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

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

Delayed Quote. Delayed  - 09/28 10:02:04 pm
116.51 USD   -0.09%
08/19 TARO PHARMACEUT : Announces Completion of $250 Million Share Repurch..
08/10 TARO PHARMACEUT : posts 1Q profit
08/10 TARO PHARMACEUT : Provides Results for Quarter Ended June 2016
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

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
08/19 TARO PHARMACEUTICAL INDUSTRIES : Announces Completion of $250 Million Share Repu..
08/11 TARO PHARMACEUTICAL INDUSTRIES : to Announce First Quarter Results on August 10,..
08/10 TARO PHARMACEUTICAL : posts 1Q profit
08/10 TARO PHARMACEUTICAL : Provides Results for Quarter Ended June 2016
08/02 TARO PHARMACEUTICAL : to Announce First Quarter Results on August 10, 2016
07/14 TARO PHARMACEUTICAL : CEO Kal Sundaram to Return to Sun Pharma Headquarters by t..
07/06DJTARO PHARMACEUTICAL : CEO Kal Sundaram to Leave by Year-End
07/06 TARO PHARMACEUTICAL : CEO Kal Sundaram to Return to Sun Pharma Headquarters by t..
06/30 TARO PHARMACEUTICAL : Announces Resignation of Chief Financial Officer
06/21 TARO PHARMACEUTICAL : Announces Resignation of Chief Financial Officer
More news
Sector news : Pharmaceuticals - NEC
09/28DJINTRA CELLULAR THERAPIES : Shares Plunge After Disappointing Drug Trial Results
09/28DJGLAXOSMITHKLINE : to Sell Remaining 6.2% Stake in Aspen Pharmacare
09/28 Monsanto ally Novozymes sees opportunity, risk in Bayer merger
09/27DJPFIZER : Scraps Plan to Break Up Company -- WSJ
09/26DJMYLAN : EpiPen Pretax Profits 60% Higher Than Number Told to Congress -- 3rd Upd..
More sector news : Pharmaceuticals - NEC
News from SeekingAlpha
08/10 Taro Pharmaceutical reports FQ1 results
07/28 TARO PHARMA : Seeking A Catalyst
06/21 Taro finance chief bids adieu
06/01 DIPLOMAT PHARMACY : Fundamentals Strong Enough To Shrug Off Sector Concerns
05/27 Taro Pharmaceutical Industries' (TARO) CEO Kal Sundaram on Q4 2016 Results - ..
Advertisement
Financials ($)
Sales 2017 1 000 M
EBIT 2017 638 M
Net income 2017 -
Debt 2017 -
Yield 2017 -
P/E ratio 2017 9,06
P/E ratio 2018 9,40
Capi. / Sales 2017 4,98x
Capi. / Sales 2018 5,24x
Capitalization 4 983 M
More Financials
Chart TARO PHARMACEUTICAL INDUST
Duration : Period :
Taro Pharmaceutical Indust Technical Analysis Chart | TARO | IL0010827181 | 4-Traders
Full-screen chart
Technical analysis trends TARO PHARMACEUTIC...
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Average target price 190 $
Spread / Average Target 63%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Kal Sundaram Chief Executive Officer & Director
Dilip Shantilal Shanghvi Chairman
Itamar Karsenti Vice President & Operations Head-Haifa
Avi Avramoff Global Vice President-Research & Development
Sudhir Vrundavandas Valia Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
TARO PHARMACEUTICAL IN..-24.61%4 983
JOHNSON & JOHNSON16.23%326 636
ROCHE HOLDING LTD.-12.41%217 190
NOVARTIS AG-10.14%212 589
PFIZER INC.5.30%206 172
MERCK & CO., INC.19.84%175 038
More Results