A panel of federal judges in San Francisco spent two hours on Tuesday grappling with legal issues raised in an attempt to overturn the fraud conviction of former Theranos CEO Elizabeth Holmes. Holmes, who is currently serving an 11-year prison sentence, was found guilty of orchestrating a blood-testing scam through her startup, Theranos.
The hearing, which took place nearly 2 1/2 years after Holmes' conviction, saw her parents and partner in attendance while she remained absent. The judges, Jacqueline Nguyen, Ryan Nelson, and Mary Schroeder, gave little indication of their stance on upholding or overturning the conviction but emphasized the need for compelling evidence to reverse the jury's verdict.
Holmes' attorney argued that the trial outcome warranted scrutiny, pointing out that the jury acquitted her on four counts and was deadlocked on three others. The judges did not provide a specific timeline for their ruling, which could take weeks to over a year.
Theranos, once hailed as a groundbreaking health care company, crumbled after revelations of its devices' unreliability. Holmes and her former partner, Ramesh “Sunny” Balwani, faced criminal charges for concealing these flaws. Balwani, who received a 13-year prison sentence in a separate trial, is also seeking to overturn his conviction.
The judges heard arguments from both Holmes' and Balwani's attorneys, with Balwani claiming that prosecutors distorted evidence to bias the jury against him. While Holmes is set for release in August 2032, Balwani is scheduled to be released in November 2033.
