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”) (NYSE: 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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SOURCE: Faruqi & Faruqi, LLP