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BERKELEY, Calif. – Elizabeth Holmes, the former CEO of Theranos, rested her defense Tuesday in San Jose Superior Court. She is on trial for what prosecutors are calling a fraudulent business enterprise that cost investors, doctors and investors millions of dollars and endangered patients.
During closing arguments, Assistant U.S. Attorney Brandon Fox underscored the difference between fraud and honest business practices.
“This is a case about the company’s conduct. It’s not about somebody trying to describe the truth,” he said.
Hayward-based Theranos has been the subject of several reports in national media about questionable business practices, which included using little or no clinical testing done for purported blood tests.
The two other co-defendants, COO Ramesh Balwani and former finance chief Brian Henry, have also pleaded not guilty to fraud charges.
The case is part of a two-year investigation into Theranos which at its peak employed more than 2,600 people.