Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Taro Pharmaceutical Industries Ltd.    TARO   IL0010827181

SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Taro Pharmaceutical Industries Ltd. : Taro Rejects IsZo's FY Q2 Under Reporting Allegation as Untrue and Irresponsible

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/08/2012 | 11:25pm CEST

Taro Pharmaceutical Industries Ltd. (NYSE: TARO) ("Taro" or the "Company") announced today that it delivered a letter to one of its shareholders IsZo Capital Management LP ("IsZo") in response to IsZo's letter to Taro's Special Committee of the Board of Directors dated November 5, 2012. The full text of the letter is set forth below:

Re: Taro Rejects IsZo's FY Q2 Under Reporting Allegation as Untrue and Irresponsible

Dear Mr. Sheehy,

We at Taro are very appreciative of our shareholders' communications. More recently, our ability to respond to certain inquiries has been limited in light of the pending merger between Taro and Sun Pharma and the related shareholder meeting scheduled December 6, 2012. Rather, our management team's primary focus continues to be on Taro's core business, the performance of which speaks for itself.

Without responding to your many unfounded allegations over the past few months, I feel compelled to publicly correct one of your most recent statements. In your November 5th letter and corresponding press release, you contend that Taro is "gaming its reserves." Your allegation is simply untrue and your comment is, at a minimum, irresponsible to your fellow Taro shareholders.

As a NYSE listed company, Taro takes its financial accounting and reporting obligations very seriously. Although our quarterly financial reporting is presented on an unaudited basis, the accounting methodologies used in estimating our reserves are "consistently applied" quarter to quarter, in conformity with U.S. GAAP. Over the last couple of years, at the request of our Board and Audit Committee, we have taken an extra step by having our independent auditors perform certain "agreed upon procedures" on our financial statements focusing on specific areas, including reserves, prior to issuing our quarterly releases, including that for the quarter ended September 30, 2012.

Given your broad industry knowledge, you undoubtedly appreciate that, while IMS data is useful to the industry for general U.S. market intelligence and a general understanding of long term, product trends, it is not reliable (or prepared) for consolidated financial reporting analysis as you propose.

Finally, I recognize your excitement for Taro as expressed in your letter. I believe that all Taro shareholders have benefited tremendously at what the new management team, under the leadership of Mr. Shanghvi and, subsequently, Mr. Sundaram, have accomplished since the change in control in September 2010.

Sincerely,

/s/ Jim Kedrowski

Jim Kedrowski
Interim Chief Executive Officer

************************

About Taro

Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company's website at www.taro.com.

Taro Pharmaceutical Industries Ltd.
William J. Coote, 914-345-9001
VP, Treasurer
William.Coote@taro.com


© Business Wire 2012
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on TARO PHARMACEUTICAL INDUST
06/24 TARO PHARMACEUTICAL INDUSTRIES : Annual Report on Form 20-F Available for Fiscal..
06/22 TARO PHARMACEUTICAL INDUSTRIES : Annual Report on Form 20-F Available for Fiscal..
05/23 SUN PHARMACEUTICAL INDUSTRIES : Pharmaceuticals dips 8% after Taro posts weak qu..
05/23 TARO PHARMACEUTICAL INDUSTRIES : posts 4Q profit
05/23 TARO PHARMACEUTICAL INDUSTRIES : Provides Results for Year Ended March 31, 2017
05/19 TARO PHARMACEUTICAL INDUSTRIES : to Announce Results for Year Ended March 31, 20..
05/16 TARO PHARMACEUTICAL INDUSTRIES : Crescita Posts Financials for Q1 2017
05/16 TARO PHARMACEUTICAL INDUSTRIES : to Announce Results for Year Ended March 31, 20..
04/25 TARO PHARMACEUTICAL INDUSTRIES : Crescita Enters Agreement with Taro
02/10 TARO PHARMACEUTICAL INDUSTRIES : posts 3Q profit
More news
News from SeekingAlpha
07/10 TARO PHARMACEUTICAL : A Gem In Trouble
06/22 The Long Case For Taro Pharmaceutical
06/13 TARO PHARMACEUTICALS : Positioning To Negotiate With Dilip Shanghvi
05/26 Money flow into generic drug makers after comments from FDA's Gottlieb a bit ..
05/23 Taro Pharmaceutical Industries' (TARO) Interim CEO Abhay Gandhi on Q4 2017 Re..
Financials ($)
Sales 2018 792 M
EBIT 2018 432 M
Net income 2018 -
Debt 2018 -
Yield 2018 -
P/E ratio 2018 12,08
P/E ratio 2019 14,36
Capi. / Sales 2018 5,86x
Capi. / Sales 2019 6,51x
Capitalization 4 646 M
Chart TARO PHARMACEUTICAL INDUST
Duration : Period :
Taro Pharmaceutical Indust Technical Analysis Chart | TARO | IL0010827181 | 4-Traders
Technical analysis trends TARO PHARMACEUTICAL INDUST
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Average target price 100 $
Spread / Average Target -13%
EPS Revisions
Managers
NameTitle
Uday Vijaykumar Baldota Chief Executive Officer
Dilip Shantilal Shanghvi Chairman
Itamar Karsenti Vice President & Operations Head-Haifa
Mariano Balaguer VP, Chief Financial & Accounting Officer
Avi Avramoff Global Vice President-Research & Development
Sector and Competitors
1st jan.Capitalization (M$)
TARO PHARMACEUTICAL INDUSTRIES LTD.8.95%4 646
JOHNSON & JOHNSON17.45%364 503
ROCHE HOLDING LTD.5.46%221 492
NOVARTIS9.72%220 936
PFIZER3.08%199 378
MERCK AND COMPANY6.39%171 303