Forest Laboratories receives new director nominations

Forest Laboratories has confirmed the receipt of notice for four proposed directorial nominations from one of its key shareholders.

High River Limited Partnership, an entity affiliated with investor Carl Icahn, has informed the company of its plans to nominate Dr Alexander Denner, Dr Richard Mulligan, Professor Lucian Bebchuk and Dr Eric Ende to the board of directors.

Forest's nominating and governance committee is now set to evaluate this list of nominees and make a recommendation on their candidacies.

The proposals would see the four nominees stand for election during the firm's 2011 annual meeting, during which all members of the nine-strong board are set to be re-elected.

Howard Solomon, chairman, chief executive officer and president of Forest, said: "While we have not yet had a chance to meet with Mr Icahn to discuss his ideas for the company, we welcome constructive input from all of our shareholders."

According to the firm's most recent financial report, Forest Laboratories has seen an encouraging start to the 2011 fiscal year, with first quarter sales up by 9.7 percent on Q1 2010.