Skip to content
Elizabeth Holmes- Case Archive
personpersonDon LucasDon LucasVenture capitalist and former Theranos board member.← All People
MentionedTheranos

Don Lucas

Venture capitalist and former Theranos board member.

MentionedFederal Criminal Trial
11 proceedings·11 mentions

About

Trial testimony described Don Lucas as an early Theranos investor, board chairman, and venture capitalist whose experience, reputation, and involvement influenced how other investors assessed the company. Christopher Lucas said his uncle's enthusiasm and experience affected Black Diamond's early investment decisions, while John Bryan Tolbert viewed Lucas's reputation as a positive signal but said Lucas never discussed his diligence with him or provided related materials.

Holmes testified that Lucas conducted early fundraising diligence, sought direct access to pharmaceutical-company contacts, invested, and later chaired the board, while qualifying some timing details. Other testimony placed him at an investor dinner and showed Alan Eisenman approaching him for company information. The testimony presented Lucas as both a source of outside validation and a board contact, but did not resolve what diligence he performed or communicated to other investors.

Trial Record (11)

FederalFederal Criminal TrialAug 31, 2021 – Jan 3, 2022

Trial testimony presented Don Lucas as an early Theranos investor and board chairman whose experience and reputation influenced investment decisions, while leaving unresolved what diligence or company information he shared with others.

Day 17

CrossSteven Burd — CrossSteven BurdKevin M. DowneyMentioned

Summary

Defense counsel used Safeway's extensive due diligence, commercial incentives, and contractual safeguards to challenge the nature of its reliance on Theranos. Burd agreed that Safeway understood significant startup and regulatory risks but maintained that key analyzer capabilities were never validated and that no technology problem with the device was disclosed to him.

Mentioned in this proceeding.

Day 23

CrossJohn Bryan Tolbert — CrossJohn Bryan TolbertKevin M. Downey1highlightMentioned

Summary

Tolbert acknowledged limited direct contact with Theranos, reliance on Chris Lucas for periodic information, and little follow-up on military and pharmaceutical claims while the defense narrowed what Holmes said during the 2013 investor call.

Mentioned in this proceeding.

Highlights (1)

admissionTolbert said Don Lucas's investment reputation was a positive factor, while acknowledging that Lucas did not share separate due-diligence materials or discuss a review of Theranos's patent portfolio with him.Open in transcript →
CrossJohn Bryan Tolbert — Cross (Resumed)John Bryan TolbertKevin M. Downey1highlightMentioned

Summary

Tolbert acknowledged limited follow-up diligence and unanswered questions before the 2013 investment, while explaining that he retained authority to decline and viewed Walgreens, Theranos's board, and other external signals as supporting the decision.

Mentioned in this proceeding.

Highlights (1)

testimony highlightTolbert identified the Walgreens partnership, presumed Walgreens diligence, Theranos's board, and investor associations as positive considerations, while qualifying that Don Lucas's involvement mattered more to the 2006 investment than to the 2013 investment.Open in transcript →

Day 28

DirectChristopher Lucas — DirectChristopher LucasJohn C. BosticMentioned

Summary

Christopher Lucas testified that BDV invested approximately $5.35 million in Theranos after relying heavily on Holmes, shareholder communications, public coverage, and claims about Theranos's technology. He acknowledged unusually limited transparency but said his relationship with Holmes and Theranos's partnerships increased his confidence.

Mentioned in this proceeding.

Day 31

DirectAlan Eisenman — DirectAlan EisenmanJohn C. BosticMentioned

Summary

Early Theranos investor Alan Eisenman described statements he attributed to Holmes about the company's technology, pharmaceutical work, revenue, production, cash flow, and possible liquidity. He also identified his contemporaneous notes and an admitted email chain documenting his later efforts to obtain company information.

Mentioned in this proceeding.

Day 32

CrossAlan Eisenman — CrossAlan EisenmanKevin M. Downey1highlightMentioned

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.

Mentioned in this proceeding.

Highlights (1)

evidence eventDefense counsel traced Eisenman's attempts to obtain information through Don Lucas and Bill Frist. Questioning on Exhibit 2470 was postponed until counsel could prepare a version consistent with the court's redaction order.Open in transcript →

Day 36

DirectElizabeth A. Holmes — DirectElizabeth A. HolmesKevin M. Downey2highlightsMentioned

Summary

Holmes began her direct testimony with Theranos's origins, her belief in its technology, early patent and product development, and fundraising. She described investor diligence and access to pharmaceutical contacts while the court admitted patents, agreements, emails, and device images.

Mentioned in this proceeding.

Highlights (2)

evidence eventHolmes described Don Lucas's diligence as including patent review, audited financials, contracts, and business contacts; the court admitted only pages 1 and 2 of Exhibit 12027, which she identified as a diligence response and a listing of company expenses.Open in transcript →
Quote“IT CONSISTED OF GIVING HIM A LOT OF INFORMATION ABOUT OUR PATENTS. HE HIRED A LAW FIRM TO REVIEW OUR PATENTS. HE ASKED US TO GET AN AUDIT OF OUR FINANCIALS. HE WANTED COPIES OF CONTRACTS AND OTHER INFORMATION ABOUT THE BUSINESS. HE WANTED TO SPEAK TO PEOPLE THAT WE WERE TALKING TO AND INTERACTING WITH.”— Elizabeth A. HolmesHolmes gave a detailed account of the diligence she said Don Lucas conducted before investing.Open in transcript →

Day 42

RedirectElizabeth A. Holmes — RedirectElizabeth A. HolmesKevin M. DowneyMentioned

Summary

Holmes used redirect to explain Theranos's laboratory oversight, modified analyzers, financial projections, partner reports, trade-secret restrictions, and responses to Tyler Shultz. She attributed operational and technical work to others while acknowledging authority over investor presentations and explaining nondisclosure of modified systems as trade-secret protection.

Mentioned in this proceeding.