Taro Pharmaceutical Industries Ltd. (Nasdaq: TARO) has announced that it has received notice that it will be delisted from Nasdaq after the close of business on Wednesday, December 13, 2006. The shares will subsequently be quoted on the Pink Sheets Electronic Quotation Service under the symbol TAROF.
Taro was notified that it was being delisting because it had not yet filed its annual report on Form 20-F for 2005.
It is believed that the company needs a few more days to complete its financial report.
Taro has asked the Nasdaq Listing and Hearing Review Council exercise its authority to review the November 15, 2006 decision of the Nasdaq Listing Qualifications Panel and also to stay the delisting of the company's shares. The company is also considering its option to file an appeal of the delisting.
Taro’s financial department underwent an upheaval recently, with the ouster of the company’s CFO and another top financial officer for accountancy irregularities. The firings are the informal excuse that the company will need a further postponement in filing its financial reports.
Published by Globes [online], Israel business news - www.globes.co.il - on December 13, 2006
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