Taro Pharmaceutical gets Nasdaq reprieve
Has until October 5 to restate its results for 2004, 2005
Taro Pharmaceutical Industries on Wednesday said the Nasdaq has granted a continued listing extension until October 5, at which time the Israeli drug maker must present a report on its restated 2003 and 2004 financial results or again face removal from the exchange.
If the reports are approved, the Nasdaq will consider another extension until Nov. 17 for the company to restate its 2005 annual results.
The company has been restating financial reports because of a previously announced investigation into its accounting practices. Taro said it expects to be able to file its 2005 Form 20-F after completing its independent investigation and finalizing the 2005 audit.