NEW YORK, Aug 18, 2011 (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 the Company's entire slate of director nominees by a significant margin. The Forest directors who were elected are: Nesli Basgoz, M.D.; Christopher J. Coughlin; Dan L. Goldwasser; 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. In addition, preliminary results indicate that the other proposals submitted to a vote, including the advisory vote on executive compensation, have also been approved.
Kenneth Goodman, Forest's Presiding Independent Director, said, "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. We enthusiastically welcome Christopher Coughlin, Gerald Lieberman and Brenton Saunders to our Board, and we look forward to working together on behalf of all investors as we lead the Company through its future growth and development."
Howard Solomon, Chairman and Chief Executive Officer of Forest, said, "On behalf of Forest's Board and management team, we would like to express our sincere appreciation to William Candee and George Cohan for their distinguished service on our Board. We would also like to thank our talented employees. Because of their hard work, our company is strong and performing well, with one of the deepest and most promising product portfolios in the industry. This is a time of tremendous opportunity for Forest, and we are confident in our future prospects."
Preliminary results as tabulated by the Company's independent Inspector of Elections, IVS Associates, Inc., are expected to be announced 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, changes in laws and regulations affecting the healthcare industry and the risk factors listed from time to time in Forest Laboratories' Annual Reports on Form 10-K (including the Annual Report on Form 10-K for the fiscal year ended March 31, 2011), Quarterly Reports on Form 10-Q, and any subsequent SEC filings.