Elizabeth Holmes trial Week 7 recap: a $1 billion IPO plan, and a former staffer testifies he was told to change numbers to make test results seem normal

Asia's Tech News Daily

Elizabeth Holmes trial Week 7 recap: a $1 billion IPO plan, and a former staffer testifies he was told to change numbers to make test results seem normal
© Provided by Business Insider Theranos founder Elizabeth Holmes and her partner Billy Evans leaves the Robert F. Peckham U.S. Courthouse after the delivery of opening arguments in her trial, in San Jose, California, U.S., September 8, 2021. Peter DaSilva/Reuters

  • The seventh week of Theranos founder Elizabeth Holmes’ fraud trial has come and gone.
  • It featured revelations on plans for a $1 billion IPO and ways staff tried to skirt testing issues.
  • Here’s everything that happened in the trial in its seventh week.

How Theranos tried to make unusual test results seem normal

Daniel Edlin, a college friend of Elizabeth Holmes’ brother, Christian, and Theranos’ former senior product manager, was pressed on his previous testimony about measures taken when guests like investors or business partners wanted to see the devices in action.

He spoke of a “demo app” that hid Theranos machine errors from view during demonstrations, as well as “null protocol,” which meant the machines didn’t actually analyze the samples, according to The New York Times. Edlin testified that, from there, Theranos staff would tell the guests their samples needed further analysis, and the blood would be sent to a lab, as Insider’s Adam Lashinsky reported.

Jurors also saw emails from 2013 between Edlin, Holmes, former Theranos vice president Daniel Young, and former Theranos COO and president Ramesh “Sunny” Balwani.

Elizabeth Holmes trial Week 7 recap: a $1 billion IPO plan, and a former staffer testifies he was told to change numbers to make test results seem normal
Download our mobile app

In one email, Edlin pointed out a discrepancy in test results. Holmes replied, “The discrepancy will be a problem. We need to see if we can correct for it.” Young asked Edlin to change the reference ranges on some of the results, which made results appear to fall within the normal range when they were actually abnormal.

Plans for a $1 billion IPO

Bryan Tolbert, the vice president of finance at investment firm Hall Group, which had invested $5 million in Theranos in 2013, testified that he had gathered from a meeting with Holmes that Theranos had raised $16 million in its first round, according to Law360 reporter Dorothy Atkins. His meeting notes also showed Theranos expected to raise $30 million in a second funding round with an eventual plan to go public in 2008 via an IPO valued at $1 billion.

Former Pfizer scientist unsure who approved Theranos’ use of logo

Shane Weber, a former director of diagnostics at Pfizer, testified that he discouraged any deals with Theranos in a report about the now-defunct startup.

“Theranos unconvincingly argues the case for having accomplished tasks of interest to Pfizer,” he wrote, according to The Wall Street Journal. Holmes’ attorneys had repeatedly asked Judge Edward Davila to keep jurors from seeing the report, but Davila ultimately allowed prosecutors to present it.

Weber also wrote that Theranos was “non-informative, tangential, deflective or evasive” in its answers to due diligence questions.

Jurors also heard about Theranos’ use of Pfizer’s logo in a company report, implying that Pfizer had validated and supported Theranos’ technology. The report boasted about Theranos machines’ “superior performance,” but Weber said he had never authorized the Pfizer logo use, and he didn’t know of anyone at Pfizer who had, according to the East Bay Times. The report was later shared with Walgreens and other investors.

Theranos technology put to the test for possible use in the military

Some Theranos machines were sent to Africa to see if they could withstand high temperatures common in combat. Theranos had been having discussions with the Defense Department about possible uses of the company’s machines in the military.

Theranos employees’ emails, however, said the machines “did not have a way to cool down” and might run into performance issues if they operated outside of the range between 72 and 82 degrees, according to The Wall Street Journal.

A third juror departs

Yet another member of the 12-person jury has been dismissed. On Friday, a juror was excused and replaced with an alternate. This is the third juror to depart the trial; two of five alternates now remain with the case at roughly its halfway point. Judge Davila said there was “good cause” to excuse the juror but didn’t provide a specific reason, according to CNBC. Each departure raises concerns about a possible mistrial.

You can catch up on Week 1 here, Week 2 here, Week 3 here, Week 4 here, Week 5 here, and Week 6 here. You can read how Holmes wound up on trial here and see the list of potential witnesses here. Everything else you need to know about the case is here.

Read the original article on Business Insider

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Sweden asks Swedes to leave South Africa: “There is no reason to stay and see what will happen”

Sweden’s ambassador to South Africa encouraged all Swedes in South Africa to leave the country as soon as possible. “There is no reason to stay and see what will happen,” ... Read more »

Germany: Dozens take illegal mystery COVID vaccine before police shut it down

© Provided by dw.com It’s still unclear what was injected into people at the so-called vaccination center German police had to close down an unauthorized event billing itself as a ... Read more »

President Cyril Ramaphosa to address the nation on Sunday at 8 pm

© Provided by 702 President Cyril Ramaphosa will address the nation on Sunday at 8pm the presidency has announced. The address follows meetings of the National Coronavirus Command Council, the ... Read more »

Honduras braces for trouble as election begins

© Orlando SIERRA Supporters of Tegucigalpa’s mayor and presidential candidate for the ruling National Party Nasry Asfura, aka ‘Papi a la Orden’ attend the campaign’s closing event Honduras braced for ... Read more »

Miss South Africa heads to Israel despite calls to boycott Miss Universe event

© Miss SA Official. Miss SA Lalela Mswane. CAPE TOWN – Lalela Mswane has confirmed via social media she will be representing South Africa at the Miss Universe pageant in ... Read more »

In French Pantheon, Josephine Baker makes history yet again

PARIS (AP) — France is inducting Josephine Baker — Missouri-born cabaret dancer, French World War II spy and civil rights activist — into its Pantheon, the first Black woman honored ... Read more »

Researchers try producing potato resistant to climate change

1 / 3Climate Change Super SpudsFILE — Potatoes await harvesting at Green Thumb Farms, Sept. 27, 2017, in Fryeburg, Maine. University of Maine researchers are trying to produce potatoes that ... Read more »

Kapil Sharma's mom makes a revelation about Ginni Chatrath proving they're pure 'Saas-Bahu' goals

© Provided by BollywoodLife.com The Kapil Sharma Show has been bringing laughs to India’s homes every weekend. We often see Kapil Sharma’s mother, Janak Rani amongst the audience. She is ... Read more »

Cricket-Giles bats for Vaughan to get second chance amid racism allegations

1 / 2Cricket-Giles bats for Vaughan to get second chance amid racism allegationsWest Indies v England – Second Test (Reuters) – Former England captain Michael Vaughan deserves a second chance ... Read more »

Germany confirms suspected Omicron case, bringing total to three

A woman takes the digital data of a man at a rapid coronavirus disease (COVID-19) test centre amid the COVID-19 pandemic in Furstenfeldbruck BERLIN (Reuters) – Germany said on Sunday ... Read more »

Throwback: What Samantha Said About Having a Child with Naga Chaitanya

© Provided by News18 Does Celebrity Separations Have Influence on our Relationships? This is What Experts Have to Say Telugu couple Samantha and Naga Chaitanya are going through a divorce ... Read more »

Thalapathy Vijay & Pooja Hegde's chiller vibe on Beast set with team has got us celebrating; See PIC

© Provided by Pinkvilla Nelson Dilipkumar’s Beast starring Pooja Hegde and Thalapathy Vijay has been the talk of the town since its inception. Billed to be a gangster thriller, Anirudh ... Read more »

RRR star Ram Charan makes heads turn in r₹r67k big braille knotted kurta

Gearing up for the release of SS Rajamouli’s RRR, South sensation Ram Charan has his kitty full with magnum opus RC15, a big adventure actioner with Shankar and reportedly an ... Read more »

PM Modi skips all-party meet ahead of Winter Session, AAP walks out- 7 points

© Provided by Zee News New Delhi: Ahead of the winter session of the parliament, the Centre on Sunday (November 28) called an All-Party meeting to discuss debate points and ... Read more »

PHOTOS: Sidharth Malhotra looks suave in all black attire as he gets clicked in Bandra

Sidharth Malhotra is on a roll these days. The actor who is riding high on the success of his recently released movie has a couple of exciting projects in his ... Read more »

Sara Ali Khan Gives a Traditional Touch to Atrangi Re Song Chaka Chak in Saree, See Pic

© Provided by News18 Atrangi Re starring Akshay Kumar, Sara Ali Khan and Dhanush served a wholesome treat to the audience with its perfectly cut trailer, which boasts of all ... Read more »

Diabetes Management: Keep a Tab on Diabetes Level by Following These 4 Easy Tips

© KS Swati | India.com Lifestyle Staff Diabetes Management: Keep a Tab on Diabetes Level by Following These 4 Easy Tips. Picture Credits: Unsplash Diabetes Management: A person with diabetes ... Read more »

Nishad Raj's statue to be installed in Varanasi: UP min

© Provided by Hindustan Times Tourism minister Neelkanth Tiwari at a function in Telia Nala Ghat park in Varanasi on Sunday (ht photo) The Uttar Pradesh (UP) government would install ... Read more »

Kerala Covid Update: Unvaccinated Staff Cannot be Allowed in Schools, Mandates Vijayan Govt

© Victor Dasgupta | India.com News Desk Schools closed in Kerala Thiruvananthapuram: Amid the rising concern of new covid variant, the Kerala Education Minister V Sivankutty said that the state ... Read more »

Cyber Monday AirPods deals 2021: all the sales live right now

Cyber Monday AirPods deals can save you plenty of cash on everything from the very latest releases to old faithfuls this weekend, now that Black Friday AirPods deals have drawn ... Read more »

Omicron symptoms are described by the doctor who discovered it

Omicron symptoms are described by the doctor who discovered it The South African doctor who identified omicron describes the symptoms as “mild.” Read more »

Labour puts in the hard yards to win over business community

Photograph: Jacob King/PA As Keir Starmer’s aides tuned into Boris Johnson’s South Tyneside speech to the CBI last Monday, on the alert for any policy details the Labour leader could ... Read more »

13 Omicron Cases Confirmed in Amsterdam, Israel Shuts Border

Reuters Thirteen of the 61 people who tested positive for COVID-19 on two flights from South Africa to the Netherlands were infected with the super-mutated Omicron variant that is now ... Read more »

«Appelle an die Selbstverantwortung stehen derzeit quer in der Landschaft»

© keystone Covid-Patient in einer Intensivstation. Nirgends hat der Schock der Corona-Krise mehr bewirkt als im Gesundheitswesen. Was bedeutet das für die Zukunft für Ärzte, Pflegepersonal, Patienten, Spitäler und Krankenkassen? ... Read more »

Colts vs. Buccaneers prediction: Bet on the hot team

The Wildcat returns for his 25th season in the Bettor’s Guide. Cat’s record in print stands at 652-562 (532.9 percent) against the spread. INDIANAPOLIS COLTS (+3) over Tampa Bay Buccaneers ... Read more »

Betting angles for NFL Week 12: Falcons have upside over Jaguars

VSiN’s NFL expert offers up a side and a total for Sunday’s card.  Falcons (-2, 45.5) at Jaguars: The Falcons have scored three points over the past two games and ... Read more »

This Morning star is unrecognisable in throwback snap with his brothers – but can you guess which one he is?

EAMONN Holmes looked unrecognisable in a throwback pic with his two brothers. The presenter, 61, shared the rare pic of his family from 1978 as the three lads were suited up ... Read more »

Jamie Redknapp seen out walking his newborn baby son Raphael four days after wife Frida Andersson gives birth

JAMIE Redknapp enjoyed some quality time with his adorable newborn son as they went for a Sunday stroll. The former footballer, 48, announced his new wife Frida Andersson delivered a healthy baby ... Read more »

COVID-19: British Airways suspends Hong Kong flights after crew member tests positive for coronavirus

The airline apologises to customers for the disruption to their travel plans and is said to be supporting staff now having to quarantine in the former British territory. Read more »

Pretty Little Thing Black Friday: Get 99% off in the super sale

(Pretty Little Thing ) Black Friday, the shopping sales extravaganza is upon us. Over the weekend, brand and retailers across the land are dropping prices on everything from holidays and ... Read more »

‘Coldest night of the season' could bring temperatures as low as -10C

Forecasters have warned the “coldest night of the season” is set to hit parts of the UK, with temperatures dropping to as low as minus 10C (14F). The Met Office ... Read more »

Australia to send more soldiers to Solomon Islands

Three charred bodies were discovered in a store on Friday in the Chinatown district, an area targeted by protesters still resentful the government in 2019 ended diplomatic ties with Taiwan ... Read more »

Palestine concerned over Omicron spread after detection in Israel

© Provided by The Statesman Palestine concerned over Omicron spread after detection in Israel Palestine has expressed deep concerns over the spread of the new Covid-19 variant, known as B.1.1.529 ... Read more »

Private Lives, review: Havers and Hodge are perfect, but which coward cut the risqué lines?

© Tristram Kenton Patricia Hodge and NIgel Havers in Private Lives – Tristram Kenton What a beguilingly silly, slyly profound play Private Lives is, a temple to Noel Coward’s genius. ... Read more »

Reviewing decision to resume international flights, SOPs on testing: Centre

© Provided by Hindustan Times Currently, Indians are flying to and from India under air bubble arrangements that allow passengers of two countries to fly with some restrictions. (HT PHOTO.) The ... Read more »

Man Utd linked with RB Leipzig star as Rangnick appointment edges closer

© PA Images Haidara guards possession Ralf Rangnick and RB Leipzig midfielder Amadou Haidara could be set for a reunion at Manchester United, according to reports. Rangnick is expected to ... Read more »

Tripura Municipal Election 2021: BJP emerges victorious in a clean sweep

© Provided by DNA Spoils at the Tripura Municipal Election 2021 went to the ruling Bharatiya Janata Party (BJP) on Sunday after it secured a clean sweep. On the other ... Read more »

Snow forces postponement of Burnley's clash with Tottenham

© Alamy Stock Photo Snow being cleared from the Turf Moor pitch before the decision to postpone the game was made. THE PREMIER LEAGUE fixture between Burnley and Tottenham Hotspur ... Read more »

Man, 53, is arrested for murder after woman found dead in house

© Provided by Daily Mail MailOnline logo A man has been arrested on suspicion of murder after a woman in her 50s was found dead in a house in Gloucestershire.  Police ... Read more »

Raheem Sterling must wrap up dream week after getting surprise Jack Grealish chance at Man City

A few weeks ago, Raheem Sterling’s fortunes at Manchester City looked to be at the point of no return. Stuck behind the likes of Phil Foden and Jack Grealish in ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic