Carl Icahn took legal action against Forest Laboratories, Inc (NYSE:FRX) for access to its books and records, charging that the company is withholding information from shareholders and has not met its remarks on corporate governance.
According to the complaint made public in Delaware Chancery Court on Friday, Icahn is requiring documents offering details of a 2011 stock buyback plan and data on the drug maker’s succession plans. Forest rejected Icahn’s demand for a full examination, so he was forced to take legal action, as said in the court case.
Bloomberg compiled data confirm that Icahn is New York-based Forest’s second-biggest shareholder, with 9.9% of the stock.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. GlaxoSmithKline plc (ADR) (NYSE:GSK) increased +1.27% to settle at $45.57, Cornerstone Therapeutics, Inc. (NASDAQ:CRTX) moved up +4.46% to end at $6.33 while Mylan Inc. (NASDAQ:MYL) jumped +2.64% to finish on Friday at $21.37.
Forest Laboratories, Inc. (NYSE:FRX) on June 29, 2012 increased +2.55% to the closing price of $34.99. The overall volume in the last trading session was 1.82 million shares. Its fifty two week range was $28.47-$40.35. The total market capitalization remained $9.30 billion.
FRX is ahead its 52 week low with +22.90% and going forward from its 52 week high price with -13.28%. FRX last month stock price volatility remained 1.85%. In its share capital FRX has 265.69 million outstanding shares among them 263.36 million shares have been floated in market exchange. FRX stock insider ownership included 0.89%.
The stock price of FRX is moving forward from its 20 days moving average with +1.57% and remote positively from 50 days moving average with +2.47%. FRX current year earnings per share experienced a downfall of -0.61% while its current quarter performance remained +0.86%. Company’s beta coefficient included 0.66. Beta factors measures the amount of market risk associated with market trade.
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