Forest Pleased with Delaware Court's Decision on Icahn Litigation
Supports Forest's view that Icahn is not entitled to certain documents under Delaware law
NEW YORK--(BUSINESS WIRE)--Jul 27, 2012 - Forest Laboratories, Inc. (NYSE: FRX) (“Forest”) today commented on the Delaware Court of Chancery's decision to deny Carl Icahn's demands for access to certain books and records of the Company.
“We believe Mr. Icahn is engaging in an overly broad fishing expedition in an attempt to further this year's proxy contest after his overwhelming defeat at last year's annual meeting. Weeks ago, we offered to provide Mr. Icahn with more documents than we believed he was entitled to under Delaware law, but regrettably he opted to pursue litigation. We are pleased with the Court's decision denying Mr. Icahn the right to receive most of the remaining documents he sought. Forest will comply with the Court's ruling, which essentially gives Mr. Icahn the documents we had previously offered him.”
About Forest Laboratories
Forest Laboratories' (NYSE: FRX) longstanding global partnerships and track record developing and marketing pharmaceutical products in the United States have yielded its well-established central nervous system and cardiovascular franchises and innovations in anti-infective, respiratory, gastrointestinal and pain management medicine. Forest's pipeline, the most robust in its history, includes product candidates in all stages of development across a wide range of therapeutic areas. The Company is headquartered in New York, NY. To learn more, visit www.FRX.com.
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, and the risk factors listed from time to time in Forest Laboratories' Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any subsequent SEC filings.
Important Additional Information
Forest Laboratories, its directors, director nominees and certain of its executive officers may be deemed to be participants in the solicitation of proxies from Forest shareholders in connection with the matters to be considered at Forest Laboratories' 2012 Annual Meeting. Forest Laboratories has filed its definitive proxy statement (as it may be amended, the “Proxy Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) in connection with such solicitation of proxies from Forest shareholders. FOREST SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT AND ACCOMPANYING PROXY CARD AS THEY CONTAIN IMPORTANT INFORMATION. Information regarding the ownership of Forest's directors and executive officers in Forest stock, restricted stock and options is included in their SEC filings on Forms 3, 4 and 5, which can be found at the Company's website (www.frx.com) in the section "Investors." More detailed information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, is set forth in the Proxy Statement and other materials to be filed with the SEC in connection with Forest Laboratories' 2012 Annual Meeting. Information can also be found in Forest's Annual Report on Form 10-K for the year ended March 31, 2012, filed with the SEC on May 25, 2012. Shareholders can obtain the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents filed by Forest Laboratories with the SEC for no charge at the SEC's website at www.sec.gov. Copies are also available at no charge at Forest Laboratories' website at www.frx.com or by writing to Forest Laboratories at 909 Third Avenue, New York, New York 10022.
Contact: Investor Contact:
Frank J. Murdolo, 1-212-224-6714
Vice President - Investor Relations, Forest Laboratories, Inc.
Sard Verbinnen & Co
Hugh Burns/Renee Soto/Lesley Bogdanow, 1-212-687-8080
Additional Investor Contacts:
Dan Burch, 1-212-929-5748
Charlie Koons, 1-212-929-5708
Posted: July 2012