NEW YORK--(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.
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.