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Did Sun and Taro Under-Report 3rd Quarter Results by Gaming Reserves?
Date:11/5/2012

NEW YORK, Nov. 5, 2012 /PRNewswire/ -- IsZo Capital Management LP, one of the largest minority shareholders of Taro Pharmaceutical Industries Ltd. (NYSE: TARO), announced today that it delivered the following letter to the Special Committee of the Board of Directors of Taro, citing evidence that raises the question of whether Taro's management may be under-reporting Taro's third quarter net sales data by artificially inflating reserves for product returns, chargebacks, rebates and other sales-related items, just a month ahead of the special meeting of Taro shareholders to vote upon the proposed merger with Sun Pharmaceutical Industries Ltd. (BSE: SUNPHARMA) at the grossly inadequate below-market price of $39.50 per Taro share.

Re:
3rd Quarter Financial Results;
Did Taro Under-Report 3rd Quarter Results by Gaming Reserves? Ladies and Gentlemen:

Recently, rumors have been circulating that Taro and Sun were intentionally trying to understate their financial results by over-reserving; all ahead of the special December 6th shareholder meeting to vote upon the Sun merger.  We have been busy using our forensic accounting skills and broad industry knowledge attempting to evaluate the veracity of these rumors.  To our dismay, Taro and Sun delivered such evidence with the reported 3rd quarter financial results; results suspiciously inconsistent with readily available commercial sources of Taro's prescription and sales data.

Taro's reported financials and IMS's reporting of Taro's sales have had nearly perfect correlation over the last year until Taro's 3rd quarter results.  Based on IMS reported data, Taro should have reported net sales of $176.4 mm vs. the $160.9 mm that Taro reported.  So Taro's results are missing roughly $15.4 mm of sales and a similar amount of EBITDA and Profit.  For example, Taro reported QOQ growth of 1% vs.
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SOURCE IsZo Capital Management LP
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