ME SHAREHOLDER UPDATE: 23andMe Holding Co. is Under Investigation for Breaches of Fiduciary ...
NEW YORK, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into 23andMe Holding Co. (NASDAQ:ME) regarding whether the board of directors and the co-founder and current CEO Anne Wojcicki (“Wojcicki”) of 23andMe breached their fiduciary duties in connection with Wojcicki’s ongoing effort to purchase all 23andMe shares she does not already own.
If you are a holder of 23andMe, you are encouraged to submit your information at: https://www.bfalaw.com/cases-investigations/23andme-holding-co.
Investigation Details:
On July 29, 2024, CEO Wojcicki submitted a non-binding proposal to 23andMe to acquire all shares of 23andMe that were not already owned by Wojcicki or her affiliates.
By letter dated August 2, 2024, a Special Committee of the Board of Directors of 23andMe rejected that offer, noting that it “provide[d] no premium to the closing price per share on Wednesday, July 31st, it lack[ed] committed financing, and it [was] conditional in nature.”
In a letter dated September 17, 2024, all the independent directors of 23andMe resigned “effective immediately.” When resigning, the independent directors stated that “[a]fter months of work, we have yet to receive from you a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders. We believe the Special Committee and the Board have provided ample time for you to submit such a proposal. That we have not seen any notable progress over the last 5 months leads us to believe no such proposal is forthcoming. . . . [I]t is also clear that we differ on the strategic direction for the Company going forward. Because of that difference and because of your [Wojcicki’s] concentrated voting power, we believe that it is in the best interests of the Company’s shareholders that we resign from the Board rather than have a protracted and distracting difference of view with you as to the direction of the Company.”
BFA is concerned that the board of directors of 23andMe and Wojcicki may have breached their fiduciary duties as part of these events for, among other reasons, failing to prioritize the value of the company, and engaging in potentially self-interested dealing. BFA intends to take all actions necessary to protect the interests of 23andMe stockholders and to ensure that the fiduciaries are held accountable for any and all breaches of their fiduciary duties.
Click here if you are a holder of 23andMe: https://www.bfalaw.com/cases-investigations/23andme-holding-co
What Can You Do?
If you are a current holder of 23andMe Holding Co. stock, you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/23andme-holding-co
Or contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/23andme-holding-co
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