NEW YORK, May 10, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation into potential securities claims on behalf of Sphere 3D Corp shareholders. ANY based on allegations that Sphere 3D has disclosed potentially materially misleading business information to the investing public.

SO WHAT: If you have purchased Sphere 3D securities, you may be entitled to compensation without payment of expenses or costs through a contingency fee arrangement. Law firm Rosen is preparing a class action lawsuit to recover investor losses.

WHAT TO DO NEXT: To participate in the prospective class action lawsuit, go to https://rosenlegal.com/submit-form/?case_id=15274 or call Phillip Kim, Esq. toll free at 866-767-3653 or by email pkim@rosenlegal.com or cases@rosenlegal.com for information about the Class Action.

WHAT IS THIS ABOUT: On February 17, 2022, CoinDesk published an article titled “Questions Swirl Around NuMiners ‘Best in Class’ Bitcoin Mining Rig”. The article reported that “Sphere 3D (ANY), a Toronto-based data management company, announced that it would acquire 60,000 mining rigs for approximately $1.7 billion from NuMiner Global, a New York-based company that apparently appeared out of nowhere. A search of the New York State Business Registry returned no results for “NuMiner”. The company claims that with NuMiner Technologies Ltd. to be connected, for which virtually no information is publicly available.” Several people were skeptical about the deal, the report citing: “Fred Thiel, CEO of Marathon Digital, one of the largest publicly traded mining companies, also tweeted that he denied the claims made by NuMiner skeptical about it, and expressed concern about the cooling technology, or lack thereof.” Then, on March 3, 2022, Culper Research issued a report deeming Sphere 3D a stock action. Regarding the deal with NuMiner, the report states: “The deal is intended to be structured with $29 million in cash, approximately $400 million in stock in ALL equivalents, $1.1 billion in vendors…