… Faruqi & Faruqi

Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, is investigating the board of directors of Overland Storage Inc. 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 higher prices for much of the past year, closing at $5.65 as recently as February 12, 2014.

Eric Kelly, the CEO, president, and board member of Overland, is also the COB of Sphere 3D.

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.