Faruqi & Faruqi, LLP Launches An Investigation Against The Clorox Company (CLX) For Potential Breaches Of Fiduciary Duties By Its Board Of Directors In The Manner It Seeks Executive Compensation Approval
NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of The Clorox Company ("Clorox" or the "Company") (NYS: CLX) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders' approval of executive compensation and an amendment to the Company's Stock Incentive Plan.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on September 28, 2012, the Board of Directors recommends that Clorox's shareholders vote to approve an amendment to the Company's 2005 Stock Incentive Plan (the "2005 Plan") to increase the number of shares that may be issued under the 2005 Plan by an additional 2,900,000 shares. The issuance of the additional shares could have a severe dilutive effect on the shares of Clorox common stock.
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Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you own common stock in Clorox and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/CLX or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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SOURCE: Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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The article Faruqi & Faruqi, LLP Launches An Investigation Against The Clorox Company (CLX) For Potential Breaches Of Fiduciary Duties By Its Board Of Directors In The Manner It Seeks Executive Compensation Approval originally appeared on Fool.com.
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