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Elizabeth Holmes- Case Archive
personpersonAlan EisenmanAlan EisenmanEarly Theranos investor who purchased shares in 2006 and 2013.← All People
Witness

Alan Eisenman

Early Theranos investor who purchased shares in 2006 and 2013.

AppearedFederal Criminal Trial
1,116 lines·29 proceedings·22 mentions

About

Alan Eisenman testified for the prosecution about his Theranos investments, his repeated efforts to obtain company information, and communications bearing on his 2013 investment. He said he understood that the technology worked and that the financing would provide growth capital.

On cross-examination, the defense contrasted his dissatisfaction with the formal information rights and disclosure restrictions associated with his investments. Eisenman acknowledged that he had no legal right to the frequent updates he sought and that he had received risk language, some of which he characterized as boilerplate. He nevertheless maintained that Theranos's prolonged lack of communication was unusual and that Holmes withheld information a shareholder should receive.

The defense also tested the precision of his account of the 2013 investment. Eisenman did not recall speaking with Holmes before investing or the specific questions he asked Balwani, but maintained that their conversations confirmed that the technology worked and that the funds were for growth. He disputed a characterization that Balwani had discouraged the investment and said he lacked enough financial information to make a rational decision about selling his shares.

Trial Record (29)

FederalFederal Criminal TrialAug 31, 2021 – Jan 3, 2022Called by prosecution

Alan Eisenman testified for the prosecution about his Theranos investments, requests for company information, and understanding that the technology worked and the 2013 financing supplied growth capital. Cross-examination tested his information rights, risk disclosures, recollection, possible share sales, notes, and contacts with investigators.

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Day 24

ProceduralHearing on Peterson Video EvidenceMentioned

Summary

The court permitted selected government excerpts from Holmes's Mad Money and Today Show interviews, rejected the defense's broad state-of-mind rationale, and indicated that Peterson's reaction to the later AACC presentation was not relevant.

Mentioned in this proceeding.

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Day 32

ProceduralHearing on Proposed Impeachment of Alan Eisenman2highlightsMentioned

Summary

The court barred disclosure of Alan Eisenman's old regulatory violation and penalties while permitting cautious questioning about his knowledge of information restrictions.

Mentioned in this proceeding.

Highlights (2)

objectionThe prosecution raised Alan Eisenman's approximately 20-year-old securities-regulatory matter and argued that its fine and seven-day suspension were not proper impeachment; the defense disclaimed introducing the documents or suggesting a pattern, while reserving a possible inquiry into Eisenman's knowledge of information restrictions.Open in transcript →
rulingThe court cautioned the defense about the proposed questioning and stated that the jury should not hear that Eisenman had committed a violation; the defense confirmed that it did not intend to set up disclosure of the prior matter.Open in transcript →
CrossAlan Eisenman — CrossAlan EisenmanKevin M. Downey9highlights328lines spoken

Summary

Defense counsel used investor emails, prior statements, and Eisenman's communications with prosecutors during his ongoing testimony to challenge his recollection and credibility. Eisenman maintained that Theranos withheld information and that Balwani encouraged his 2013 investment, while acknowledging limits on his information rights and an email to the prosecution after a no-contact instruction.

Highlights (9)

confrontationThe defense introduced the May 2010 email chain and used it to distinguish Eisenman's specific Theranos experience from his general understanding that equity offerings can restrict company and investor disclosures. After repeated nonresponsive answers, the court struck responses and reframed the question.Open in transcript →
testimony highlightEmails admitted from 2010 and 2011 documented Eisenman's repeated requests for information. He rejected the suggestion that Holmes was merely frustrated, saying he understood her to be withholding information he believed a shareholder should receive.Open in transcript →
Quote“NO. I UNDERSTOOD THAT SHE WAS HIDING INFORMATION THAT I SHOULD KNOW AS A SHAREHOLDER.”— Alan EisenmanEisenman rejected the defense characterization of Holmes's communications and stated his own understanding of why information was not being provided.Open in transcript →
impeachmentEisenman acknowledged that prosecutors told him not to discuss the substance of his ongoing testimony and that he nevertheless emailed Agent Hernandez with reflections on that testimony. He denied sending the message to obtain feedback, and the defense withdrew its request to admit the heavily redacted email after an objection.Open in transcript →
Show all 9 highlights
procedural actionEisenman confirmed that he brought the subpoenaed originals of his handwritten notes but hesitated to release his only copy until he understood how the courtroom deputy would handle and return them.Open in transcript →
impeachmentThe defense challenged Eisenman's account of his 2013 investment through an FBI-related record and a 2015 email chain. Eisenman could not specifically recall asking Balwani whether the technology worked, but maintained that Balwani encouraged rather than discouraged the investment; the court repeatedly limited or struck answers that exceeded the questions.Open in transcript →
Quote“THERE WERE SOME CONVERSATIONS BEFORE WE MADE THE 2013 INVESTMENT RATIFYING THAT THE TECHNOLOGY WORKED AND THIS WAS GROWTH CAPITAL. THE RISK HAD BEEN TAKEN OUT OF THE COMPANY.”— Alan EisenmanEisenman summarized the representations he associated with the later investment while counsel was testing whether Holmes personally spoke with him before it.Open in transcript →
Quote“I'M NOT INVESTING BASED ON A PERSON. I'M INVESTING BASED ON THE PROGRESS OF A COMPANY.”— Alan EisenmanEisenman explained why hostility with Balwani did not, in his view, resolve the question of why he invested again.Open in transcript →
Quote“YEAH. TO REPEAT, HE DID NOT DISCOURAGE ME AT THE TIME OF THE INVESTMENT IN 2013. HE WAS MOST ENCOURAGING.”— Alan EisenmanEisenman maintained his account despite the defense's use of a 2015 email chain suggesting a different description of the 2013 conversation.Open in transcript →
ProceduralHearing on Alan Eisenman's Testimonial Notes2highlightsMentioned6lines spoken

Summary

The court retained Alan Eisenman's original notes for color copying and further review after the defense questioned their ink colors and page order; the disputed notes remained outside evidence and the issue was withheld from the jury.

Mentioned in this proceeding.

Highlights (2)

evidence eventAfter Eisenman produced his original notes under subpoena, the court directed him to lodge them with the courtroom deputy so counsel for both sides could inspect them during the break.Open in transcript →
confrontationThe defense argued that different ink colors and the ordering of pages raised questions about whether portions of the notes were contemporaneous, and requested further review or an examination of Eisenman outside the jury's presence. The prosecution disputed the defense's inferences and opposed jury questioning without a stronger foundation.Open in transcript →
CrossAlan Eisenman — Cross (Resumed)Alan EisenmanKevin M. Downey203lines spoken

Summary

Defense counsel confronted Alan Eisenman with written risk warnings, investment agreements, possible share-sale opportunities, and his contacts with the prosecution. Eisenman acknowledged the documents and market inquiries but maintained that the warnings conflicted with earlier representations, that proposed company offers were not completed, and that he lacked adequate financial information to decide whether to sell.

RedirectAlan Eisenman — RedirectAlan EisenmanJohn C. Bostic6highlights53lines spoken

Summary

Alan Eisenman distinguished speculative projections from claims about Theranos's existing capabilities and explained the information he relied on for his 2013 investment. He also addressed his requests for company information, Balwani's response to the investment, possible stock sales, and his conclusion that the shares were now worth zero.

Highlights (6)

testimony highlightEisenman distinguished speculative projections from statements about present capabilities, testifying that Holmes described what Theranos technology could do at the time and that he relied on those representations when investing in 2013.Open in transcript →
evidence eventAfter the defense questioned whether the article had been covered on cross-examination, the court allowed questioning about Exhibit 1106. Eisenman characterized the displayed language about faster, cheaper, more accurate testing as a present-tense claim.Open in transcript →
testimony highlightEisenman clarified that he was not seeking an informational advantage over other investors and would have been satisfied if Theranos had provided the requested information to all investors. He acknowledged having no legal right to additional information but explained why he continued asking.Open in transcript →
Quote“AND BECAUSE WE HAD A SIGNIFICANT INVESTMENT, IT'S LOGICAL THAT THERE WOULD BE AT LEAST A MINIMAL AMOUNT OF COMMUNICATION, SOME INDICATION ON HOW THE COMPANY IS DOING, OR HOW OUR INVESTMENT IS DOING WITHOUT VIOLATING ANYTHING THAT IS CONFIDENTIAL.”— Alan EisenmanEisenman explained why he continued requesting company information despite acknowledging that he lacked a legal entitlement to it.Open in transcript →
Show all 6 highlights
Quote“BY THE 2013 INVESTMENT, BETWEEN CONVERSATIONS AND PRESS, IT, IT APPEARED THAT THE COMPANY HAD A PROVEN TECHNOLOGY WITH AN EXTREMELY LARGE MARKET.”— Alan EisenmanThe statement summarizes Eisenman's understanding of Theranos when he made his 2013 investment and his response to the earlier written risk warning.Open in transcript →
Quote“IT'S NOT AN UNDERSTANDING, IT'S A CONCLUSION. IT'S WORTH ZERO.”— Alan EisenmanEisenman gave a concise assessment of the current value of his Theranos stock after questioning about earlier opportunities to sell.Open in transcript →

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