Forest Executives Win Battle Against Shareholders

Law360, New York (September 20, 2006, 12:00 AM EDT) -- A federal judge has dismissed a derivative lawsuit that accused certain Forest Laboratories Inc. executives of misleading shareholders about their main products, the blockbuster antidepressant drugs Celexa and Lexapro.

In his opinion, Judge Richard J. Holwell of the U.S. District Court in Manhattan did not deal directly with the shareholders’ complaints. Instead, he ruled that the plaintiffs were not entitled to bring an action in the name of the company against Forest’s board of directors and other executives.

“Cursory allegations that a director made sales of...
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