Erin Griffith On cross-examination, defense replays some portions of the investor call. In this one, Holmes discusses how Theranos was pausing its work on military and pharmaceutical projects in order to focus entirely on the retail rollout. Erin Griffith We’re now going through the technical process of describing how Hall Group wired its investment money to Theranos. This is, after all, a wire fraud case. Erin Griffith One thing mentioned on the investor call which has not been addressed — Holmes noted that there were some early investors who were looking for liquidity. Wonder if we will learn details about whether anyone cashed out along the way and who they were. Erin Griffith Tolbert says Theranos’s purported military work was a big part of why he invested because it spoke to a greater mission. “Theranos wasn’t just about an opportunity to make money … but to do so in a way that was beneficial for lots and lots and lots of people.” Erin Griffith I.P.O.? Theranos has a very long-term mind-set. “We plan on doing this for the next 20-30-40-50 years.” Military? Confidentially, it’s “a big deal for us.” Competition? That’s why we’re so secretive. How are prices so low? We are transforming the care process, ergo savings. Erin Griffith We listen to a long recording of Holmes answering questions from investors about when the company will go public, whether it works with the military and its competition. Her answers, as the Pfizer guy eloquently put it, are “non-informat …
