INVESTOR ALERT: Faruqi & Faruqi, LLP Announces the Investigation of Overland Storage Inc. (OVRL) Over the Proposed Sale of the Company to Sphere 3D Corporation
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Overland Storage Inc. (“Overland” or the “Company”) (NASDAQ: OVRL) for potential breaches of fiduciary duties in connection with the sale of the Company to Sphere 3D Corporation for approximately $81 million. The Company’s stockholders will receive 0.510594 shares of Sphere 3D shares, or roughly $4.43 for each share of Overland common stock they own. However, Overland’s share price has traded at significantly higher prices for much of the past year, closing at $5.65 as recently as February 12, 2014.
Eric Kelly, the Chief Executive Officer, President, and board member of Overland, is also the Chairman of the Board of Sphere 3D.
The investigation focuses on whether Overland’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Overland’s shareholders.
If you own common stock in Overland and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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