There is insufficient evidence for arational juror to proceed with the conviction, according to court documents filed on Friday.
Lawyers for the Theranos founder argued in a filing that the evidence provided did not amount to a guilty verdict.
They said in the filing that the court should grant the motion for judgment of acquittal because no rational juror could have found the elements of wire fraud and conspiracy to commit wire fraud beyond a reasonable doubt.
The former Cravath attorney Daniel Mosley was convicted of fraud related to investments made by hedge fund manager Brian Grossman.
She was acquitted on four other wire fraud counts, but jurors couldn&t reach a verdict on three other counts.
The maximum prison term for each of the charges is 20 years and the fine is $250,000. She was charged with the same crime as the former Theranos president.
There was no evidence of a conspiracy to commit fraud against investors, according to the latest filing.
Even if Mr Balwani committed wire fraud against an investor, that doesn't prove a conspiratorial agreement between them, nor does it prove that MsHolmes willfully joined any agreement.
The attorneys claimed that only one of the hundreds of texts shown to jurors was related to Murdoch.
They said that the message offered through a witness who was unable to provide context provided no inkling that Mr Balwani and Ms Holmes were scheming to defraud Mr Murdoch.
Theranos attracted a $9 billion valuation at its peak, thanks in part to the fact that the founder dropped out of college at 19 to start the company. Her journey was depicted on the drama that starred her friend, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress, actress,
The company&s downfall was caused by a Wall Street Journal investigation that found the technology was flawed.
The investor fraud counts are heavily on the testimony of the whistle blower, but that Cheung testified about the failures of Theranos before the miniLab was promoted to investors.
The investors with whom Theranos was partnering were focused on the long-term goals of the company and its ability to impact health care in the future.
The judge will hear the appeal in July.
Outside normal working hours, the Attorney's Office of San Francisco could not be reached.