• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
TechTheranos

What we’ve learned so far from the trial of Theranos’ Elizabeth Holmes

Rey Mashayekhi
By
Rey Mashayekhi
Rey Mashayekhi
Down Arrow Button Icon
Rey Mashayekhi
By
Rey Mashayekhi
Rey Mashayekhi
Down Arrow Button Icon
October 15, 2021, 9:28 PM ET

Six weeks in, the high-profile trial of Theranos founder Elizabeth Holmes has been less a display of courtroom fireworks, and more of a slow and steady burn around the health-tech company’s remarkable downfall.

While Holmes—who faces up to 20 years in prison on fraud charges—has yet to take the stand, former Theranos employees, investors, and business partners have all testified about their various experiences with Holmes and her company. In turn, the jury has heard arguments from both federal prosecutors (who claim that Holmes fraudulently deceived her investors and business partners, as well as the greater public) and the defense (which argues that Holmes was merely a entrepreneur whose startup happened to fail).

With the trial heading into a weekend recess, here are some of the key takeaways from the San Jose, Calif., courtroom.

Holmes misled major pharmacy chains, prosecutors say

In seeking to convince pharmacy retailer Walgreens to buy Theranos’ blood-testing machines, Holmes provided what she called “independent due diligence reports” from pharmaceutical companies Pfizer and Schering-Plough that backed the viability of Theranos’ supposedly revolutionary technology.

There was only one problem: the reports were fake, according to prosecutors. In fact, Theranos, allegedly went so far as to forge Pfizer’s logo and letterhead on the report, they claim.

It was enough to fool the likes of Walgreens. On Tuesday, Wade Miquelon, the retailer’s former CFO, testified that the company was impressed by the research and didn’t notice a typo in the name of the Schering-Plough Research Institute. Walgreens eventually partnered with Theranos in 2013 and invested $140 million in Holmes’ company. “We thought this was one of the most exciting companies we’d seen,” Miquelon testified.

Both Walgreens and supermarket chain Safeway insisted they did their due diligence before teaming with Theranos. Former Safeway CEO Steve Burd, who also testified on Tuesday, said his company spent no less than 100 hours conducting its own investigation into Theranos’ technology before signing an agreement in 2010. Safeway would pour more than $350 million into the Theranos deal, renovating nearly 1,000 of its stores to accommodate the startup’s blood-testing technology. Those facilities would never be used by Theranos.

Holmes’ defense team has claimed that both Walgreens and Safeway knew what they were getting into by partnering with Theranos—pointing out that they consulted with experts and researchers at top medical institutions.

Spotlight on Theranos’ lab

This week saw several former Theranos lab workers take the stand—including the company’s former lab director, who had both questionable qualifications and a dubious track record on the job.

Sunil Dhawan is a dermatologist by training, but that didn’t stop him from accepting the role of Theranos’ lab director in 2014 at the request of one of his patients. That patient was Ramesh “Sunny” Balwani, Theranos’ former president—and Holmes’ ex-boyfriend—who himself will face fraud charges in a separate trial next year.

On Thursday, Dhawan testified that he visited Theranos’ lab only a handful of times in his role and seldom interacted with other Theranos lab employees. In fact, he said he spent no more than five to 10 hours doing any actual work for Theranos during his tenure from November 2014 and the summer of 2015. Instead, he operated in what Balwani described in an email as an “on-call consulting role” and performed administrative duties as needed. While Dhawan’s status as a medical doctor meant that he met the regulatory requirements for the lab director role, he had no certification in pathology or laboratory science.

The man who Dhawan succeeded as lab director, Adam Rosendorff, has also spent ample time on the stand, emerging as one of the prosecution’s key witnesses. Rosendorff testified that he had “frequent conversations” with Holmes during which he expressed concerns about the legitimacy of Theranos’ technology, and noted “tremendous pressure at the company to show that this technology was successful” despite ample evidence to the contrary. He eventually left Theranos in November 2014. “I felt that it was a question on my integrity as a physician not to remain there and to continue to bolster results I essentially didn’t have faith in, Rosendorff testified.

But Holmes’ defense team has sought to raise doubts about Rosendorff’s testimony, pointing to evidence they say refutes his claims that Theranos’ leadership was reluctant to address problems with the company’s technology. They have also looked to question Rosendorff’s competency as a lab director by raising doubts about his track record at other companies.

Jury drama

One of the trial’s subplots has been the composition of the jury, which has already undergone several changes.

The first week of the trial, in September, saw one juror depart after learning that her employer would not compensate her for time away from work. And last week, another juror left the trial after claiming a conflict with her Buddhist faith, which left her uncomfortable with the possibility of punishing Holmes if she was convicted.

Meanwhile, the Buddhist juror’s alternate expressed her own reservations to the court about sentencing Holmes, and noted that English is not her first language. Despite those reservations, the judge kept the alternate on the jury.

This week also saw Holmes’ defense raise concerns about a fair trial, amid requests by media outlets that are asking the judge to unseal and release the jury’s questionnaires. There are concerns that doing so could compromise the personal information of the jury and affect their ability to serve.

All these factors—as well as potential COVID-19-related issues, which already forced a day of testimony to be canceled earlier in the trial—could trigger a mistrial, and prompt further delays to a case that’s already been delayed several times.

Subscribe to Fortune Daily to get essential business stories straight to your inbox each morning.
About the Author
Rey Mashayekhi
By Rey Mashayekhi
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon

Latest in Tech

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Tech

How the World Cup is a high-stakes stage for Big Tech’s AI push
NewslettersCIO Intelligence
How the World Cup is a high-stakes stage for Big Tech’s AI push
By John KellJune 10, 2026
2 hours ago
Anthropic accused of ‘secret sabotage’ as Claude Fable 5 silently limits capabilities for AI researchers and developers
AIAnthropic
Anthropic accused of ‘secret sabotage’ as Claude Fable 5 silently limits capabilities for AI researchers and developers
By Sharon GoldmanJune 10, 2026
3 hours ago
A 5-week course and a guaranteed job: Meta commits $115 million to solve the skilled-trades shortage stalling its AI buildout
Future of WorkMeta
A 5-week course and a guaranteed job: Meta commits $115 million to solve the skilled-trades shortage stalling its AI buildout
By Jacqueline MunisJune 10, 2026
3 hours ago
Xbox CEO Asha Sharma
SuccessCareers
Xbox’s CEO spent her early career taking out trash and selling coupon books—she says the secret to her rise was never obsessing over a dream career
By Preston ForeJune 10, 2026
6 hours ago
Boris Cherny, Head of Claude Code
SuccessHiring
The architect behind Claude Code reveals the three things Anthropic looks for in a good hire—and why people with low ego are a must
By Emma BurleighJune 10, 2026
6 hours ago
Trump sits at the Resolute Desk with his hands folded
AIImmigration
OpenAI and Nvidia CEOs didn’t flinch at Trump’s $100,000 H-1B visa fee, and now they’re paying up as their application numbers soar
By Jacqueline MunisJune 10, 2026
7 hours ago

Most Popular

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
Asia
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
By Kate O'Keeffe and BloombergJune 8, 2026
2 days ago
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
Economy
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
By Nick LichtenbergJune 9, 2026
1 day ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Success
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
2 days ago
Current price of oil as of June 9, 2026
Personal Finance
Current price of oil as of June 9, 2026
By Joseph HostetlerJune 9, 2026
1 day ago
Wall Street dumped nearly $1 trillion in tech stocks by midday—then clawed it back and bought peanut butter and paint
Investing
Wall Street dumped nearly $1 trillion in tech stocks by midday—then clawed it back and bought peanut butter and paint
By Eva RoytburgJune 9, 2026
23 hours ago
Current price of silver as of Tuesday, June 9, 2026
Personal Finance
Current price of silver as of Tuesday, June 9, 2026
By Joseph HostetlerJune 9, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.