ME STOCK ALERT: 23andMe Holding Co. shareholders urged to contact BFA Law regarding investigation into company’s board of directors

Examination details:

On July 29, 2024, CEO Wojcicki made a non-binding offer to 23andMe to acquire all of the shares of 23andMe not already owned by Wojcicki or its affiliates.

By letter dated August 2, 2024, a special committee of 23andMe’s board of directors rejected this offer on the grounds that it “[d] no premium on the closing price per share on Wednesday, July 31, there is no[ed] promised financing, and it [was] conditional nature.”

In a letter dated September 17, 2024, all of 23andMe’s independent directors resigned “effective immediately.” In resigning, the independent directors stated that “[a]After months of work, we have yet to receive from you a fully funded, carefully crafted and actionable proposal that is in the best interests of unaffiliated shareholders. We believe the Special Committee and Board have given you ample time to submit such a proposal. Given that we have not seen any meaningful progress over the past 5 months, we believe no such proposal is on the horizon. . . . [I]It is also clear that we differ in the strategic direction of the company. Due to these differences and due to your [Wojcicki’s] concentrated voting power, we believe it is in the best interests of the Company’s shareholders for us to step down from the Board rather than have a protracted and disruptive disagreement with you about the direction of the Company.”

BFA is concerned that 23andMe’s board of directors and Wojcicki may have breached their fiduciary duty in these events by, among other things, failing to prioritize the value of the Company and potentially engaging in self-serving trades. BFA intends to take all necessary actions to protect the interests of 23andMe’s shareholders and to ensure that the fiduciaries are held accountable for any breaches of their fiduciary duty.

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What can you do?

If you currently own shares of 23andMe Holding Co., you may have legal options and may be required to provide your information to the company. All representations are made on a contingency basis.
There are no costs for you. Shareholders will not be responsible for any court or litigation costs. The Company will seek court approval for any fees and costs.

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Why Bleichmar Fonti & Auld LLP?

Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in class actions and shareholder litigation. It was named a Top 5 Plaintiffs Firm for 2023 by ISS SCAS and its lawyers have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Recent notable successes include BFA recovering over $900 million in value from the board of Tesla, Inc. (subject to court approval) and $420 million from Teva Pharmaceutical Ind. Ltd.

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The 23andMe Holding Registered (A) share at the time of publication of the news with an increase of +3.00 % up to 0.340USD on the Nasdaq stock exchange (September 21, 2024, 2:00 a.m.).