February 21, 2014 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of CLARCOR Inc. (NYSE:CLC) was initiated concerning whether certain CLARCOR officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain CLARCOR officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders' approval for an amendment to the 2014 CLARCOR Inc. Incentive Plan.

In the Proxy Statement filed by CLARCOR Inc. with the Securities and Exchange Commission the Board of Directors recommends that CLARCOR's shareholders vote to approve the Plan for the issuance of 6,000,000 shares to be granted thereunder.

According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of CLARCOR Inc.

CLARCOR Inc. reported that its Total Revenue rose from over $1.12 billion for the 52 weeks period that ended on Dec. 1, 2012 to over $1.13 billion for the 52 weeks period that ended on November 30, 2013, while its respective Net Income declined from $122.99 million to $118.08 million.

Shares of CLARCOR Inc. (NYSE:CLC) grew from $41.38 per share in September 2011 to as high as $64.81 per share on Janaury 15, 2014.

On February 21, 2014, NYSE:CLC shares closed at $55.71 per share.