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 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.” 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.”
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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.
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