,” Mr. Miquelon said of the Pfizer report. It was an important allotment of diligence, he added, because “the pharmacy companies in accepted are abundant added accomplished at the lab assignment they do.”

But there was one problem, prosecutors said: The biologic companies had not accounting or accustomed of the reports.

On Tuesday, Ms. Holmes said she had alone added the logos to the letters aloof afore sending them Walgreens. But she said she had done so “because this assignment was done in affiliation with those companies and I was aggravating to aback that.”

Ms. Holmes said she hadn’t meant to accord the consequence that the letters were able by the biologic companies.

“I’ve heard that affidavit in this case, and I ambition I’d done it differently,” she said.

Ms. Holmes’s lawyer, Kevin Downey, said Theranos had not hidden that it had added the logos from the biologic companies. In a bid to actualization that the companies may accept been acquainted of the reports, he displayed a 2014 email from Ms. Holmes’s brother, Christian Holmes, who formed at Theranos, to assorted Pfizer executives. The email absorbed the address application Pfizer’s logo.

Nov. 23, 2021, 1:22 p.m. ET

Erin Woo

Ms. Holmes said that Theranos alleged its blueprint for axis claret tests into babyish sample tests “Theranizing assays.” Her aggregation had a apparent for “Theranizing assays,” she testified.

Nov. 23, 2021, 1:16 p.m. ET

Erin Woo

Ms. Holmes said that Daniel Young, not her, was in put in allegation of the plan for ablution in Walgreens stores.

“He is an abundantly acute actuality who had done abundant assignment on our informatics team,” she said. “He had abilities sets in clay and abstracts and we basic to administer them.”

Again, this goes to the altercation that Ms. Holmes was amidst by other, added qualified, bodies that she trusted to acquaint her how Theranos’s technology was doing.

Nov. 23, 2021, 1:14 p.m. ET

Erin Woo

Ms. Holmes testified that Theranos accessories were not included in Walgreens food because Walgreens afflicted its mind.

Originally, Walgreens basic Theranos accessories in their stores, but the aggregation absitively it basic to use a axial lab because of “FDA and CMS reasons,” Ms. Holmes said, adage that Theranos attorneys had altered opinions but ultimately agreed.

This appropriate a change to their agreement.

Nov. 23, 2021, 12:35 p.m. ET

The balloon of Elizabeth Holmes has everything: a charismatic, adorable and active changeable defendant; celebrities; sex; all-inclusive sums of money; the connected adumbration of Steve Jobs; lives of absolute bodies at risk.

If it’s one of the best acclaimed bent cases anytime to arise out of Silicon Valley, it additionally sometimes seems like the alone one. Prosecutors in Northern California brought 57 white-collar abomination cases in budgetary year 2020. Alike afterwards accounting for the aftereffect of Covid, cases accept plunged from the aiguille of 350 in 1995.

Not every white-collar case is a tech case or accompanying to start-ups, which agency there are alone a scattering of times anniversary year aback addition in Silicon Valley is accused of a crime.

There are a lot of complicated affidavit for this curtailment of attorneys action.

A common account is that it is the accountability of a blah U.S. attorney’s appointment in San Francisco. Few prosecutors arise to the Bay Area to accomplish their reputations, and those that do — like Robert Mueller 20 years ago — anon move on to bigger jobs. Mr. Mueller took over the F.B.I.

It’s not aloof a bounded issue. Fighting white-collar abomination has been beneath of a antecedence for the Department of Justice aback the Sept. 11 attacks brought fears of boundless terrorism.

And for all the growing acquaintance of the ability of tech companies, there is little accessible appeal to ascendancy them accountable. Aback David Anderson stepped bottomward as U.S. advocate for the Northern Commune of California aboriginal this year, he did an account with a radio station. None of the questions from the host or from callers dealt with Silicon Valley.

Mr. Anderson, a Trump appointee, had talked about authoritative Silicon Valley a antecedence for his prosecutors. His aboriginal accessible actualization was on a console blue-blooded “White Collar Abomination in a High-Tech World.” But he was in appointment for two years, too few to absolutely accomplish an impact. The commune has had an acting U.S. attorney, Stephanie Hinds, aback March.

Yet addition acumen is that Silicon Valley is a actual affluent place. That does not accomplish government prosecutions impossible. But it ensures that top-flight aegis attorneys can be brought in, authoritative cases like Ms. Holmes’s neither abbreviate nor simple.

Finally, there is a faculty in Silicon Valley that abortion — whether a aggregation that went beneath or an advance that was absent — is best kept in the family, far abroad from prosecutors, regulators and the media. Investors are declared to be sophisticated, and a case like Ms. Holmes’s can acknowledge aloof how absurd and naïve they were. The aforementioned is accurate of employees.

Better to aloof balloon about annihilation apprehensive than adduce counterfeit activity. Afterwards all, you wouldn’t appetite to absence out on the abutting opportunity.

Nov. 23, 2021, 12:05 p.m. ET

White-collar defendants rarely booty the angle because it opens them up to a potentially damaging cross-examination. Yet Elizabeth Holmes is testifying in her own defense.

Why booty that chance?

Lawyers for Ms. Holmes, 37, may be action that their applicant — who charmed investors and ally as she congenital Theranos to a $9 billion appraisal afore it burst — will be actuating and absorbing abundant to get 12 jurors on her side.

“They anticipate they are behind, and they accept a smart, likable, young, adorable witness,” said Neama Rahmani, who is the admiral of the West Coast Balloon Attorneys and a above federal prosecutor. “And she thinks she’s action to allocution her way out of it.”

Ms. Holmes’s affidavit may additionally be the alone way to actualization that she did not intend to deceive anyone, Mr. Rahmani said. She can adduce about her accord with Ramesh “Sunny” Balwani, 55, Theranos’s above arch operating administrator and her above boyfriend. In cloister filings, she has said he was emotionally calumniating and controlling. He has denied the allegations.

Ms. Holmes may additionally be acquisitive to present herself to the lath as a affectionate figure. She had a babyish in July and has showed up to the attorneys accustomed a childhood bag and captivation easily with her mother.

But by speaking in court, Ms. Holmes is demography a risk. That’s because she has ahead fabricated abounding statements about Theranos — both beneath adjuration and in media interviews — which prosecutors can barbecue her on.

“She’s action to be the best attestant for herself, or the worst,” Mr. Rahmani said. “She may aloof affectionate of adhere herself, so we’ll see.”

Nov. 23, 2021, 11:57 a.m. ET

The affidavit of Elizabeth Holmes, the architect of the claret testing start-up Theranos, has aloft a renewed flurry of accessible absorption in her artifice trial. And that has meant a added bright arena alfresco the Robert F. Peckham Federal Courthouse in San Jose, Calif., area the balloon is demography place.

Since it became bright that Ms. Holmes would booty the angle this week, assemblage and media began queuing alfresco the courthouse afore 3 a.m. on Monday and Tuesday, algidity and burrowing into coats in the pre-dawn cold. The balloon is not actuality advertisement and the alone way to appearance the affairs is to be in the attorneys or in an overflow room. Afore Ms. Holmes’s testimony, bodies had accustomed afterwards to band up to get into the trial.

On Tuesday, Danielle Baskin, a spectator, additionally brought atramentous turtlenecks, albino wigs and red lipsticks — a nod to Ms. Holmes’s signature attending aback she ran Theranos — as able-bodied as activity drinks with the handmade labels “Badder Blood,” “Bitter Blood” and “Better Blood.” She set up boutique alfresco the courthouse afore a aegis bouncer told her she couldn’t advertise appurtenances on federal property.

“I’m absorbed in the theatrics of how she aeroembolism words and accouterment activity and how she crafts a story,” Ms. Baskin, 33, who collection from San Francisco with two friends, said of Ms. Holmes.

Ms. Baskin said she was the architect of Dialup, a articulation babble app, and added that she was not a fan of Ms. Holmes. “I don’t accept accord for her because she was lying the accomplished time, and I apperceive women with ablaze account who can’t put on an act and abort at fund-raising,” she said. “She’s an archetype of why the arrangement was broken.”

Emily Saul, a anchorman for the podcast flat 3uncanny4, has become the actionable babysitter of the line, acquainted anybody who arrives and continuing on a bank axial the courtyard already the gates accessible to access people.

On Monday, the aboriginal actuality accustomed at 12:15 a.m., extenuative a atom for a acquaintance of the Holmes ancestors who “preferred to be anonymous.” At 3:45 a.m., two albino women accepted as “Holmies,” who had dressed in atramentous turtlenecks during aperture statements in September, accustomed dressed in altered clothing. They hugged Ms. Holmes and her boyfriend, Billy Evans, and sat in the row aloof for the defense.

On Tuesday, assemblage included a aerial academy apprentice and her mother from Palo Alto, Calif. Their attendance led to a beachcomber of amusement aback “Karrie and Karrie’s mom” were arise in line.

At 5 a.m., the Starbucks about the bend opened. Bodies larboard the band and alternate clutching red anniversary cups and cardboard accoutrements with bagels or breakfast sandwiches. Aback the courthouse gates opened about 6:15 a.m., added than 50 bodies were in line. Alone 34 fit in the courtroom. At 7:30 a.m., the doors to the courthouse opened.

Ms. Holmes accustomed about 8:15 a.m., belted by Mr. Evans and her mother and amidst by cameras and microphones.

“God absolve you, babe boss!” one actuality alleged as she entered the courthouse.

Nov. 22, 2021, 5:26 p.m. ET

SAN JOSE, Calif. — Afterwards weathering months of accusations that she aria to get money for her claret testing start-up, Theranos, Elizabeth Holmes, the active Silicon Valley administrator who is on balloon for fraud, acicular her aegis on Monday.

In aloof beneath two hours of testimony, Ms. Holmes pushed aback adjoin accusations that she had aria about Theranos’s assignment with biologic companies. She additionally acicular the accusation at the scientists and doctors who had formed at her start-up, adage she believed what they had told her about Theranos’s technology.

And throughout it all, Ms. Holmes’s aegis bolstered the abstraction it has been accusation aback the alpha of the trial: She may accept fabricated mistakes, but abortion is not a crime.

“We anticipation this was a absolutely big idea,” Ms. Holmes said about Theranos’s machines, which she already promised could run a connected account of medical tests from aloof a few drops of their blood.

It was her additional day of affidavit in a balloon that has absorbed Silicon Valley and become a election on start-up ability and aloof how far entrepreneurs will booty their arrogant claims of alteration the world. For her lawyers, the abstraction on Monday was to actualization the atom of accuracy that may accept existed in some of the best arrant misrepresentations that prosecutors attributed to her.

Ms. Holmes, 37, has been answerable with 11 counts of artifice and cabal to accomplish fraud. She has pleaded not guilty. If convicted, she faces up to 20 years in prison.

Her affidavit has been the ablaze allure at a balloon area added than 30 assemblage accept been alleged over the accomplished three months into a San Jose, Calif., attorneys to testify. Ms. Holmes had watched the affairs quietly, her announcement blocked abaft a medical mask. On Friday, the case had adequate its case.

Ms. Holmes is the attenuate Silicon Valley authoritative to be accustomed on artifice charges. While the apple of tech start-ups is accepted for its ability of hustle and hype, few accept risen as aerial or collapsed as badly as Theranos — and alike beneath of their leaders accept been accusable on accusations that they aria to investors. Over 13 years, Theranos aloft about $1 billion in funding, account it at $9 billion. Afterwards The Wall Street Account arise in 2015 that Theranos’s technology did not assignment as advertised, the aggregation unraveled. It shut bottomward in 2018.

Ms. Holmes’s accommodation to affirm is a chancy one that abashed the attorneys out of its Friday afternoon abeyance aftermost week. She has opened herself up to assay by prosecutors and additionally risks perjury.

But experts accept argued that she had no best but to avert herself, accustomed the affirmation presented by prosecutors. That has included argument letters that showed Ms. Holmes was acquainted of Theranos’s technology problems and affidavit about apish demonstrations of its abilities. Prosecutors additionally arise that afterwards an employee, Erika Cheung, batten to regulators about problems in the Theranos lab, the start-up assassin a clandestine detective to chase her.

“They anticipate they are behind, and they accept a smart, likable, young, adorable witness,” Neama Rahmani, the admiral of the West Coast Balloon Attorneys and a above federal prosecutor, said of Ms. Holmes. “And she thinks she’s action to allocution her way out of it.”

One key point fabricated by prosecutors was that Theranos could never conduct added than 12 altered claret tests on its own machines. It secretly acclimated claret assay machines from companies like Siemens to run best of its tests, but proclaimed it could do hundreds or accoutrements at assorted times.

Ms. Holmes’s attorneys accept for weeks accustomed complicating the prosecution’s narrative. They accept acicular to patents created by Theranos. They accept formed investors for not accomplishing abundant action on the start-up afore agilely autograph checks to armamentarium it. And they corrective Ms. Holmes as amateur and amateur to run a lab, administering accusation for Theranos’s abortion at those who were accomplished and qualified.

But on the stand, Ms. Holmes presented herself as an absorbing and aggressive arch authoritative aback anecdotic the aboriginal canicule of Theranos. She abundant a apparent that bore her name for an aboriginal abstraction of the company, as able-bodied as the admonition she got from Channing Robertson, a admired scientist and Stanford University abettor who abutting Theranos’s board. She was airy and confident, animated broadly and comatose afore answering questions.

On Monday, her absolute assay connected in archival order. Her attorneys absolved through the capacity of basic studies that Theranos had done with a cardinal of biologic companies in 2008, 2009 and 2010. They additionally acclaimed that Theranos’s technology had performed able-bodied in those aboriginal studies with Merck, AstraZeneca, Centocor, Bristol Myers Squibb and others.

Representatives from Pfizer and Schering-Plough testified beforehand that they had evaluated Theranos’s technology and had arise abroad unimpressed.

But the point of Monday’s affidavit was to actualization that Theranos did assignment with biologic companies rather than not at all. Ms. Holmes testified not alone about the analytic studies but additionally about a abstraction arise in a peer-reviewed journal.

That action accustomed her to focus on Theranos’s aboriginal successes and the conversations she had with anniversary abeyant partner, while glossing over the outcomes of those conversations.

Ms. Holmes additionally accustomed to about-face the blame, acquainted that she abstruse about Theranos’s technology from the scientists and doctors who formed in the company’s lab. She testified that she believed them aback they said the technology worked. The implication: Ms. Holmes could not accept advised to deceive investors if she believed the technology was real.

Prosecutors face a claiming in proving that Ms. Holmes advised to bamboozle investors. The push-pull amid assuming that she was acquainted of Theranos’s problems and that she artlessly relied on what others told her has been a alternating affair in testimony.

Emails amid Ms. Holmes and Ian Gibbons, a above arch scientist at Theranos, additionally corrective a aflush account of Theranos’s technology.

“I accepted that the four alternation could do any claret test,” Ms. Holmes said, apropos to a adaptation of Theranos’s machines, declared by Mr. Gibbons.

Judge Edward J. Davila of U.S. Commune Cloister for the Northern Commune of California instructed jurors that abounding exhibits, including the emails amid Ms. Holmes and her lab workers, should be taken as an adumbration of her “state of mind” rather than the accuracy of the situation.

Monday’s cloister affair concluded with Adjudicator Davila afresh rebuking assemblage over the aggregate of their typing, reminders of the abounding interruptions and delays that accept bedeviled the balloon aback it began in August.

Direct affidavit of Ms. Holmes is accepted to aftermost through Tuesday. She will afresh face assay from prosecutors.

Nov. 22, 2021, 11:43 a.m. ET

The government’s case adjoin Elizabeth Holmes, the architect of Theranos, featured several key pieces of affirmation that showed she carefully bamboozled doctors, patients and investors in the claret testing start-up.

They included:

In 2010, Theranos created a 55-page address that acutely displayed the logos of the biologic companies Pfizer, Schering-Plough and GlaxoSmithKline. Investors such as Lisa Peterson, who manages investments for the affluent DeVos family, and Walter Mosley, whose audience accommodate the Walton family, testified that the address had helped actuate them to advance in Theranos.

The problem? Pfizer, Schering-Plough and GlaxoSmithKline had not able or active off on the report. While prosecutors did not authorize that Ms. Holmes created the report, assemblage like Daniel Edlin, a above Theranos arch artefact manager, testified that she had active off on all broker material.

Theranos spent years discussing with the Department of Aegis the accessible deployment of its technology in the battlefield, but no affiliation materialized.

Yet Ms. Holmes told abeyant investors in a letter that Theranos had active affairs with the U.S. advancing — claims that helped actuate them to invest, the investors testified.

“We absolutely relied on the actuality that they had been accomplishing assignment for pharma companies and the government for years,” Ms. Peterson said.

Emails amid Theranos advisers fabricated up the aggregate of the prosecution’s exhibits. Some of the emails showed aback Theranos hid accessory failures, removed aberrant after-effects from assay letters and fudged demonstrations of its claret testing.

In one case, Mr. Edlin asked a aide for admonition on how to authenticate Theranos’s technology for abeyant investors.

Michael Craig, a Theranos software engineer, recommended that Mr. Edlin use the audience app, a adapted ambience on Theranos’s accessories that said “running” or “processing” if an absurdity had taken place, rather than affectation the mistake.

The app would adumbrate failures from the client, Mr. Craig wrote in an email.

“Never a bad thing,” Mr. Edlin replied. “Let’s go with demo, thanks.”

Nov. 22, 2021, 11:31 a.m. ET

From the start, prosecutors accept argued that Elizabeth Holmes carefully bamboozled investors, doctors and patients as she accustomed investments and partnerships for Theranos, her already highflying claret testing start-up.

In aperture statements on Sept. 8, Robert Leach, the abettor U.S. advocate who is the advance prosecutor in the case, laid out the government’s axial thesis: that Ms. Holmes courted investors and bartering ally with apocryphal claims about her company’s technology and its relationships with biologic companies and the military.

“Out of time and out of money, Elizabeth Holmes absitively to lie,” he afresh declared.

To accomplish that case, prosecutors alleged 29 assemblage to the stand. They included eight above Theranos employees, six investors, three bartering partners, two doctors and three patients. From a star-studded account of about 200 bodies the government had listed as abeyant witnesses, the highest-profile actuality to arise was above Aegis Secretary James Mattis, who had served on Theranos’s board.

Prosecutors presented affirmation to actualization that Ms. Holmes perpetrated deceit, including that she knew of technology demonstrations that hid Theranos’s failures and was acquainted the aggregation fabricated apocryphal claims of alive with the military. They additionally showed that Theranos had acclimated a address with a biologic company’s logo to betoken it had that company’s backing, alike admitting the close had not active off on the report. Investors and ally testified that those claims had helped actuate them to accord Theranos their business and money.

The case additionally abundant the dysfunction aural Theranos’s lab, which handled the claret tests. Theranos had trumpeted its affirmation that its tests could anticipate assorted illnesses in patients with aloof a bead of blood.

But Adam Rosendorff, one of Theranos’s above lab directors, spent six canicule on the angle answer that the tests afresh produced inaccurate and aberrant results. Added lab admiral testified that they had about been figureheads; one spent aloof bristles to 10 hours at Theranos over his tenure.

Daniel Edlin, a above arch artefact administrator and Holmes ancestors friend, testified that Ms. Holmes had active off on Theranos’s business and broker materials. He additionally said Ramesh Balwani, the arch operating administrator and Ms. Holmes’s onetime boyfriend, who is accepted as Sunny, had deferred to her aback the two of them disagreed.

“Generally, she was the C.E.O., so she had the final controlling authority,” Mr. Edlin said.

Nov. 22, 2021, 11:00 a.m. ET

In 2018, the United States answerable Elizabeth Holmes and her business partner, Ramesh “Sunny” Balwani, with nine counts of wire artifice and two counts of cabal to accomplish wire fraud.

The allegation accuses the brace of agreeable in a “scheme, plan and artifice to bamboozle investors as to a actual matter.”

In added words, they are accused of lying about Theranos’s business and technology to get money. The lies categorical in the allegation accommodate claims Theranos fabricated about its accord with the advancing and the cachet of its affiliation with Walgreens. Prosecutors additionally say that Theranos apish demonstrations of its technology and biased validation letters from biologic companies and the banking bloom of its business.

Wire artifice is a abomination that carries a best amends of 20 years and abeyant fines. Theranos additionally paid a $500,000 accomplished to achieve civilian balance artifice accuse with the Balance and Exchange Commission in 2018. It additionally acclimatized assorted lawsuits with investors and ally afore abandoning that year.

Since the bent indictment, the cases of Ms. Holmes and Mr. Balwani accept been separated. Mr. Balwani faces balloon abutting year. Further, some of the accuse adjoin Ms. Holmes accept been alone and others added. As of today, Ms. Holmes faces 11 counts of artifice and cabal to accomplish fraud.

She has pleaded not guilty.

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