Barrack, Rodos & Bacine Is Investigating 23andMe Holding Co.
Barrack, Rodos & Bacine is investigating 23andMe Holding Co. (NASDAQ:ME) following the mass resignation of all independent board members. This comes after CEO Anne Wojcicki, who owns 49% of the company's shares, offered to acquire the remaining shares for $0.40 per share to take the company private. On July 29, 2024, Wojcicki presented this non-binding offer, which was rejected by a Special Committee two days later as "insufficient and not in the best interest of the non-affiliated shareholders."
On September 17, all independent directors resigned, citing lack of progress and fundamental disagreements regarding the company's strategic direction. Barrack, Rodos & Bacine is encouraging current 23andMe stockholders to contact them regarding potential legal options.
Barrack, Rodos & Bacine sta indagando su 23andMe Holding Co. (NASDAQ:ME) dopo le dimissioni di massa di tutti i membri indipendenti del consiglio. Questo avviene dopo che il CEO Anne Wojcicki, che possiede il 49% delle azioni della società, ha offerto di acquisire le restanti azioni a $0,40 per azione per portare la società nel privato. Il 29 luglio 2024, Wojcicki ha presentato questa offerta non vincolante, che è stata rifiutata da un Comitato Speciale due giorni dopo come "insufficiente e non nel miglior interesse degli azionisti non affiliati."
Il 17 settembre, tutti i direttori indipendenti si sono dimessi, citando la mancanza di progressi e disaccordi fondamentali riguardo alla direzione strategica dell'azienda. Barrack, Rodos & Bacine sta incoraggiando gli attuali azionisti di 23andMe a contattarli riguardo a potenziali opzioni legali.
Barrack, Rodos & Bacine está investigando a 23andMe Holding Co. (NASDAQ:ME) tras la renuncia masiva de todos los miembros independientes de la junta. Esto ocurre tras la oferta de la CEO Anne Wojcicki, quien posee el 49% de las acciones de la empresa, para adquirir las acciones restantes a $0.40 por acción y llevar la compañía al sector privado. El 29 de julio de 2024, Wojcicki presentó esta oferta no vinculante, la cual fue rechazada por un Comité Especial dos días después como "insuficiente y no en el mejor interés de los accionistas no afiliados."
El 17 de septiembre, todos los directores independientes renunciaron, citando falta de progreso y desacuerdos fundamentales sobre la dirección estratégica de la empresa. Barrack, Rodos & Bacine está animando a los actuales accionistas de 23andMe a contactarlos sobre posibles opciones legales.
Barrack, Rodos & Bacine는 23andMe Holding Co. (NASDAQ:ME)의 모든 독립 이사들이 대거 사퇴한 후 조사를 진행 중입니다. 이는 CEO인 Anne Wojcicki가 회사 주식의 49%를 보유하고 있으며, 회사를 비상장으로 만들기 위해 나머지 주식을 주당 $0.40에 인수하겠다고 제안한 이후 발생했습니다. 2024년 7월 29일, Wojcicki는 이러한 비구속적 제안을 발표했으나, 이틀 후 특별위원회에 의해 "불충분하고 비독립 주주들의 최선의 이익에 맞지 않는다."는 이유로 거부되었습니다.
9월 17일, 모든 독립 이사들이 전략적 방향에 대한 근본적인 이견과 진전 부족을 이유로 사퇴했습니다. Barrack, Rodos & Bacine는 현재 23andMe 주주들에게 잠재적인 법적 옵션에 대해 연락할 것을 권장하고 있습니다.
Barrack, Rodos & Bacine enquête sur 23andMe Holding Co. (NASDAQ:ME) après la démission massive de tous les membres indépendants du conseil d'administration. Cela survient après que la PDG Anne Wojcicki, qui détient 49 % des actions de la société, a proposé d'acquérir les actions restantes pour 0,40 $ par action afin de rendre l'entreprise privée. Le 29 juillet 2024, Wojcicki a présenté cette offre non contraignante, qui a été rejetée deux jours plus tard par un Comité Spécial comme étant "insuffisante et ne correspondant pas aux meilleurs intérêts des actionnaires non affiliés."
Le 17 septembre, tous les directeurs indépendants ont démissionné, citant un manque de progrès et des désaccords fondamentaux concernant la direction stratégique de l'entreprise. Barrack, Rodos & Bacine encourage les actionnaires actuels de 23andMe à les contacter concernant d'éventuelles options légales.
Barrack, Rodos & Bacine untersucht 23andMe Holding Co. (NASDAQ:ME), nachdem alle unabhängigen Vorstandsmitglieder massenhaft zurückgetreten sind. Dies geschieht, nachdem CEO Anne Wojcicki, die 49% der Unternehmensanteile besitzt, angeboten hat, die verbleibenden Anteile für 0,40 $ pro Aktie zu erwerben, um das Unternehmen privat zu nehmen. Am 29. Juli 2024 unterbreitete Wojcicki dieses nicht verbindliche Angebot, das zwei Tage später von einem Sonderausschuss mit der Begründung abgelehnt wurde, es sei "unzureichend und nicht im besten Interesse der nicht verbundenen Aktionäre."
Am 17. September traten alle unabhängigen Direktoren zurück und führten mangelnde Fortschritte sowie grundlegende Uneinigkeiten bezüglich der strategischen Ausrichtung des Unternehmens an. Barrack, Rodos & Bacine ermutigt die aktuellen Aktionäre von 23andMe, sich bezüglich möglicher rechtlicher Optionen mit ihnen in Verbindung zu setzen.
- None.
- Mass resignation of all independent board members
- CEO's offer to acquire remaining shares at $0.40 per share deemed "insufficient" by Special Committee
- Fundamental disagreements on company's strategic direction
- Potential legal investigation may lead to additional costs and reputational damage
Insights
This investigation into 23andMe Holding Co. raises significant governance and shareholder rights concerns. The CEO's offer of
The key issues include:
- The low offer price, providing no premium to shareholders
- Lack of progress in negotiations over five months
- Fundamental disagreements on company direction
- Potential breach of fiduciary duty by the CEO
This situation could lead to shareholder litigation, regulatory scrutiny and potential reputational damage for 23andMe. Investors should closely monitor developments, as the outcome may significantly impact the company's governance structure and share value.
The current situation at 23andMe presents a challenging scenario for investors. With a market cap of
Investors should consider:
- The possibility of a revised, higher offer
- Potential activist investor involvement
- Risks of remaining invested in a company with compromised governance
- The likelihood of regulatory intervention or shareholder lawsuits
These events could lead to increased volatility in ME stock price and may significantly impact both short-term trading and long-term investment strategies.
PHILADELPHIA, PA / ACCESSWIRE / September 23, 2024 / 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
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 investoralert@barrack.com
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
SOURCE: Barrack, Rodos & Bacine
View the original press release on accesswire.com
FAQ
What is the current offer price for 23andMe (ME) shares by CEO Anne Wojcicki?
When did the independent directors of 23andMe (ME) resign?
Why is Barrack, Rodos & Bacine investigating 23andMe (ME)?
What percentage of 23andMe (ME) shares does CEO Anne Wojcicki own?
