San Diego, CA -- (SBWIRE) -- 05/10/2023 -- Sphere 3D Corp. is under investigation over potential securities laws violations in connection with certain financial statements.

Investors who purchased shares of Sphere 3D Corp. (NASDAQ: ANY), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by Sphere 3D Corp. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Greenwich, CT based Sphere 3D Corp. focuses on operating as a carbon neutral bitcoin mining company.

On February 17, 2022, CoinDesk issued an article entitled, "Questions Swirl Around NuMiner's 'Best in Class' Bitcoin Mining Rig." The article reported that "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." Several people were skeptical of the deal, the report citing, "Fred Thiel, CEO of one of the biggest publicly traded miners, Marathon Digital, also tweeted that he was skeptical of NuMiner's claims and voiced concern about the cooling technology, or lack thereof." Then, on March 3, 2022, Culper Research issued a report viewing Sphere 3D as a stock promotion. Regarding the deal with NuMiner, the report stated, "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."

Those who purchased shares of Sphere 3D Corp. (NASDAQ: ANY) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.