Robert Colman
Overview
Colman held an investment interest through Lucas Venture GroupLucas Venture GroupLucas Venture Group (LVG) is a Lucas-family venture capital firm founded in 2007, whose investment vehicles backed Theranos.Open the full entry XI and later brought investor litigation with Hilary Taubman-DyeHilary Taubman-DyeHilary Taubman-Dye invested in Theranos through Celadon Technology Fund VII and participated in related civil litigation.Open the full entry.[1]
Contents6 sections
Key facts
1978Robertson Stephens
Colman, Sandy Robertson and Dean Woodman founded Robertson Stephens in 1978. The investment bank later became part of FleetBoston and closed in 2002.[2]
2013Investing Through a Fund
Colman said he invested $500,000 for a membership interest in Lucas Venture Group XI, which purchased TheranosTheranosTheranos was a blood-testing company founded in 2003 by Elizabeth Holmes and based in Palo Alto, California, which offered retail testing with Walgreens and was valued at up to $9 billion before regulatory sanctions and criminal charges over alleged fraud in its technology and financial claims led to its dissolution in 2018.Open the full entry shares.[1][2]
2016Investor Lawsuit
In November 2016, Colman and Taubman-Dye sued Theranos and its executives, alleging that misleading technological claims attracted investment.[2]
2018Class Certification Denied
On May 31, 2018, the court denied certification of the proposed indirect-investor class. Five of six claims required individualized reliance inquiries; for the remaining market-manipulation claim, individual actions were preferable. The procedural decision did not establish that Theranos had committed no fraud.[1]