NEW YORK, NY / ACCESSWIRE / September 19, 2024 – Leading securities law firm Bleichmar Fonti & Auld LLP has initiated an investigation into 23andMe Holding Co. (NASDAQ: ME) to determine whether the board of directors and co-founder and current CEO Anne Wojcicki breached their fiduciary duties in connection with Wojcicki’s ongoing efforts to acquire all shares of 23andMe that she does not already own.
If you hold shares in 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 made a non-binding proposal to acquire all shares of 23andMe not already owned by her or her affiliates. However, on August 2, 2024, a Special Committee of the Board rejected this offer, stating it “provided no premium to the closing price per share on July 31, lacked committed financing, and was conditional in nature.”
On September 17, 2024, all independent directors of 23andMe resigned “effective immediately,” citing the lack of a fully financed, actionable proposal that served the interests of non-affiliated shareholders. They expressed concern over the absence of progress over the past five months and highlighted their strategic disagreements with Wojcicki, stating that it was in the best interests of shareholders for them to resign rather than continue a prolonged dispute.
BFA is concerned that the board of directors and Wojcicki may have violated their fiduciary duties by failing to prioritize the company’s value and engaging in potentially self-serving actions. BFA is committed to taking all necessary measures to protect the interests of 23andMe shareholders and to hold fiduciaries accountable for any breaches of their duties.
