Robertson Stephens Co-Founder Sues Theranos And Elizabeth Holmes For Fraud

Bitcoin Watch Shop / by Tyler Durden / Nov 28, 2016 5:38 PM

In what is not a initial lawsuit (and positively won’t be a last) by genuine shareholders to go after former unicorn darling-turned-fraud Theranos, a owner Elizabeth Holmes, and COO Ramesh Balwani, a co-founder of distinguished dot com investment bank Robertson Stephens, Robert Colman, indicted Theranos and Holmes of creation fake and dubious claims about a operations and record while soliciting income from investors.

The pioneering Silicon Valley understanding builder invested in a blood-testing association in late 2013 by venture-capital account Lucas Venture Group, according to a lawsuit. The fit was filed in sovereign justice in San Francisco and seeks class-action status. The WSJ first reported of a authorised action.

In a lawsuit Colman says that he concluded to deposit in Theranos after Lucas Venture Group owner Donald A. Lucas wrote in a Sept. 9, 2013, minute that Theranos invited a venture-capital organisation to squeeze $15 million in stock. As a WSJ adds, Lucas pronounced it was partial of a “follow-on extension” of a appropriation turn that began in 2010, a lawsuit states. On a same day in 2013, Theranos and Walgreens

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