NEW YORK, June 2, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Overland Storage, Inc. ("Overland Storage" or "the Company") (Nasdaq:OVRL) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to Sphere 3D Corporation ("Sphere 3D"). A complaint was filed in California state court.
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Under the terms of the transaction, Overland Storage shareholders will receive 0.510594 shares of Sphere 3D for each share of Overland Storage stock they own, subject to certain potential adjustments; this represents an approximate value of $4.43 per share. The claims concern whether the Overland Storage Board of directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Sphere 3D is underpaying for Overland Storage shares.
If you own Overland Storage common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/overland-storage-ovrl.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP