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RAFI KHAN FILES COUNTERCLAIM AGAINST ICN PHARMACEUTICALS, INC.; CHARGES CEO PANIC AND ICN DIRECTORS BREACHED FIDUCIARY DUTIES

 BEVERLY HILLS, Calif., April 12 /PRNewswire/ -- Reynolds Kendrick Stratton, Inc., issued the following:
 Rafi Khan, a stockbroker with Reynolds Kendrick Stratton, Inc. and a shareholder of ICN Pharmaceuticals Inc. (ICN) (NYSE: ICN), Costa Mesa, Calif., announced today that he filed a counterclaim against Milan Panic, chairman, CEO and president of ICN and ICN current directors with the United States District Court Southern District of New York. The counterclaim is for "breach of fiduciary duties, slander and interference with economic relations."
 Khan also announced that he has filed with the court an answer to the lawsuit ICN filed against him last week. "My answer totally refutes ICN's allegations," said Khan.
 Included within Khan's counterclaim is a shareholders derivative action in which Khan seeks to recoup, on behalf of ICN, substantial amounts of corporate monies that were wasted by Panic and the other ICN directors through serious breaches of their fiduciary duties. The breaches include excessive compensation and bonuses paid to ICN management and directors, the sale of massive amounts of ICN stock without a public disclosure, the apparent violation of the rules, regulations and/or licenses of the U.S. government and the general waste of corporate assets.
 Khan's lawsuit against Panic and the other ICN directors also alleges that they intentionally and maliciously made false and damaging statements about him and his character to individuals and the media in an attempt to discredit him and maintain control of ICN.
 -0- 4/12/93
 /NOTE: For a copy of the filings, please contact Jean Young at the number below./
 /CONTACT: Jean Young of Young & Associates, 301-309-9404, for Reynolds Kendrick Stratton Inc.; or Rafi Khan of Reynolds Kendrick Stratton, Inc., 310-777-8858/
 (ICN)


CO: Reynolds Kendrick Stratton, Inc.; ICN Pharmaceuticals Inc. ST: California IN: MTC SU:

TW-DC -- DC029 -- 0525 04/12/93 15:01 EDT
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Publication:PR Newswire
Date:Apr 12, 1993
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