Case timeline
Major developments from Theranos's founding through the federal charges, the 2021 criminal trial, mixed verdict, sentence, and appellate decision.
2003–2018
Holmes founded the company that became Theranos and served as its chief executive. The company later promoted blood testing from small samples collected through finger sticks.
The SEC charged Theranos, Holmes, and Ramesh Balwani with raising more than $700 million through what the agency alleged was an elaborate, years-long fraud. Holmes settled the civil charges without admitting or denying the allegations.
2018–2020
Federal prosecutors charged Holmes and Balwani with conspiracy and wire fraud concerning representations to Theranos investors, doctors, and patients.
A superseding indictment charged two conspiracies and ten wire-fraud counts involving Theranos investors and paying patients. The Holmes and Balwani trials were later severed.
August 2021–January 2022
The trial record opened with COVID-related excusals, questioning about exposure to Theranos coverage, and challenges concerning bias and hardship before Judge Edward J. Davila.
The prosecution alleged that Holmes used false claims about Theranos technology, validation, finances, and commercial work to obtain money. The defense argued that she believed in the company and that failure did not prove an intent to defraud.
After Roger Parloff completed his testimony, the court dismissed Count 9 on the government's motion and the United States rested. The defense presented two witnesses before Holmes took the stand.
Holmes completed redirect and recross testimony. The defense rested, the government declined rebuttal, and the court told jurors that the evidentiary phase was complete.
The defense completed its closing, the government gave rebuttal, and the court instructed the jury on conspiracy, wire fraud, materiality, good faith, and proof beyond a reasonable doubt.
Judge Davila held a 23-minute hearing while the jury deliberated. The corresponding transcript was sealed and is absent from the public ECF and reporter-volume sequence, so the archive contains no reconstructed proceedings or text for Day 50.
The jury found Holmes guilty on Counts 1, 6, 7, and 8; not guilty on Counts 2, 10, 11, and 12; and returned no verdict on Counts 3, 4, and 5. The court declared a mistrial on the three unresolved counts, which were later dismissed.
2022–2025
Judge Davila sentenced Holmes to 135 months in prison followed by three years of supervised release. Restitution was resolved separately.
The Ninth Circuit affirmed Holmes's convictions, prison sentence, and restitution judgment, rejecting the evidentiary and sentencing arguments raised on appeal.
The Ninth Circuit filed an amended opinion that continued to affirm the convictions, sentence, and restitution. The court denied panel rehearing and rehearing en banc.