NEW YORK, May 19, 2014 /PRNewswire/ -- 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.
Click here for more information:
www.faruqilaw.com/OVRL. There is no cost or obligation to
you.
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.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The
firm is focused on providing exemplary legal services in complex
litigation in the areas of securities, shareholder, antitrust and
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If you own common stock in Overland and wish to obtain
additional information and protect your investments free of charge,
please visit us at www.faruqilaw.com/OVRL or contact Juan E. Monteverde, Esq. either via e-mail at
jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or
(212) 983-9330.
Contact:
Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde,
Esq.
jmonteverde@faruqilaw.com
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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