Taro to List on NYSE
HAWTHORNE, N.Y.--(BUSINESS WIRE)--Taro Pharmaceutical Industries Ltd. ("Taro," or the "Company," Pink Sheets: TAROF) today announced that it has been authorized for listing on the New York Stock Exchange ("NYSE"). The Company's ordinary shares are expected to begin trading when the market opens on March 22, 2012, under the symbol "TARO."
Mr. Dilip Shanghvi, Chairman of Taro's Board of Directors, said, "We are very happy that Taro will soon be listed on the New York Stock Exchange. This achievement is in line with what we indicated in the past, that Taro would seek re-listing on an exchange once the Company is in compliance with its SEC filing commitments. We are pleased that over the past eighteen months, Taro has completed its long pending audited financial statements and attained full compliance with its SEC reporting obligations, both of which were pre-requisites for listing. On behalf of the Board of Directors, I congratulate the entire team at Taro in making this possible as well as thank our shareholders and employees who have stood by the Company through its difficult times."
"We are thrilled to welcome Taro to our growing community of innovative multinational companies," said Lawrence Leibowitz, COO of NYSE Euronext. "With its NYSE listing, Taro is joining the world's largest and most liquid universe of pharmaceutical and life-science companies. We congratulate Taro on this step and look forward to our partnership with the company and its shareholders."
In conjunction with our NYSE listing, Taro stock will concurrently cease to trade on the over-the-counter (OTC) Pink Sheet markets, where the Company used the ticker symbol "TAROF." The transition to the NYSE requires no action on the part of Taro's shareholders.
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.
SAFE HARBOR STATEMENTS
Certain statements in this press 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 refer or relate to events or circumstances Taro "estimates," "believes," or "expects" to happen or similar language. The forward-looking statements in this press release are based on Taro's current expectations and are made only as of the date of this press release and involve certain risks and uncertainties that could cause actual results to differ materially from future results that may be expressed or implied by such forward-looking statements. Unless required by law, Taro 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.
Taro Pharmaceutical Industries Ltd.
William J. Coote, 914-345-9001