Ninth Law Firm Investigating Overland

Law office of Brodsky & Smith, LLC is investigating potential claims against the board of directors of Overland Storage, Inc. relating to the proposed acquisition by Sphere 3D Corporation.

Under the terms of the transaction, Overland will receive only 0.510594 shares of Sphere 3D stock for each share of Overland Storage stock they own. The transaction values Overland Storage at approximately $4.43 per share.

The investigation concerns possible breaches of fiduciary duty and other violations of state law by the board of directors of Overland for not acting in the company’s shareholders’ best interests in connection with the sale process.

The transaction may undervalue Overland and will result in a loss for many long term holders of Overland stock.

Overland stock traded at $5.54 per share as recently as February 12, 2014 and traded at $11.40 per share on July 27, 2012. In addition, an analyst has set a $15.00 per share price target for Overland.