Taro Financial Chief Resigns (Warm up the prison bus!)

[Bozita]

http://www.thestreet.com/_googlen/newsanalysis/pharmace... >

Taro Pharmaceutical Industries (TARO - commentary - Cramer's Take) said its chief financial officer resigned amid an investigation into the company's restatement of its earnings for 2003 and 2004.

Kevin Connelly, the company's senior vice president and CFO, as well as another member of Taro's financial management, resigned effective immediately.

The two stepped down following a report by independent law firm Jenner & Block, which found that members of the company's financial management team caused Taro to make misleading statements to the Securities and Exchange Commission.

The Taro financial managers made "misrepresentations" in correspondence with members of the SEC's staff and its independent auditor Ernst & Young, the company said in a press release Monday.

more...

[Bozita]

1. This fits so nicely with another LBN post about Cheney

http://www.democraticunderground.com/discuss/duboard.ph...

[lumpy]

2. Sarbanes-Oxley 'rules' must be working.

Regulation is good. FDR would approve.