Dick Kovacevich, the former Wells Fargo CEO and current Theranos board member, defended the embattled lab testing start-up's boss Elizabeth Holmes on Wednesday.
"I think there will be some information coming out soon that will show that indeed there was misinformation that was put out in the public domain," he told CNBC's "Squawk on the Street," adding what has happened to her is "unfair."
Kovacevich said he could not provide further details about the information.
Last week, U.S. health regulators proposed banning Holmes from the blood-testing business for at least two years, after her company failed to fix "major problems" at a California lab, according to a letter from the Centers for Medicare and Medicaid Services obtained by The Wall Street Journal.
"The company is a good company and will survive and will achieve its objectives," Kovacevich said.
News of Theranos' testing problems first broke last October, when the Journal reported the medical technology firm may have exaggerated the success of lab tests conducted on its own machines.
In an interview with CNBC's "Mad Money" after the story was published, Holmes said "we are doing things differently and we are working to make a difference and that means people raise questions, and that's okay."
And earlier this week, Holmes told NBC's "TODAY" show she believes the company will survive.