This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: 23andMe CEO Anne Wojcicki speaks at an announcement for the Breakthrough Prize in Life Sciences at Genentech Hall on UCSF's Mission Bay campus in San Francisco, Feb. 20 2013. Credit: AP Photo/Jeff Chiu, File All of 23andMe's independent directors resigned from its board this week, a rare move that marks the latest challenge for t ...

NEW YORK, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating claims on behalf of investors in 23andMe Holding Co. (NASDAQ: ME) concerning the offer to acquire 23andMe by its controlling shareholder, Anne Wojcicki, who is 23andMe's co-founder and CEO. Under the terms of the proposed deal, 23andMe shareholders would receive $0.40 per share in cash. After the market closed on July 31, 2024, Ms. Wojcicki, who holds approximately 49% of 23andMe's voting power, made an offer to acquire the remain ...

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 board's Special Committee rejected this offer on August 2, 2024, citing the lack of a premium to the closing price, 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]. Concerns Raised - 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].

Board Resignations and CEO's Response - Seven out of eight board members of 23andMe have resigned, leaving the CEO as the sole remaining member [1] - The resigning directors cited dissatisfaction with the CEO's buyout offer, stating it was not in the best interest of non-affiliated shareholders [2] - The CEO expressed surprise and disappointment at the resignations, maintaining that taking the company private remains the best strategic option [3] Buyout Proposal and Rejection - The CEO proposed to acquire all outstanding shares not owned by her or her affiliates at $0.40 per share in July [4] - A special committee rejected the proposal, deeming it insufficient and not in the best interest of non-affiliated shareholders [5] - The directors noted no significant progress over the past five months, leading them to believe no satisfactory proposal is forthcoming [6] Financial and Market Performance - 23andMe's share price dropped to a new low of $0.30 following the board resignations, rebounding slightly to $0.35 the next day [7] - The company is now valued at less than its cash reserves and is being referred to as a penny stock by financial publications [7] - Since going public in 2021, 23andMe has never turned a profit and risks depleting its cash reserves by next year [8] Operational Challenges - 23andMe is best known for its saliva-based genetic ancestry test kits [8] - The company has faced significant challenges, including a data breach that compromised the personal information of nearly 7 million users [8]

All seven members of 23andMe's board resigned in a stinging rebuke to a proposal by CEO Anne Wojcicki's plans to to take the company private. Wojcicki, who has been trying to take the company private since April, proposed to acquire all outstanding shares of 23andMe not owned by her or her affiliates for $0.40 per share, in July. "I am surprised and disappointed by the decision of the directors to resign," Wojcicki said in a memo Tuesday to employees obtained by The Post. 3 All seven members of 23andMe's bo ...

Company Overview - 23andMe, a personal genomics company, went public in early 2021 through a merger with a blank check company, which valued it at $3.5 billion [1] - The company has faced declining interest in its main product, DNA kits, and suffered a data breach affecting 6.9 million users [1] Leadership and Strategic Moves - CEO and co-founder Anne Wojcicki is reportedly seeking to take the company private after her initial proposal was rejected by the board in July [2] - The independent directors have expressed a lack of confidence in Wojcicki's ability to present another proposal, citing her voting power as a factor in their decision to step back [2] Financial Performance - The company's market capitalization has fallen to $173 million, a significant decline from its initial valuation [3] - The departure of notable board members, including figures from Sequoia Capital and YouTube, is expected to further negatively impact the company's stock price [3]

Anne Wojcicki, co-founder and chief executive officer of 23andme Inc., during the South by Southwest (SXSW) festival in Austin, Texas, US, on Friday, March 10, 2023. All seven independent directors of 23andMe resigned from the company's board Tuesday, a move that CEO Anne Wojcicki said left her "surprised and disappointed," according to a memo to employees. Wojcicki, who co-founded 23andMe in 2006, said she remains committed to taking the company private. The genetic-testing company went public in 2021 thro ...

Core Points - The independent directors of 23andMe Holding Co. have resigned from the Board, effective immediately, due to a lack of actionable proposals from the CEO that align with the interests of non-affiliated shareholders [1][2]. - The directors expressed their support for the company's mission but indicated a fundamental disagreement on the strategic direction moving forward, exacerbated by the CEO's concentrated voting power [3]. - The resignation reflects a desire to avoid prolonged conflict regarding the company's future direction, emphasizing the importance of shareholder interests [2][3]. Company Overview - 23andMe is a genetics-led consumer healthcare and biopharmaceutical company focused on empowering a healthier future through direct access to genetic information [4].

23ME-00610 monotherapy demonstrates preliminary evidence of clinical benefit in clear-cell renal-cell carcinoma, with one confirmed partial response Higher tumor expression of CD200 and human genetics correlated with increased clinical benefit, suggesting potential value as patient selection biomarkers Greater response in "cold" tumors suggests opportunity in patients unable to benefit from PD-1/PD-L1 checkpoint inhibitors SUNNYVALE, Calif., Sept. 15, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME ...

23ME-01473 inhibited tumor growth in a patient-derived xenograft mouse model of non-small cell lung cancer Elevated levels of soluble and tumor-bound ULBP6 confirmed in squamous cell carcinomas and a subset of adenocarcinomas, offering potential indications to assess clinical activity Phase 1 trial ongoing with first patient dosed in March 2024 SUNNYVALE, Calif., Sept. 15, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME) ("23andMe"), a leading human genetics and biopharmaceutical company, announced ...