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Sphere 3D Corp.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Sphere 3D is the subject of article published on February 17, 2022, by CoinDesk, titled: “Questions Swirl Around NuMiner’s ‘Best in Class’ BitcoinMining Rig.” According to the article, “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 outof 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.” On March 3, 2022, Research firm Culper Research issued a report on the Company’s deal with NuMiner, writing that: “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.”
Press Release
INVESTIGATION ALERT: The Schall Law Firm Announces it is Investigating Claims Against Sphere 3D Corp. and Encourages Investors with Losses to Contact the Firm
Los Angeles, April 20, 2023 — The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Sphere 3D Corp. (“Sphere 3D” or “the Company”) (NASDAQ: ANY) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Sphere 3D is the subject of article published on February 17, 2022, by CoinDesk, titled: “Questions Swirl Around NuMiner’s ‘Best in Class’ BitcoinMining Rig.” According to the article, “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 outof 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.” On March 3, 2022, Research firm Culper Research issued a report on the Company’s deal with NuMiner, writing that: “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.”
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at bschall@schallfirm.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
info@schallfirm.com
www.schallfirm.com