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Carl Icahn Issues Letter To Howard Solomon Of Forest Laboratories
Date:7/2/2012

NEW YORK, July 2, 2012 /PRNewswire/ --

Carl Icahn today issued the following letter to Howard Solomon, Chairman, CEO and President of Forest Laboratories, Inc.:

CARL C. ICAHN
767 Fifth Avenue, 47th Floor
New York, NY 10153

July 2, 2012

Via Email and Federal Express
Howard Solomon
Chairman, CEO and President
Forest Laboratories, Inc.
909 Third Avenue
New York, NY  10022

Your recent statement is rife with inconsistencies, misstatements and doublespeak.  I find your statement that we are attempting to distort and distract particularly disingenuous. You and I obviously have a vastly different definition of distortion and distraction.  It seems to me that you would believe it to be a distraction if a member of the board would dare question the propriety of your receiving in excess of $60 million in compensation while you oversaw a 50% decline in the company's share price.  Or perhaps you think it is a distraction if a member of the board asks whether it is appropriate to continue to keep stockholders in the dark regarding the succession plans of a company that has an 84-year old Chairman who has been the CEO for 35 years and has continually promoted his son (whose only other experience involves producing movies).  It can never be a distraction and in fact it is the core role of the board to place the best interest of the shareholders over the interests of its Chairman and CEO and my greatest concern is that given the history and composition of this Board, this is not the case at Forest Labs.

Additionally, based on our "activist record", I find your statement that having our candidates on the Board would be a distraction both laughable and indefensible.  We have greatly enhanced value in numerous companies on which we had minority board representation, particularly in bio-tech companies, which include Amylin, Biogen, Genzyme and Imclone.  When our rep
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SOURCE Carl Icahn
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