Theranos has been slapped with a lawsuit which alleges the embattled consumer health technology company made misleading claims about its business while seeking investments, The Wall Street Journal reported Monday.
The newspaper said Robert Colman, co-founder of investment banking firm Robertson Stephens, filed the lawsuit in federal court in San Francisco. This is the third lawsuit filed by Theranos investors against the company since Oct. 10, but the first to seek class-action status, the Journal said.
Reuters reported that San Francisco-based hedge fund, Partner Fund Management, described a subsequent lawsuit to its investors in a letter that said, "Through a series of lies, material misstatements, and omissions, the defendants engaged in securities fraud and other violations by fraudulently inducing PFM to invest and maintain its investment in the company."
Walgreens and legal representation for Colman declined to comment to the Journal. Theranos did not immediately respond to CNBC's request for comment.