Forest Announces Preliminary Results of Annual Meeting of Shareholders
August 15 2012 - 11:43AM
Business Wire
Forest Laboratories, Inc. (NYSE: FRX) (“Forest”) today announced
that, based on the estimates of its proxy solicitor, preliminary
results from its Annual Meeting indicate that shareholders have
elected nine of the Company’s ten director nominees. The Forest
nominees who were elected are: Nesli Basgoz, M.D.; Christopher J.
Coughlin; 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. The preliminary
results also indicate that one of Carl Icahn’s four nominees,
Pierre Legault, has been elected to Forest’s Board. Mr. Icahn, a
holder of approximately 10% of Forest’s outstanding shares, also
nominated Eric Ende, designated leader of the Icahn Group’s proxy
fight slate, Andrew Fromkin and Daniel Ninivaggi, none of whom were
elected based on preliminary results.
Kenneth Goodman, Forest’s Presiding Independent Director, said,
“We are gratified by the strong support of our shareholders in
re-electing nine of our ten directors. The election of only one of
Mr. Icahn’s four nominees reflects our shareholders’ continued
confidence in Forest’s strategy, corporate governance practices and
the strength of our pipeline and portfolio of products. We would
also like to welcome our new director, Pierre Legault, who will
join the Forest Board after the vote has been certified. We look
forward to working with him in a constructive manner to build value
for all Forest shareholders over the long term.”
Howard Solomon, Chairman and Chief Executive Officer of Forest,
said, “On behalf of the Board and management team, I would like to
express our deep appreciation to Dan Goldwasser for his years of
service to Forest. His contributions have been immeasurable, and it
has been a pleasure to work with him on behalf of our
shareholders.”
Mr. Solomon continued, “We also would like to thank our talented
employees for their hard work and continued dedication to our
company and our strategy. With one of the deepest and most
promising product portfolios in the industry, we are excited about
our future prospects and believe the Company is positioned to
deliver sustainable revenue growth and strong returns for our
shareholders.”
Based on preliminary results, shareholders have voted in favor
of the other proposals submitted by the Company, including the
advisory vote on executive compensation. In addition, based on
preliminary results, shareholders have also rejected the “proxy
access” stockholder proposal submitted by Mr. Kenneth Steiner.
Prior to the Annual Meeting, Mr. Icahn withdrew his proposal to
repeal any provision of the Company’s Bylaws in effect at the time
of the Annual Meeting that was not included in the Bylaws as
publicly filed with the Securities and Exchange Commission prior to
June 18, 2012. Preliminary results as tabulated by the Company’s
independent Inspector of Elections, IVS Associates, Inc., are
expected to be announced by next week, and final results will be
announced promptly following certification by the Inspector.
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.
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.
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