NEW YORK, Dec. 12, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of CLARCOR Inc. ("CLC" or the "Company") in connection with the December 1, 2016 proposed acquisition of the Company by Parker Hannifin Corp. ("PH"). Under the terms of the agreement, the Company's shareholders will receive $83.00 in cash for each CLC share they own.
WeissLaw is investigating whether CLC's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the Company recently announced positive financial results, reporting Adjusted Diluted EPS increased 11% year-over-year from $0.66 in the third quarter of 2015, to $0.73 in the same period of the following year. Additionally, in a conference call following the acquisition announcement, PH's Chairman and CEO praised the benefits of the transaction, describing it as a "strategic portfolio acquisition" of a brand that is "very strong and powerful in the marketplace." He added that the companies are "very complementary on products, markets and geographies," and, as a result, expected $140 million in cost synergies. Further, the acquisition of the Company strengthens PH, facilitating growth and higher margins, and creating a more resilient business. Finally, the purchase of CLC meets PH's goal of expanding its high-margin filter segment by more than doubling sales.
Given these facts, WeissLaw is investigating whether CLC's Board acted in the best interests of CLC's public shareholders to maximize shareholder value prior to entering into the agreement. If you own CLC shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/clarcor-inc/
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SOURCE WeissLaw LLP