WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you own shares of Overland Storage, Inc. (NASDAQ CM: OVRL)?
- Did you purchase any of your shares prior to May 15, 2014?
- Do you think the proposed buyout price is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Overland Storage, Inc. (“Overland” or the “Company”) (NASDAQ CM: OVRL) 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 (“Sphere 3D”) (OTC QX: SPIHF), in a transaction valued at approximately $81.1 million.
Click here to learn more: http://www.rigrodskylong.com/investigations/overland-storage-inc-ovrl.
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.
If you own the common stock of Overland and purchased your shares before May 15, 2014, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/overland-storage-inc-ovrl.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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