UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of October, 2006
Commission File Number 000-22286
Taro Pharmaceutical Industries Ltd.
(Translation of registrant's name into English)
14 Hakitor Street, Haifa Bay 26110, Israel
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F |_|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): _____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): _____
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes |_| No |X|
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_____.
Taro Expects to Receive Report
from Independent Counsel by October 20, 2006
HAWTHORNE, N.Y.--(BUSINESS WIRE)--Oct. 5, 2006--Taro
Pharmaceutical Industries Ltd. ("Taro," the "Company," NASDAQ: TARO)
today announced that its Board of Directors presently expects to
receive the report from the independent counsel retained by its Audit
Committee to investigate the circumstances relating to the previously
announced restatement of the Company's 2003 and 2004 financial results
by October 20, 2006.
Upon receiving the independent counsel's report, Taro will provide
a report on the investigation to the Nasdaq Listing Qualifications
Panel in connection with the Company's request for continued listing
of its shares on The Nasdaq Global Select Market. As previously
announced, subject to the Panel's review of the report, a further
extension, to November 17, 2006, was granted for Taro to file its
Annual Report on Form 20-F for the year ended December 31, 2005 with
the U.S. Securities and Exchange Commission. If these conditions and
other relevant listing requirements are met, the Company's ordinary
shares will maintain their current listing.
Taro 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 more information on Taro, please visit
www.taro.com.
SAFE HARBOR STATEMENT
Certain statements in this release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to, statements
that do not describe historical facts, and statements that include the
word "will," "intend," "expects," or similar language; and statements
concerning the continued listing of the Company's securities on The
Nasdaq Global Select Market, the independent investigation, and the
filing of Taro's Annual Report on Form 20-F for 2005. Although the
Company believes that such statements are based on reasonable
assumptions and reliable sources, it has no assurance thereof. Factors
that could cause actual results to differ include, but are not limited
to, actions by Nasdaq staff, the timing and outcome of the independent
investigation, the ability of the Company to finalize its 2005 audit,
general economic conditions, industry and market conditions,
regulatory actions and legislative actions in the countries in which
Taro operates, and other risks detailed from time to time in the
Company's SEC reports, including its Annual Reports on Form 20-F.
Forward-looking statements speak only as of the date on which they are
made. The Company undertakes no obligations to update, change or
revise any forward-looking statement, whether as a result of new
information, additional or subsequent developments or otherwise.
CONTACT: Taro Pharmaceutical Industries Ltd.
Daniel Saks, 914-345-9000 Ext. 6208
Vice President, Corporate Affairs
or
Kevin Connelly, 914-345-9000 Ext. 6338
Chief Financial Officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: October 5, 2006
TARO PHARMACEUTICAL INDUSTRIES LTD.
By: /s/ Kevin Connelly
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Name: Kevin Connelly
Title: Senior Vice President and
Chief Financial Officer