Robertson Stephens & Co. co-founder Robert Colman accused Theranos Inc. in a lawsuit filed Monday of making false and misleading claims about its operations and technology while soliciting money from investors.

Mr. Colman, a pioneering Silicon Valley deal maker, invested in the blood-testing company in late 2013 through venture-capital fund Lucas Venture Group, according to the lawsuit. The suit was filed in federal court in San Francisco and seeks class-action status.

The...