ARTICLE | Company News

Forest Laboratories generics, pharmaceuticals news

June 27, 2011 7:00 AM UTC

Forest issued a statement in response to an SEC filling from activist investor Carl Icahn questioning whether Forest's board had put its loyalty to Chairman, President and CEO Howard Solomon above its duties to the company and its stockholders in regards to Solomon's possible exclusion from participation in federal healthcare programs. Forest said it "stands by its decision to support Mr. Solomon against the unwarranted and unprecedented potential exclusion action" by HHS's Office of the Inspector General (OIG). The company noted that HHS-OIG's is considering banning Solomon based "solely on his role as a director and officer of the company, and not on any individual conduct." In 2010, the company pleaded guilty and paid more than $313 million to settle criminal and civil charges that it sold an unapproved hypothyroidism drug, improperly promoted antidepressants and obstructed an FDA investigation. ...