Healthcare Industry News: LEXAPRO
News Release - February 26, 2009
Forest Laboratories, Inc. Provides Statement in Response to Complaint Filed by U.S. GovernmentNEW YORK, Feb. 26, 2009 (Healthcare Sales & Marketing Network) --Forest Laboratories, Inc. (NYSE: FRX ) today announced that a complaint filed against the Company by the United States was unsealed in Massachusetts federal court alleging violations of the federal False Claims Act arising from Forest's marketing of its antidepressants LEXAPRO® and Celexa®. The Complaint alleges that Forest personnel improperly promoted LEXAPRO and Celexa for off-label pediatric use, and that Forest paid kickbacks to physicians to induce them to prescribe these drugs. The Company understands that eleven states and the District of Columbia have also filed notices of intention to intervene as plaintiffs in the action. The Company had previously disclosed the government investigation in all periodic reports filed with the SEC since 2004. In its Form 10-Q filing for the period ending September 30, 2008, Forest disclosed the government's intention to assert civil claims against Forest under the False Claims Act. Forest is committed to adhering to the highest ethical and legal standards, and off-label promotion and improper payments to medical providers have consistently been against Forest policy. Forest is currently reviewing the complaint and will respond to this action at the appropriate time. In addition, as previously disclosed, Forest is continuing its discussions with the government about the investigation.
About Forest Laboratories
Forest Laboratories (NYSE: FRX ) is a U.S.-based pharmaceutical company with a long track record of building partnerships and developing and marketing products that make a positive difference in people's lives. In addition to its well-established franchises in therapeutic areas of the central nervous and cardiovascular systems, Forest's current pipeline includes product candidates in all stages of development and across a wide range of therapeutic areas. The company is headquartered in New York, NY. To learn more about Forest Laboratories, 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 Report on Form 10-K, Quarterly Report on Form 10-Q, and any subsequent SEC filings.
Source: Forest Laboratories
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