Board Changes - 23andMe appointed three new independent directors to its board: Andre Fernandez, Jim Frankola, and Mark Jensen [1][2] - The new directors will serve on the board's audit committee and compensation committee, with Jensen as the lead independent director and chair of the compensation committee, and Fernandez as the chair of the audit committee [3] - The only other board member is 23andMe's co-founder and CEO Anne Wojcicki [2] Previous Board Resignations - All seven of the company's previous independent directors resigned abruptly in September, citing disagreements with Wojcicki over the "strategic direction for the company" [4][6] - The previous directors formed a special committee in late March to explore potential paths forward for the company [5] - Wojcicki submitted a proposal to take the company private in July, but it was rejected by the special committee due to lack of committed financing and no premium to the closing price of 40 cents per share at the time [5] - The directors gave Wojcicki the opportunity to submit a revised proposal, but did not receive one [6] Company Performance - 23andMe, once valued at $6 billion, has struggled since going public in 2021 through a SPAC [4] - Shares were hovering below $1 until the company announced a 1-for-20 reverse stock split earlier this month [4] - The company's stock was trading around $5 on Tuesday morning [5] CEO's Commitment - Wojcicki has repeatedly said she remains committed to taking the company private in the weeks following the board members' departures [7]

SUNNYVALE, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME) (the “Company” or “23andMe”), a leading human genetics and preventive health company, today announced the appointments of Andre Fernandez, Jim Frankola, and Mark Jensen, three accomplished and experienced executives, as independent members of the Company’s Board of Directors (the “Board”), effective on October 28, 2024. Each of Mr. Fernandez, Mr. Frankola, and Mr. Jensen have been appointed to serve as members of the Board ...

Once worth $6 billion, 23andMe has lost 98% of its value and is on the verge of being delisted from the Nasdaq after all of its independent board members resigned in September. So what happened?Founded in 2006, 23andMe set out to revolutionize the once very exclusive genetic testing business with a direct-to-consumer model. Thanks to capital from high-profile backers and celebrity endorsements, the company was able to market its test kits at affordable prices.  Unlike competitors like Ancestry.com, 23andMe ...

SUNNYVALE, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME) (the "Company" or "23andMe"), announced today the completion of the previously announced 1-for-20 reverse stock split of the Company's Class A and Class B common stock and confirmed that such reverse stock split became effective as of 12:01 a.m. EST on October 16, 2024 (the "Effective Time"). The Company effected the reverse stock split by filing an amendment to the Company's Certificate of Incorporation with the Secretary ...

SUNNYVALE, Calif., Oct. 11, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME) (the "Company" or "23andMe"), announced today that the 1-for-20 reverse stock split of the Company's Class A and Class B common stock will become effective as of 12:01 a.m. EST on October 16, 2024 (the "Effective Time"). As previously disclosed, at the Company's 2024 Annual Meeting of Stockholders, the Company's stockholders voted to approve an amendment to the Company's Certificate of Incorporation (the "Charter Amendment ...

NEW YORK, Oct. 01, 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. ...

Core Viewpoint - Bleichmar Fonti & Auld LLP is investigating 23andMe Holding Co. regarding potential breaches of fiduciary duties by the board and CEO Anne Wojcicki in connection with her efforts to acquire all outstanding shares of the company that she does not already own [1][3]. 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 [2]. - The board's Special Committee rejected this offer on August 2, 2024, citing lack of premium, absence of committed financing, and conditional nature of the proposal [3]. Board Resignation - On September 17, 2024, all independent directors of 23andMe resigned, expressing concerns over the lack of a fully financed and actionable proposal from Wojcicki that would benefit non-affiliated shareholders [3]. - The independent directors indicated a fundamental disagreement with Wojcicki regarding the company's strategic direction, leading to their resignation to avoid prolonged conflict [3]. Legal Concerns - BFA is concerned that the actions of the board and Wojcicki may constitute breaches of fiduciary duties, particularly in failing to prioritize company value and engaging in self-interested dealings [3]. - The firm aims to protect the interests of 23andMe shareholders and hold fiduciaries accountable for any breaches [3].

Core Viewpoint - Bleichmar Fonti & Auld LLP is investigating 23andMe Holding Co. regarding potential breaches of fiduciary duties by the board of directors and CEO Anne Wojcicki in relation to her efforts to acquire all outstanding shares of the company that she does not already own [1][3]. Investigation Details - On July 29, 2024, CEO Wojcicki made a non-binding proposal to acquire all shares of 23andMe not owned by her or her affiliates [2]. - The board's Special Committee rejected this offer on August 2, 2024, citing lack of premium, absence of committed financing, and conditional nature of the proposal [3]. Board Resignation - On September 17, 2024, all independent directors of 23andMe resigned, expressing concerns over the lack of a fully financed and actionable proposal from Wojcicki [3]. - The independent directors indicated a strategic disagreement with Wojcicki and emphasized the need to prioritize shareholder interests [3]. Legal Implications - BFA is concerned that the actions of the board and Wojcicki may constitute breaches of fiduciary duties, particularly regarding the company's value and potential self-interested dealings [3]. - The firm aims to protect the interests of 23andMe shareholders and hold fiduciaries accountable for any breaches [3].

Core Viewpoint - Bleichmar Fonti & Auld LLP is investigating 23andMe Holding Co. regarding potential breaches of fiduciary duties by the board of directors and CEO Anne Wojcicki in connection with her efforts to acquire all outstanding shares of the company that she does not already own [1][3]. 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 [2]. - The Special Committee of the Board rejected this offer on August 2, 2024, citing lack of premium, absence of committed financing, and conditional nature of the proposal [3]. Board Resignation - On September 17, 2024, all independent directors of 23andMe resigned, expressing concerns over the lack of a fully financed and actionable proposal from Wojcicki that would benefit non-affiliated shareholders [3]. - The independent directors indicated a strategic disagreement with Wojcicki and highlighted her concentrated voting power as a reason for their resignation [3]. Legal Concerns - BFA is concerned that the actions of the board and Wojcicki may constitute breaches of fiduciary duties, particularly regarding the prioritization of company value and potential self-interested dealings [3]. - The firm intends to take necessary actions to protect the interests of 23andMe shareholders and hold fiduciaries accountable for any breaches [3]. Shareholder Actions - Current holders of 23andMe stock are encouraged to submit their information to BFA for potential legal options, with representation on a contingency fee basis [4]. - Shareholders will not be responsible for court costs or litigation expenses, as BFA will seek court approval for any fees [4]. Firm Background - Bleichmar Fonti & Auld LLP is recognized as a leading international law firm specializing in securities class actions and shareholder litigation, having achieved significant recoveries in past cases [5].

NEW YORK, Sept. 23, 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 ...