Glass Lewis Recommends Forest Shareholders Elect Company’s Entire Slate of Ten Board Nominees
Frank J. MurdoloVice President - Investor Relations, Forest Laboratories, Inc.1-212-224-6714orSard Verbinnen & CoHugh Burns/Renee Soto/Lesley Bogdanow1-212-687-8080
Forest Laboratories, Inc. (NYSE: FRX) (“Forest”) today commented on the recommendation by Glass Lewis & Co., LLC (“Glass Lewis”) that shareholders vote for all ten of Forest’s director nominees at the Company’s Annual Meeting of Shareholders, which will be held on August 15, 2012.
The Company stated, “We are very pleased that Glass Lewis has recommended Forest shareholders vote for all ten of the Company’s highly qualified and experienced director nominees. We believe this positive recommendation reflects the high caliber of our candidates, our outstanding track record and the strength of our business. We recommend all shareholders vote on the white proxy card to support the Company’s director slate.”
In recommending that shareholders support the Company’s entire slate of director nominees, Glass Lewis stated:
In recommending AGAINST Icahn’s nominees, Glass Lewis raises several concerns including lack of independence, potential conflicts of interest and unorthodox compensation arrangements that could compromise the abilities of the Icahn nominees to serve in the best interests of shareholders. In its report, Glass Lewis stated:
The Company continued: “The Board is unanimous in its belief that the Company’s current strategy positions Forest to deliver sustainable value for all shareholders. Our Board is squarely focused on building on the momentum we have behind our promising new products and late-stage pipeline – which is one of the most robust in the pharma industry. We are confident that our ten highly qualified nominees possess the right combination of skills, experience and expertise to ensure that our products reach their maximum potential.”
Forest urges all shareholders to vote the WHITE card they have received from Forest and to vote “FOR ALL” ten of Forest’s nominees to its Board of Directors. Shareholders can vote by telephone, Internet or by signing, dating and returning the Company’s WHITE proxy card. Forest urges shareholders NOT to sign and to discard any gold proxy card sent to them by Icahn or his affiliates. Even a withhold vote for Icahn’s nominees on a gold proxy card will cancel any previous proxy submitted by shareholders that voted “FOR ALL” the Company’s nominees. Shareholders can find additional information about the Forest Annual meeting at .
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.
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 () 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 . Copies are also available at no charge at Forest Laboratories' website at or by writing to Forest Laboratories at 909 Third Avenue, New York, New York 10022.
This document contains quotes and excerpts from certain previously published material. Unless otherwise indicated, consent of the author and publication has not been obtained to use the material as proxy soliciting material.
If you have any questions, require assistance with voting your WHITE proxy card,or need additional copies of the proxy materials, please contact:
MACKENZIE PARTNERS, INC.
105 Madison AvenueNew York, NY 10016
(212) 929-5500 (Call Collect)OrTOLL-FREE (800) 322-2885
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 .