NEW YORK, Aug. 15, 2012 /PRNewswire/ -- Carl Icahn today made the following statement on Forest Labs (NYSE: FRX):
I am very pleased with the tremendous support that my nominee, Pierre Legault, obtained from shareholders in winning a seat on the Forest Board. Sadly, our proxy system is set up in such a way that the deck is stacked heavily in favor of incumbent management in proxy contests. THIS IS TRUE PARTICULARLY AT FOREST , where a few shareholders with upwards of 25% of the outstanding shares seem to vote in favor of management no matter how bad the company is performing and how bad its corporate governance is. That is why today's victory is not only surprising, but I hope and believe that the shareholder message sent will be the first step in bringing good corporate governance to this great company – something that has been lacking for decades.
I wish to thank all the shareholders who supported us, as well as the great team that fought many hours each day to bring about this victory.
SOURCE Carl Icahn