Robertson Stephens co-founder Robert Colman has filed suit against Theranos, reportedly accusing the embattled company of making false and misleading claims about its blood-testing technology. Colman, who backed Theranos in 2013 by purchasing shares through Lucas Venture Group, is said to be seeking class-action status for company investors. Founded in 2003 out of Stanford University, Theranos raised hundreds of millions of dollars in venture funding before it started to unravel.

Theranos

This is the third lawsuit levied against Theranos over the past couple of months. Walgreens, whose now-defunct partnership brought Theranos testing equipment to its pharmacies at the same time as Colman’s investment, sought $140 million in damages in a November lawsuit. A month earlier, hedge fund and Theranos investor Partner Fund Management sued for alleged fraud a week after the company had shut down all blood testing facilities and laid off about 340 employees.

Read our previous Theranos coverage here.

Article by PitchBook