NEW YORK, Sept. 21, 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 ...

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 ...

NEW YORK, Sept. 19, 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 ...

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 ...

23andMe, the personal genomics company, went public in early 2021 via a merger with a blank check company that valued it at $3.5 billion. Then its fortunes began to sink. Fading interest in DNA kits – 23andMe's main product – was one driver. So was news last year that hackers stole ancestry data on 6.9 million of its users. CEO and co-founder Anne Wojcicki now reportedly wants to take the 18-year-old company private. After her own proposal to buy it was rebuffed by its board in July, she was given time to w ...

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 ...

SOUTH SAN FRANCISCO, Calif., Sept. 17, 2024 (GLOBE NEWSWIRE) -- The independent directors of the Board of 23andMe Holding Co. (Nasdaq: ME), today sent the following letter to Anne Wojcicki, Chief Executive Officer, Co-Founder, and Chair of the Board of Directors of 23andMe, in which the independent directors have provided their resignation from the Board, effective immediately: Dear Anne, We, the independent directors of the 23andMe Board, hereby tender our resignations, effective immediately. After months ...

23andMe will reportedly pay $30 million to settle a lawsuit tied to a data breach. As Reuters reported Friday (Sept. 13), the genetics testing company has also agreed to provide three years of security monitoring as a result of the class-action litigation, which accused 23andMe of failing to protect the private information of almost 7 million customers exposed in the breach last year. The settlement also resolves allegations that 23andMe did not tell customers with Chinese and Ashkenazi Jewish ancestry that ...