Taro CFO resigns in face of accusations

Israel's Taro Pharmaceutical's CFO, Kevin Connelly, has resigned following an investigation into the company's restatement of earnings for 2003 and 2004. A report from the law firm Jenner & Block asserted that the company's financial team had made "misrepresentations" to the SEC and Ernst & Young. Connelly and another member of Taro's financial team, who was unnamed, resigned from the company after disagreeing strongly with the conclusions of the report. Taro also announced that it had hired a turnaround expert to help the company cut costs and restructure debt. Taro faces delisting if it misses a deadline to file its 2005 report.

- here's the AP report on Taro