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October 28, 2021by helo-10
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Erin Griffith

Lots of discussion about Dan Mosley, who was a lawyer at Cravath. Some documents were emailed via personal Gmail accounts, Peterson said, because “We didn’t know what his role was in all of this. We didn’t want to get him in trouble.”

Erin Griffith headshot

 

Erin Griffith

Lance Wade (Holmes’s lawyer) is not playing nice with Peterson, grilling her on whether the DeVos family actually ever read her memos and her past comments under oath in depositions about that fact.

Erin Griffith headshot

 

Erin Griffith

This is an interesting trojan horse to play the jury videos that clearly and succinctly summarize what we have learned so far about Theranos’s problems and also showing Holmes saying the buck stops with her – “I’m the founder and CEO of this company.”

Erin Griffith headshot

 

Erin Griffith

Judge Davila has overruled objections to playing clips of Holmes on Mad Money and we are watching the part where she says “This is what happens when you work to change things. First they think you’re crazy, then they fight you, then you change the world.”

Erin Griffith headshot

 

Erin Griffith

We are looking at Theranos’s revenue projections, including that bold $990m for 2015 (with a $230m profit). Peterson said she did not know that Theranos had zero revenue in 2013 and 2012.

Erin Griffith headshot

 

Erin Griffith

Recall that a Pfizer exec testified it had nothing to do with that validation report. It never validated Theranos’s tech. But Theranos put its logo on the report and showed it to investors.

Erin Griffith headshot

 

Erin Griffith

Prosecution shows Peterson the falsified validation report we have heard so much about. “Did you believe this report as prepared by Pfizer?” “Yes.” Peterson says that endorsement was a big factor in investing.

Erin Griffith headshot

 

Erin Griffith

A familiar rundown of Theranos claims to investors. Its technology had been “comprehensively validated over the course of the last 7 years by 10 of the 15 largest pharmaceutical companies” and subjected to proficiency testing and audits from regulatory agencies.

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Erin Griffith

We see a memo that hits this point again, stating that Theranos’s goal was to find investors “with less emphasis on liquidity and more emphasis on long term capital appreciation.”

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Erin Griffith

“She was hand picking 5-6 private families to invest in her company. … She was inviting us to participate in this opportunity.” Peterson says Holmes didn’t want large PE firms/institutional investors b/c they wanted Theranos to go public and she wanted to stay private.

Erin Griffith headshot

 

Erin Griffith

Interesting point about power dynamics of investing in high risk startup unicorns: “Did you feel like Theranos was selecting you as an investor?” Peterson: “Very much so.”

Erin Griffith headshot

 

Erin Griffith

When Peterson’s team asked Holmes about the risks of investing in Theranos, she said the risk was in the “execution” of the Walgreens rollout. Was there a discussion of technology risk? Peterson says no.

Erin Griffith headshot

 

Erin Griffith

We see an email from Jerry Tubergen, C.E.O. of RDV, to colleagues. He attached the infamous Fortune cover story, writing “This morning I had one of the most interesting meetings I can recall with the women profiled in the attached Fortune magazine article.”

Erin Griffith headshot

 

Erin Griffith

Lisa Peterson has taken the stand and explained her role at RDV Corporation, the family office of the DeVos’s. She manages their PE fund investments and co-investments.

She asked to work on the Theranos deal bc she’d had some healthcare investing experience.

Erin Griffith headshot

 

Erin Griffith

Needless to say this is extremely stressful for the media here. Members of the press now policing bystanders to follow the rules (silence phones etc) so as to not piss off the judge.

Erin Griffith headshot

 

Erin Griffith

(First of all the juror who finds the typing distracting should really wear the hearing aids provided by the court. Second, this is a pandemic problem. Jurors are spaced out and some are sitting in the first rows of the audience.)

Erin Griffith headshot