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 remaining 23andMe shares she did not own for $0.40 per share. 23andMe’s closing stock price on July 31, 2024 was $0.40 per share. On August 2, 2024, 23andMe’s special committee called the offer “insufficient and not in the best interest of the non-affiliated shareholders.” Then, on September 17, 2024, the special committee sent a letter to Ms. Wojcicki advising that the seven independent members of 23andMe’s board resigned, effective immediately. The letter stated, “[W]e [the Special Committee] differ on the strategic direction for the Company going forward. Because of that difference and because of your concentrated voting power, we believe that it is 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 as to the direction of the Company.”
Wolf Popper is investigating claims on behalf of investors in 23andMe concerning the proposed transaction. Investors seeking more information about the transaction or Wolf Popper’s investigation can contact Carl Stine at (212) 451-9631 or cstine@wolfpopper.com.