Two of the prosecution's witnesses took the stand yesterday on the second day of Elizabeth Holmes' federal fraud trial. Yam, in return, testified that Holmes never sold a share she owned and did not process any stock sale. Since the court does not know what testimony the government would elicit during trial, Davila deferred the ruling on Holmes' evidentiary challenges until federal prosecutors elicited testimony from Cheung, Yam and Edlin. Holmes claimed her company would revolutionize blood testing with technology that could analyze tiny amounts of blood and inked retail partnerships with Walgreens and Safeway. Forbes in 2015 recognized Holmes as America's richest self-made woman based on Theranos' multibillion-dollar valuation at the time. The downward spiral culminated in the 2018 shutdown of the company, with the U.S. Securities and Exchange Commission accusing Holmes and Balwani of what it described as a "Massive fraud."
Holmes faces 10 counts of wire fraud and two counts of conspiracy to commit wire fraud over allegations that she knowingly misled investors by claiming Theranos technology could revolutionize blood testing.
Balwani's trial is expected to follow the Holmes trial.
source: https://www.massdevice.com/first-witnesses-in-elizabeth-holmes-federal-fraud-trial-take-the-stand/
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