Seven Other Law Firms Investigate Overland: Tripp Levy …

Tripp Levy PLLC, a national securities and shareholder rights law firm, is investigating the acquisition of Overland Storage Inc. on behalf of shareholders.

It was announced that Sphere 3D Corp. is acquiring the remaining shares of Overland that it does not already own. Under the terms of the merger agreement, each outstanding share of Overland common stock will be exchanged for 0.510594 common shares of Sphere 3D, subject to certain potential adjustments as set forth in the agreement.

Based on the closing sales price of Sphere 3D common shares on May 14, 2014, the total consideration payable to holders of Overland equity in the transaction has an implied value of approximately $81.13 million or approximately $4.43 per Overland Share.

Eric Kelly, the CEO, president, and board member of Overland, is also the COB of Sphere 3D. He has non-material share ownership in both Overland and Sphere 3D.

The investigation concerns whether the board of directors and senior management of Overland engaged in a full and fair auction and process to insure that shareholders obtained the maximum value for their shares, whether the merger price is unfairly low and whether there were any conflicts of interest on the part of management in selling the company.

Indeed, analysts have projected that the true inherent going forward value of the company of at least $15 per share.