BALA CYNWYD, PA / ACCESSWIRE / June 3, 2021 / Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Sphere 3D Corp. ("Sphere 3D" or the "Company") (Nasdaq:ANY) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the agreement to be acquired byGryphon Digital Mining, Inc. ("Gryphon"), a privately-held company focused on the mining of bitcoin using renewable energy. Upon completion of the merger, the Company will change its name to Gryphon Digital Mining, Inc. Under the terms of the merger agreement, Sphere 3D will issue 111,000,000 common shares to the shareholders of Gryphon, subject to adjustment, such that on closing, the Sphere 3D shareholders will own only approximately 23% of the Company and Gryphon shareholders will own the remaining 77% on a fully diluted basis.
The investigation concerns whether the Sphere 3D Board breached its fiduciary duties to shareholders, including the dilution of ownership interest for Sphere 3D shareholders.
If you own shares of Sphere 3D stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, visit https://www.brodskysmith.com/cases/sphere-3d-corp-nasdaq/, or call toll free 855-576-4847.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC