HHS-OIG Drops Potential Action against Forest CEO Howard Solomon
August 05 2011 - 5:09PM
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, 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 August 5, 2011 Howard Solomon
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 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.
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