The San Jose, California jury, consisting of eight men and four women, also returned a verdict of not guilty on four other counts and was deadlocked on three charges. U.S. District Judge Edward Davila is expected to declare a mistrial on the three deadlocked charges, according to multiple news reports.
The four guilty charges are related to allegations that Holmes intentionally lied to investors regarding Theranos’ blood technology.
“The guilty verdicts in this case reflect Ms. Holmes’ culpability in this large-scale investor fraud, and she must now face sentencing for her crimes,” U.S. Attorney Stephanie Hinds said in a statement, multiple news outlets report.
Theranos whistleblower Tyler Shultz (a DeviceTalks Boston keynote speaker in 2019) tweeted that he was proud of the impact that he and fellow whistleblower Erika Cheung had on the case.
“This has been a long chapter of my life.,” Schultz said. “I am happy that justice has been served and that this saga is finally in my rearview mirror. Proud of the impact that Erika and I had. Hope to inspire other young professionals to hold their leaders accountable.”
The court has not yet set a sentencing date. She faces up to 20 years in prison for each conviction.
Both the prosecution and defense rested their cases in mid-December with final arguments. The trial saw testimonies from 32 witnesses, including Holmes herself, and more than 900 exhibits.
The jury has heard testimony from several important figures in the Theranos saga throughout the trial. For example, former U.S. Secretary of Defense Gen. James Mattis testified in September that he felt misled into believing the Theranos technology could save the lives of troops in battle.
Multiple former Theranos employees turned whistleblowers testified throughout Holmes’ trial to test inaccuracies and the conditions of Theranos labs. They also claimed that complaints of inaccuracies went unheard by both Holmes and former Theranos president and chief operating officer Sunny Balwani.
Some of Theranos’ former business partners like Safeway and Celgene also testified to allegedly being misled by Holmes and Theranos into believing that the technology works.
Holmes herself was the last witness to take the stand. She alleged that Sunny Balwani, her former romantic partner and Theranos COO, was emotionally and physically abusive. She claimed that he often berated her and wanted her to rebuild and “become a new Elizabeth” to succeed at Theranos. Balwani has denied all allegations.
Holmes also expressed remorse during one cross-examination and took fault in being too quick to dismiss concerns. However, she did not deny being in charge of Theranos, according to multiple reports.
Holmes claimed Theranos would revolutionize blood testing with technology that could analyze tiny amounts of blood and inked retail partnerships with Walgreens and Safeway. Forbes in 2015 recognized Holmes as America’s richest self-made woman based on Theranos’ multibillion-dollar valuation at the time.
Investigative reporting soon dismantled Holmes’ technological claims, questioning whether she and others misled investors. The downward spiral culminated in the 2018 shutdown of the company, with the U.S. Securities and Exchange Commission accusing Holmes and Balwani of a “massive fraud.”
Balwani is expected to go on trial later this year.