Another day, another Holmes in court – Theranos founder faces off against the SEC

Theranos founder and CEO Elizabeth Holmes appeared in federal court for a second day on Friday in a case linked to her company, a hearing that is expected to take several weeks before the case is sent to trial. The Houston Chronicle reports that several potential jurors were excused from sitting on the jury pool due to potential bias.

The hearing is for Holmes’ investment firm, Lightspeed Venture Partners, and several affiliates to defend against a $600m fraud complaint, filed in February of this year by the United States Securities and Exchange Commission. Her lawyer, Robert Wolf, has repeatedly stated that Theranos has provided accurate information to investors, and also has pushed back against the notion that her tech is fraudulent.

Holmes came under fire in 2016, for reportedly failing to disclose multiple safety and security incidents on its servers. The SEC later filed suit against her and five other company executives, charging them with selling the securities of a company they knew was not in compliance with securities laws. In particular, it was alleged that the defendants knew Theranos did not have proven FDA approval for its blood testing technology, yet used it to sell investors, including Lightspeed Venture Partners.

The case against Elizabeth Holmes has received a great deal of attention in the last year, and she and her attorneys have expressed frustration over the nature of the case, having to file motions in the case before it is sent to trial. “The pretrial process seems to me to be like kangaroo court,” Chief Legal Officer Fred Meyer told the Wall Street Journal last month. “It’s all done by proxy.” The company also feels that it was unfairly targeted in the case.

This case is not likely to turn into a straightforward trial, especially if Holmes is found to be within the law. Earlier this week, Myers told CNBC she will “defend my case with every fiber of my being.”

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