DALLAS--(BUSINESS WIRE)--
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor LLP are investigating potential claims against the Board of Directors of Overland Storage Inc. (“Overland”) (OVRL) related to the definitive merger agreement with Sphere 3D Corporation (“Sphere”) for shareholders. Under the terms of the transaction, at the effective time of the Merger (the "Effective Time"), each issued and outstanding share of common stock of Overland ("Common Stock") will be canceled and extinguished and automatically converted into the right to receive a fraction of a fully paid and nonassessable Parent Common Share equal to the Exchange Ratio. The "Exchange Ratio" shall be equal to 0.510594 plus the quotient obtained by dividing (x) the number of shares of common stock of Sphere held by Overland immediately prior to the closing of the Merger by (y) 18,495,865.20 plus the quotient obtained by dividing (A) (i)105% of the principal amount of any indebtedness of Overland to Cyrus Capital Partners and its affiliates repaid by Overland on or after the date of the Merger Agreement and prior to the closing of the Merger divided by (ii) 8.675 by (B) 18,495,865.20. The Merger Agreement contains reciprocal operating covenants requiring operation of Overland and Sphere in the ordinary course of business, as well as customary negative covenants.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email atWBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at shareholder@powerstaylor.com. There is no cost or fee to you.
The Overland investigation centers on whether Overland’s Board of Directors is acting in the shareholders’ best interests, whether the board is properly considering the proposed price for the shareholders, and whether the board has employed an adequate process to review and act on the proposed transaction.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.