23andMe (ME) GlobeNewswire News Room·2024-09-25 11:11Core 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].