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In brief

On 3 January 2022, a federal jury for the US District Court for the Northern District of California found Holmes guilty in US v. Elizabeth Holmes, on four counts of fraud based on statements made to investors and business partners about Theranos’ proprietary blood testing devices, their capabilities and uses in the market.

Throughout her trial, the jury heard testimony regarding Holmes’ and Theranos’ efforts to silo employees and limit the visibility of outside investors — all in the name of protecting the company’s valuable trade secrets.

But, while Theranos claimed that its privacy measures were in line with some of the most revered startups to come out of Silicon Valley, Holmes’ trial revealed that much of this secrecy was simply a measure of deceit designed to cover up failed — and phantom — technology and deteriorating business strategy.

In this Expert Analysis, published by Law360, Bradford Newman, Sara Pitt and Kelton Basirico explore the trade secrets aspects of this case.

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Bradford Newman is a litigation partner resident in Baker McKenzie's Palo Alto Office and Chair of the North America Trade Secrets Practice. According to Chambers USA, Brad is a "recognized authority on trade secrets cases" who "is valued for his tenacious, intelligent and thoughtful approach to trade secrets matters." Bradford regularly serves as lead trial counsel in cases with potential eight and nine-figure liability, and has successfully litigated (both prosecuting and defending) a broad spectrum of trade secrets cases in state and federal courts throughout the country. He routinely advises and represents the world's leading technology, banking, professional service, manufacturing and commerce companies in connection with their most significant data protection and trade secret matters. Bradford is the author of Protecting Intellectual Property in the Age of Employee Mobility: Forms and Analysis, a comprehensive treatise published by ALM that offers authoritative guidance on legal risks and practical steps companies can take to protect their IP and remedy IP theft.


Kelton Basirico is an associate in Baker McKenzie’s Los Angeles office, where she is a member of the Firm’s Litigation and Government Enforcement Practice Group and North America Trade Secrets Practice Group. During law school, Kelton was a Legal Extern in the Enforcement Division of the U.S. Securities and Exchange Commission. She joined the Firm in 2021 upon graduating from UCLA School of Law.


Sara Pitt is an associate in Baker McKenzie's Los Angeles office and a member of the Firm's Litigation and Government Enforcement practice. She represents foreign and domestic corporations involved in high-stakes commercial litigation, with a focus on cross-border disputes.

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