Theranos' Elizabeth Holmes trial date set

Embattled Theranos founder Elizabeth Holmes visited a San Jose, California court on Friday for a status hearing on her upcoming trial.

Continue Reading Below

A trial date was set for Aug. 4, 2020. Lawyers said the trial is likely to last about three months, and the judge tried to pick a date that didn’t interfere with any major holidays.

Jury selection will begin July 28, 2020. If convicted, Holmes could face as many as two decades in prison, though she has denied any wrongdoing.

Holmes has been charged with felony conspiracy and “massive fraud,” after allegedly misleading patients, health care professionals and investors about the blood-testing technology being developed by Theranos.

Holmes and former Theranos President Sunny Balwani, whom Holmes also dated, were indicted by a grand jury in June. Balwani appeared in court alongside Holmes on Friday.

In 2018, Holmes and Balwani agreed to a settlement with the Securities and Exchange Commission, which alleges that they committed a “massive fraud” in lying about one of the company’s key products.

In addition, Holmes was stripped of control of the company and barred from serving as an officer or director at any public company for the next decade, according to the SEC. She was forced to return to investors 18.9 million shares, which the SEC said were obtained through fraud, and pay a $500,000 penalty.

Holmes and Balwani were charged with raising more than $700 million from investors through a fraudulent scheme that took place over the course of years. The SEC accused them of making misleading statements during investor presentations and product demonstrations about a machine that can test and process small samples of blood.

CLICK HERE TO GET THE FOX BUSINESS APP

Holmes founded Theranos in 2003 as a privately held health care technology company in Silicon Valley. Theranos’ descent was chronicled by Wall Street Journal reporter John Carreyou in his book “Bad Blood: Secrets and Lies in a Silicon Valley Startup.”

Fox News’ Michael Lundin contributed to this report.