HAWTHORNE, N.Y., Sept. 11, 2009 (GLOBE NEWSWIRE) -- Taro Pharmaceutical Industries Ltd. ("Taro," the "Company") (Pink Sheets:TAROF) today announced that the shareholders meeting previously scheduled to be held on Sunday, September 13, 2009, has been postponed.
The shareholders meeting called for September 14, 2009 will be held as scheduled.
Taro said that the District Court in Tel-Aviv yesterday issued a temporary injunction, at the request of Alkaloida Chemical Company Exclusive Group Ltd. and Sun Pharma Global Inc. (the "Applicants"), to prevent Taro's shareholders from considering the proposed resolutions regarding indemnification (items 2 and 3 on the agenda of the meeting) until 21 days from the date on which Taro shall make available to the Applicants certain minutes of board of directors meetings and related items described in the Court's decision.
In light of the current inability to receive, upon their election, the indemnification pursuant to item 3 on the agenda of the meeting as a result of the temporary injunction, the external director candidates are reconsidering their nomination at this time, and accordingly, the September 13, 2009 meeting has been postponed.
Taro expects to announce, in the near future, the date of a new shareholders meeting.
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 further information on Taro Pharmaceutical Industries Ltd., please visit the Company's website at www.taro.com.
The Taro Pharmaceutical Industries Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4733
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 refer or relate to events or circumstances that the Company "believes," or "expects" to happen, or similar language. Although Taro believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurance that its expectations will be attained. Taro believes this release should be read in conjunction with all of its filings with the United States Securities and Exchange Commission and cautions its readers that these forward-looking statements are subject to certain events, risks, uncertainties, and other factors. Factors that could cause actual results to differ include the actions of Sun Pharmaceutical Industries Ltd. ("Sun"), including but not limited to the outcome of litigation with Sun, general domestic and international economic conditions, industry and market conditions, changes in the Company's financial position, litigation brought by any party in any court in Israel, the United States, or any country in which Taro operates, regulatory actions and legislative actions in the countries in which Taro operates, and other risks as 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 they are made. Taro undertakes no obligation to update, change or revise any forward-looking statements, whether as a result of new information, additional or subsequent developments or otherwise.