NEW YORK, May 12, 2023 /PRNewswire/ --
WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Sphere 3D Corp. (NASDAQ: ANY) resulting from allegations that Sphere 3D may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Sphere 3D securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=15274 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On February 17, 2022, CoinDesk issued an article entitled, "Questions Swirl Around NuMiner's 'Best in Class' Bitcoin Mining Rig." The article reported that "Sphere 3D (ANY), a Toronto-based data management company, announced it was acquiring 60,000 mining rigs for about $1.7 billion from NuMiner Global, a New York-based company that appears to have popped out of thin air. A search on the New York state company registry yielded zero results for "NuMiner." The company claims to be affiliated with NuMiner Technologies Ltd., for which practically no information is publicly available." Several people were skeptical of the deal, the report citing, "Fred Thiel, CEO of one of the biggest publicly traded miners, Marathon Digital, also tweeted that he was skeptical of NuMiner's claims and voiced concern about the cooling technology, or lack thereof." Then, on March 3, 2022, Culper Research issued a report viewing Sphere 3D as a stock promotion. Regarding the deal with NuMiner, the report stated, "The deal is meant to be structured with $29 million in cash, roughly $400 million in ANY-equivalent shares, $1.1 billion in vendor financing (at an abusive rate of 9% interest and 18% of all bitcoins mined), and $185 million in milestone payments. We think this deal is totally contrived and will never happen."
On this news, Sphere 3D's stock price fell $0.28, or 12.23%, to close at $2.01 per share on March 3, 2022.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
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