Ichan's own wortds (from his July 2nd letter to Soloman):
"Over the years of being a successful activist I have learned to understand thought processes of certain types of CEOs. As a result, I have come to a disturbing conclusion. Several years ago you began a pattern of selling Forest stock at prices substantially higher than today’s price. Those sales now look to me like a savvy bet against the prospects of a company that was not prepared to meet the calamitous events that would befall it several years in the future when Lexapro went off patent. However, unfortunate loyal shareholders that were not privy to your knowledge and that still hold stock today have suffered very significant losses. You, on the other hand, who have sold over $500 million worth of Forest stock, are in an excellent position. Be assured, we intend to thoroughly investigate by all available means whether the knowledge you had at the time you sold your stock was fully disclosed to other less fortunate shareholders and to determine how you were so prescient in selling your Forest stock at prices well above the current market."
"Today as a result of your prophetic sales, your position as CEO and the fact that the Board is stacked with members that in our opinion appear to be your loyal “buddies,” you are in the enviable position to make another “killing” at no risk to yourself. The stock is now at a low point and we believe the company is at risk, especially in light of the fact that the recent launches of Teflaro and Daliresp missed your own issued guidance and in a few years Namenda will come off patent. Despite this you tell the shareholders all is well and hope they will continue to drink the Kool-Aid. But how can we believe you when you said all was well 5 years ago when you sold over $200 million of Forest stock. I believe the only way all will be well in this company is if management is held accountable. As things currently stand, your “buddies” can award you “boat loads” of options and you can “swing for the fences”. You can even possibly risk dissipating the nearly $3 billion of the company’s cash in an all or nothing effort if things get worse. If successful you win and if unsuccessful shareholders lose. If fact, we believe that shareholders may well be facing a second act of what occurred several years ago."