A federal magistrate judge has denied class certification in a novel securities fraud lawsuit against Theranos brought on behalf of indirect investors in the privately held Silicon Valley blood testing company.

The case, filed in 2016, centers on the fallout after reports by the Wall Street Journal that Theranos’ much-vaunted blood testing did not actually work. It deals with almost $70 million in investments in the company made indirectly by individuals through private funds.

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