Motorcycle Questions? Ask a Mechanic.
I would first suggest checking the adjustment again.
If the adjuster has turned from the spot that you locked it down then your problem is likely a bad adjuster (sometimes called throw out) bearing. When they begin to go bad they will transfer the rotation of the clutch basket to the adjuster screw.
If the adjuster doesn't seem be the issue they you may have a worn clutch basket or damaged spring plate (located in the middle of the clutch stack) causing the clutch stack to stay separated.
I hope this helps. Please let me know if I can be of further assistance. Thanks, P.J.