… Rigrodsky & Long …

Rigrodsky & Long, P.A. is investigating potential legal claims against the board of directors of Overland Storage, Inc. regarding possible breaches of fiduciary duties and other violations of law related to the company’s entry into an agreement to be acquired by Sphere 3D Corporation, in a transaction valued at approximately $81.1 million.

Under the terms of the agreement, public shareholders of Overland would receive 0.510594 shares of Sphere 3D common stock for each share of Overland they own. Based on Sphere 3D’s May 14, 2014 closing stock price on the TSX Venture Exchange, Overland shareholders would have received consideration valued at approximately $4.43 per share.

The investigation concerns whether Overland’s board of directors failed to adequately shop the company and obtain the best possible value for Overland’s shareholders before entering into an agreement with Sphere 3D.

According to Yahoo! Finance, at least one analyst has issued a price target for Overland stock at $15.00 per share.