Icahn suing Forest to access records
Activist investor Carl Icahn sent an open letter to the board of Forest Laboratories Inc. (NYSE:FRX) stating that he is commencing litigation to compel the company to reveal its books and records after Forest rejected Icahn's demand for the information. Icahn requested the records earlier this month under section 220 of the Delaware General Corporation Law to investigate the company's succession plans for CEO Howard Solomon, and to examine what he called a "gross guidance miscalculation," citing Forest's decision to lower EPS guidance earlier in June. In a statement, Forest said, "Mr. Icahn is simply recycling arguments that were rejected last year by the vast majority of Forest shareholders." Additionally, the company reiterated that it is engaged in ongoing succession planning led by its independent directors. Icahn holds a 9.92% stake in Forest (see BioCentury Extra, June 19). ...