Barrack, Rodos & Bacine Is Investigating 23andMe Holding Co.
PHILADELPHIA, Sept. 23, 2024 (GLOBE NEWSWIRE) — The law firm of Barrack, Rodos & Bacine is investigating 23andMe Holding Co. (NASDAQ: ME) regarding the mass resignation of all of the independent members of the board of directors following the presentation of an offer by the CEO and co-founder, Anne Wojcicki, to acquire the remaining shares of the company not currently owned by her or her affiliates for a mere 40 cents per share.
WHAT’S THIS ABOUT?
On Jul 29, 2024, CEO Wojcicki–who owns 49% of the company’s shares–delivered a non-binding offer to the company’s board to acquire all remaining shares. Wojcicki’s offer price was 40 cents per share. Wojcicki’s plan is to take the company private after acquiring these shares.
Two days later, a Special Committee rejected that offer, noting that it provided “no premium” over the closing price that day, and was thus “insufficient and not in the best interest of the non-affiliated shareholders.”
On September 17, all of the independent directors resigned “effective immediately.” In its letter explaining this decision, the directors noted that it had not seen “any notable progress over the last five months,” leading its members to conclude that no “acceptable proposal is forthcoming.” Members further noted that, given such fundamental disagreements regarding the “strategic direction” of the company, “it was 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.”
WHAT CAN I DO?
If you are a current holder of 23andMe stock, you may have legal options regarding these recent events. You are encouraged to contact us about your rights in this matter. You may contact the firm at https://barrack.com/contact-us, or by calling Linda Border or Mark Stein at 877-386-3304, or via email at [email protected]
WHO WE ARE
Barrack Rodos & Bacine has more than four decades of experience prosecuting securities law class actions, including cases involving accounting fraud and insider trading, and has achieved some of the largest recoveries in U.S. history of securities litigation. The firm’s largest recoveries on behalf of investors include $6.19 billion for WorldCom investors, $3.32 billion for Cendant investors, $1.05 billion for McKesson investors, and $970.5 million for AIG investors.
