DOW JONES NEWSWIRES
Forest Laboratories Inc. (FRX) shareholders rejected activist
investor Carl C. Icahn's board nominees and elected Forest's entire
slate, the pharmaceuticals company said pointing to preliminary
results.
Icahn, who is well known for his efforts to push for change in
boardrooms, wasn't immediately available for comment.
"We greatly appreciate the strong support from our shareholders
and the confidence they have placed in us by electing all of our
highly qualified nominees," said Kenneth E. Goodman, who was
elected presiding independent director.
Also elected were Nesli Basgoz, Christopher J. Coughlin, Dan L.
Goldwasser, Gerald M. Lieberman, Lawrence S. Olanoff, Lester B.
Salans, Brenton L. Saunders, Howard Solomon and Peter J.
Zimetbaum.
Icahn affiliate High River L.P., which owns about 6.5% of the
company's outstanding stock, had nominated Alexander J. Denner,
Richard Mulligan, Lucian A. Bebchuk, and Eric J. Ende. But only
Mulligan, who currently serves on the boards of Biogen Idec Inc.
(BIIB) and Enzon Pharmaceuticals Inc. (ENZN), was recommended by
the proxy-advisory firm Glass Lewis & Co.
Forest Labs made headlines recently after it settled a federal
probe over misconduct in marketing of its antidepressant Celexa and
another drug last year and paid $313 million to resolve the matter.
The U.S. government earlier this month dropped efforts to force the
company's longtime chief executive, Howard Solomon, to step down
over the illegal marketing.
Last month, Forest Labs reported its fiscal first-quarter
earnings more than doubled on fewer charges and lower expenses as
revenue rose 8%.
Shares were trading at $33.35, down 3.2%, amid a broad market
downturn.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283;
melodie.warner@dowjones.com