Theranos founder Holmes calls for her conviction to be overturned

New York. Lawyers for Theranos founder Elizabeth Holmes have asked an appeals court in San Francisco to overturn the verdict against the ex-star entrepreneur. In an appeal hearing for both Holmes and her former top executive and partner Ramesh “Sunny” Balwani, attorneys argued that flawed methods in both cases warranted a new trial. Holmes’ legal team had already appealed her conviction in April 2023, but the first hearing in the case took place on Tuesday.

With her start-up Theranos, Holmes had promised to revolutionize blood testing. Apparently, just a few drops of blood were sufficient for complex tests. Holmes was celebrated, Theranos reached a valuation of nine billion dollars in financing rounds. As a founder, Holmes became a billionaire on paper. But then it turned out that the technology didn’t work. Holmes and Balwani were convicted in 2022 on charges of deliberately misleading investors. Holmes’ original 11-year prison sentence has already been reduced twice since her conviction. She is now expected to be released in August 2032.

“Holmes believed that”

Holmes’ attorney, Amy Saharia, told the appeals court that the entrepreneur believed she was telling the truth when she told investors that Theranos’ miniature blood testing device could perform a wide range of medical tests using a small amount of blood. “There were actually a lot of good people working at Theranos who thought they had good technology,” Saharia said. “Holmes believed that, and that’s exactly what she told investors.”

Saharia’s argument also pointed to problems with two of the prosecution’s key witnesses: former Theranos employee Kingshuk Das, who testified as a scientific expert on Theranos’ product, and former lab director Adam Rosendorff.

A decision on the application is not expected within weeks or months.

froma.