HAWTHORNE, N.Y.--(BUSINESS WIRE)--July 21, 2006--Taro Pharmaceutical Industries Ltd. (“Taro,” the “Company,” NASDAQ: TARO) reported today that on July 19, 2006 it received a Staff Determination from the Listing Qualifications Department of The Nasdaq Stock Market. The Staff Determination states that because Nasdaq has not received the Company’s Annual Report on Form 20-F for the year ended December 31, 2005 (the “2005 Form 20-F”) as required by Nasdaq Marketplace Rule 4320(e)(12), the Company’s ordinary shares are subject to delisting from The Nasdaq Global Select Market unless the Company requests a hearing. The Company has requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. The Company’s ordinary shares will remain listed pending the review. There can be no assurance that the Panel will grant the Company’s request for continued listing.
