An investigation on behalf of current investors of American Greetings Corporation (NYSE: AM) over possible shareholder claims arising out of potential stock option backdating was announced.

According to the investigation by a law firm the investigation focuses on shareholder claims that certain American Greetings Corporations officers and directors received backdated stock options, where the date of stock options the company awards are changed to coincide with big moves in the company's stock price. American Greetings Corporation operates predominantly in a single industry: the design, manufacture and sale of everyday and seasonal greeting cards and other social expression products. Greeting cards, gift wrap, party goods, stationery and giftware are manufactured or sold by American Greetings Corp. in North America, including the United States, Canada and Mexico, and throughout the world, primarily in the United Kingdom, Australia and New Zealand. The corporate insiders and executives of some companies have, so the investigation, apparently been granted stock options that were miraculously awarded just before a large run-up, obviously making those options more valuable. According to the investigation numerous stock options at American Greetings Corporation were backdated or misdated over numerous years, and that, as a result, the certain officers & directors of American Greetings Corp. have been unjustly enriched and American Greetings Corp.s financial statements have been false & misleading for a multi-year period. American Greetings Corp. is located in Cleveland, Ohio. The shares of American Greetings Corporation (NYSE: AM) traded recently at $6.15 per share, down from $20.88 per share in 2008 and $28 per share in 2007.