U.S. Rests Its Case in the Elizabeth Holmes Trial

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SAN JOSE, Calif. — For the past 11 weeks, prosecutors revealed emails from desperate investors. They held up falsified documents side-by-side with the originals. They called dozens of witnesses who lobbed accusations of deceit and evasiveness.

And on Friday, after questioning their 29th witness, prosecutors concluded their arguments against Elizabeth Holmes, the founder of the failed blood testing start-up Theranos. Ms. Holmes has pleaded not guilty to 11 counts of defrauding investors over Theranos’s technology and business, in a case that has been billed as a referendum on Silicon Valley’s start-up culture.

The prosecution’s resting its case is a major turning point in the trial of Ms. Holmes, whose rise and fall captivated the public and who has been held up as a symbol of the tech industry’s hubris and the last decade’s culture of grift.

For weeks, prosecutors sought to paint Ms. Holmes, 37, as a liar who built Theranos into a $9 billion…

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