Forest Announces Certified Annual Meeting Results

Shareholders Elect All Ten Company Nominees by Substantial Margin

NEW YORK, Aug 24, 2011 (BUSINESS WIRE) --Forest Laboratories, Inc. (NYSE: FRX) ("Forest") today announced that IVS Associates, Inc., the independent inspector of elections, has certified the final voting results for the Company's Annual Meeting, which was held on August 18, 2011. The certified results, which are consistent with the preliminary results announced on August 22, 2011, confirm that each of the ten Company nominees was elected to the Forest Board of Directors by a substantial margin. Forest's ten directors are: Nesli Basgoz, M.D.; Christopher J. Coughlin; Dan L. Goldwasser; Kenneth E. Goodman; Gerald M. Lieberman; Lawrence S. Olanoff, M.D., Ph.D.; Lester B. Salans, M.D.; Brenton L. Saunders; Howard Solomon; and Peter J. Zimetbaum, M.D.

As previously disclosed, more than 226 million votes, or approximately 98% of the votes cast in the election, were voted for each of the six Forest nominees that had not been contested. The four directors running for contested seats were also elected by wide margins. Mr. Goodman and Mr. Solomon received more than 169 million and 165 million votes, respectively, and Messrs. Goldwasser and Salans each received over 152 million votes for their election.

In addition, the certified results confirm that Forest shareholders approved the advisory vote on executive compensation, supported an annual frequency for the advisory vote on executive compensation, and ratified the appointment of BDO USA, LLP as the Company's independent registered public accountants.

Howard Solomon, Chairman and Chief Executive Officer of Forest, stated, "On behalf of the entire Board, I wish to thank our shareholders for their support. I look forward to working with the highly qualified group of directors we have assembled to continue building and delivering value for Forest's shareholders."

The certified results were as follows:

Election of Directors

   

For

   

Withheld

             

Forest Nominees:

           

Howard Solomon

   

165,349,211

   

4,623,743

Nesli Basgoz, M.D.

   

227,451,746

   

3,615,456

Christopher J. Coughlin

   

226,635,822

   

4,431,380

Dan L. Goldwasser

   

152,002,769

   

1,617,812

Kenneth E. Goodman

   

169,301,063

   

671,891

Gerald M. Lieberman

   

227,425,851

   

3,641,351

Lawrence S. Olanoff

   

226,222,145

   

4,845,057

Lester B. Salans

   

152,935,444

   

685,137

Brenton L. Saunders

   

227,430,702

   

3,636,500

Peter J. Zimetbaum

   

227,436,483

   

3,630,719

             

Icahn Nominees:

           

Alexander J. Denner

   

48,928,220

   

28,518,401

Richard Mulligan

   

70,539,256

   

6,907,365

Lucian A. Bebchuk

   

42,126,141

   

1,968,107

Eric J. Ende

   

33,485,948

   

27,608,300

Advisory Vote on Executive Compensation

For

   

Against

   

Abstain

170,391,984

   

59,879,803

   

795,426

Frequency of Advisory Vote on Executive Compensation

1 Year

   

2 Years

   

3 years

   

Abstain

213,927,107

   

748,048

   

15,498,879

   

893,078

Auditor Ratification

For

   

Against

   

Abstain

229,586,578

   

1,466,628

   

629,430

Except for the historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties, including the difficulty of predicting FDA approvals, the acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, the timely development and launch of new products, changes in laws and regulations affecting the healthcare industry and the risk factors listed from time to time in Forest Laboratories' Annual Reports on Form 10-K (including the Annual Report on Form 10-K for the fiscal year ended March 31, 2011), Quarterly Reports on Form 10-Q, and any subsequent SEC filings.

SOURCE: Forest Laboratories, Inc.


Investor:

Photo Notes:

http://www.newscom.com/cgi-bin/prnh/20001011/FORESTLOGO
Frank J. Murdolo
Vice President - Investor Relations, Forest Laboratories, Inc.
1-212-224-6714
Frank.Murdolo@frx.com
or
Media:
Sard Verbinnen & Co
Hugh Burns/Renee Soto/Lesley Bogdanow
1-212-687-8080
or
Additional Investor Contacts:
MacKenzie Partners
Dan Burch
1-212-929-5748
Charlie Koons
1-212-929-5708

Forward Looking Information

Posted: August 2011


View comments

Hide
(web3)