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FOREST LABORATORIES, INC.
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HHS-OIG DROPS POTENTIAL ACTION AGAINST FOREST CEO
HOWARD SOLOMON
HOWARD SOLOMON
NEW YORK, August 5, 2011 — Forest Laboratories, Inc. (NYSE: FRX) today announced that the Office
of the Inspector General, Department of Health and Human Services (HHS-OIG) has notified Howard
Solomon, Forest’s Chairman, Chief Executive Officer and President, that it has decided not to
pursue his exclusion from federal healthcare programs.
As previously disclosed on April 13, 2011, Mr. Solomon was notified that HHS-OIG was considering
his exclusion in connection with matters that were settled by Forest in 2010. This afternoon, Mr.
Solomon received notification in a letter from HHS-OIG that it had decided not to seek his
exclusion.
The HHS-OIG letter states: “Based on a review of the information in our file and consideration of
the information that your attorneys provided to us, both in writing and during an in-person
meeting, we have decided to close this case. We anticipate no further action related to this
matter.”
Forest’s Presiding Independent, Director Kenneth Goodman, stated, “We are gratified by the
HHS-OIG’s determination that an exclusion of Mr. Solomon is unwarranted. Our company and board
remain committed to ensuring that all Forest employees adhere to the highest standards of
professional conduct and that our company operates under industry-leading compliance procedures.
We also would like to thank our shareholders, employees and business partners who have consistently
supported us throughout the process.”
The full text of the letter from HHS-OIG follows.
Department of Health & Human Services
Office of Inspector General
Washington, D.C. 20201
Office of Inspector General
Washington, D.C. 20201
August 5, 2011
Howard Solomon
c/o Forest Laboratories, Inc.
909 Third Avenue
New York, NY 10022
c/o Forest Laboratories, Inc.
909 Third Avenue
New York, NY 10022
Dear Mr. Solomon:
Re: OI File Number H-11-40460-9
You were previously advised that an exclusion action was being proposed under section 1128(b)(15)
of the Social Security Act based on your relationship to Forest Pharmaceuticals, Inc.
Based on a review of the information in our file and consideration of the information that your
attorneys provided to us, both in writing and during an in-person meeting, we have decided to close
this case. We anticipate no further action related to this matter.
Sincerely,
/s/ Peter Clark
Peter Clark
Exclusions Director
Office of Investigations
Peter Clark
Exclusions Director
Office of Investigations
| cc: | Robert B. Fiske, Jr. Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 |
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 and respiratory
medicine. The Company’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.
Except for the historical information contained herein, this release 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 Reports on Form 10-K, Quarterly Reports on
Form 10-Q, and any subsequent SEC filings.
SOURCE: Forest Laboratories, Inc.
Investor Contact:
2
Frank J. Murdolo
Vice President — Investor Relations, Forest Laboratories, Inc.
1-212-224-6714
Frank.Murdolo@frx.com
Vice President — Investor Relations, Forest Laboratories, Inc.
1-212-224-6714
Frank.Murdolo@frx.com
Media Contacts:
Sard Verbinnen & Co
Hugh Burns/Lesley Bogdanow/Briana Kelly
1-212-687-8080
Sard Verbinnen & Co
Hugh Burns/Lesley Bogdanow/Briana Kelly
1-212-687-8080
# # #
3
Howard Solomon
c/o Forest Laboratories, Inc.
909 Third Avenue
New York, NY 10022
c/o Forest Laboratories, Inc.
909 Third Avenue
New York, NY 10022
Dear Mr. Solomon:
| Re: | OI File Number H-l1-40460-9 |
You were previously advised that an exclusion action was being proposed under section
1128(b)(15) of the Social Security Act based on your relationship to Forest Pharmaceuticals, Inc.
Based on a review of the information in our file and consideration of the information that your
attorneys provided to us, both in writing and during an in-person meeting, we have decided to close
this case. We anticipate no further action related to this matter.
cc:
|
Robert B. Fiske, Jr. | |
| Davis Polk & Wardwell LLP | ||
| 450 Lexington Avenue | ||
| New York, NY 10017 |