A judge on Monday denied Theranos founder Elizabeth Holmes’s request to remain free on bail while she appeals her conviction on charges of defrauding investors in the failed blood-testing startup that was once valued at $ 9 billion.
San Diego resident’s wifeHeir William “Billy” Evans, who rose to fame after claiming that Theranos’s little machines could run a variety of diagnostic tests with just a few drops of blood, was last year.
Dávila concluded that even if Holmes were to win her appeal to challenge the Theranos technological evidence, it would not result in a reversal or a new trial of all the charges for which she was found guilty.
“Contrary to her suggestion that accuracy and reliability were central to her convictions, Ms. Holmes’s misrepresentations to Theranos investors involved more than just whether Theranos technology worked as promised,” he said.
Holmes, who is scheduled to begin serving his sentence in April, can petition the Ninth Circuit to grant him bail.
Denying the release appeal, Dávila noted that Holmes was unlikely to flee or endanger the community.
Prosecutors said during the trial that Holmes misrepresented Theranos technology and finances. Holmes testified in his own defense and said that he believed his statements were accurate at the time.
On appeal, Holmes plans to challenge several of the judge’s rulings, including his granting evidence about the accuracy of the Theranos test that followed his statements to investors.
Holmes’ co-defendant, former Theranos Chairman Ramesh “Sunny” Balwani, was found guilty of defrauding Theranos investors and patients in a separate trial and sentenced to 12 years and 11 months in prison.
In March, Dávila denied Balwani’s request to remain free on bail during his appeal. The Ninth Circuit also ruled that Balwani’s sentencing should not be postponed while he considers his case.
Elizabeth Ireland contributed to this article.