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HHS-OIG Drops Potential Action against Forest CEO Howard Solomon

^{Published on 2011-08-06 05:05:20 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--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, Foresta™s Chairman, Chief Executive Officer and President, that it has decided not to pursue his exclusion from federal healthcare programs.

"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."

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: aBased 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.a

Foresta™s Presiding Independent, Director Kenneth Goodman, stated, aWe are gratified by the HHS-OIGa™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.a

About Forest Laboratories

Forest Laboratoriesa™ (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 Companya™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 Laboratoriesa™ Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and any subsequent SEC filings.