Unlike a few high-profile technology public companies, the stock price of Theranos didn’t plummet after Holmes stepped down as CEO at the end of 2015. This summer, though, Holmes found herself as the subject of a damning article in the New York Times that set off a nationwide backlash against the company. Theranos’ stock dropped an additional 80% to about $1.50 per share, and its drug delivery technology was thoroughly torn apart by Wall Street analysts.
But Holmes is still standing, and this week she got her day in court. The founder of Theranos and its former CFO, David Morton, arrived for trial on Tuesday morning.
Holmes has always maintained that she is the true founder of Theranos and executive chairman, saying that her seminal role was that of a young, idealistic entrepreneur. And she’s right: Her finances and talents are a huge reason for Theranos’ alleged transgressions.
LAST WEEK in court
With nearly a year’s worth of documents to go through, Holmes has already amassed hundreds of hours of evidence during the discovery phase of the trial. And she has subpoenaed a lot of Theranos’ competitors, under their right to seek confidential or trade secrets.
While she might be feeling a bit beleaguered, Holmes has never wavered from her publicly stated goal: “I still believe Theranos will save the world.”
This week in court
Theranos’ attorneys have attempted to walk back the company’s alleged malfeasance and present a more positive story, arguing that Theranos is actually safer than it was supposed to be. For this week, Theranos will present its argument before the jury.