Supports Forest's view that Icahn is not entitled to certain
documents under Delaware law
NEW YORK--(BUSINESS WIRE)--
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.
Forward-Looking Information
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.
