SCHEDULE 13G Amendment No. 1 Taro Pharmaceutical Industries Ltd. (Name of Issuer) COMMON STOCK (Title of Class of Securities) M8737E108 (CUSIP Number) 1. Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Cowen & Company I.R.S. Identification No. 13-5616116 2. Check the Appropriate Box if a Member of a Group (a) / / (b) / X / 3. SEC Use Only 4. Citizenship or Place of Organization New York, New York 5. Sole Voting Power 0 6. Shared Voting Power 13,000 7. Sole Dispositive Power 0 8. Shared Dispositive Power 13,000 9. Aggregate Amount Beneficially Owned By Each Reporting Person 13,000 10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares * N/A 11. Percent of Class Represented by Amount in Row 9 0.13% 12. Type of Reporting Person * BD, IA SCHEDULE 13G Amendment No. 1 Taro Pharmaceutical Industries Ltd. (Name of Issuer) COMMON STOCK (Title of Class of Securities) M8737E108 (CUSIP Number) 1. Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Cowen Incorporated 2. Check the Appropriate Box if a Member of a Group (a) / / (b) / X / 3. SEC Use Only 4. Citizenship or Place of Organization New York, New York 5. Sole Voting Power 0 6. Shared Voting Power 13,000 7. Sole Dispositive Power 0 8. Shared Dispositive Power 13,000 9. Aggregate Amount Beneficially Owned By Each Reporting Person 13,000 10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares * N/A 11. Percent of Class Represented by Amount in Row 9 0.13% 12. Type of Reporting Person * HC, CO SCHEDULE 13G Amendment No. 1 Taro Pharmaceutical Industries Ltd. (Name of Issuer) COMMON STOCK (Title of Class of Securities) M8737E108 (CUSIP Number) 1. Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Joseph Cohen 2. Check the Appropriate Box if a Member of a Group (a) / / (b) / X / 3. SEC Use Only 4. Citizenship or Place of Organization New York, New York 5. Sole Voting Power 0 6. Shared Voting Power 13,000 7. Sole Dispositive Power 0 8. Shared Dispositive Power 13,000 9. Aggregate Amount Beneficially Owned By Each Reporting Person 13,000 10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares * N/A 11. Percent of Class Represented by Amount in Row 9 0.13% 12. Type of Reporting Person * IN Item 1 (a) Taro Pharmaceutical Industries Ltd. (b) 5 Maskit Street Herlzia Pituach 4612 L3 ISRAEL Item 2 (a) Name of Person Filing: (b) Address of Principal Business Offices: (c) Citizenship: This statement is filed by the following persons (collectively, the "Reporting Persons"): Cowen & Company Financial Square New York, NY 10005-3597 (New York Limited Partnership) Cowen Incorporated Financial Square New York, NY 10005-3597 (New York Corporation) Joseph M. Cohen Financial Square New York, NY 10005-3597 (d) Common Stock (e) M8737E108 Item 3 IF THE STATEMENT IS FILED PURSUANT TO RULE 13a-l(a) OR 13 d-2(b), CHECK WHETHER THE PERSON FILING IS: (a) [ X ] Broker or Dealer registered under section 15 of the Act: Cowen & Company (e) [ X ] Investment advisor registered under section 203 of the Investment Advisers Act of 1940: Cowen & Company (g) [ X ] Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G): Cowen Incorporated Joseph M. Cohen (an individual who may be deemed to control Cowen Incorporated.) Item 4 OWNERSHIP Cowen & Company; Cowen Incorporated; Joseph M. Cohen (a) 13,000 (b) 0.13% (c) (i) 0 (ii) 13,000 (iii) 0 (iv) 13,000 Item 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ X ]. Item 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON As a broker-dealer and an investment adviser, Cowen & Company holds a portion of the securities on behalf of its clients, none of whose individual interests exceeds five percent. ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED BY THE PARENT HOLDING COMPANY See Item 3(g) and Exhibit A. ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP Not applicable. ITEM 9 NOTICE OF DISSOLUTION OF GROUP Not applicable. ITEM 10 CERTIFICATION By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purposes of effect. After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. February 12, 1998 COWEN & COMPANY By: Cowen Incorporated, General Partner By: /s/ David R. Sarns David R. Sarns, Managing Director COWEN INCORPORATED By: /s/ David R. Sarns David R. Sarns, Managing Director JOSEPH M. COHEN By: /s/ Joseph M. Cohen Joseph M. Cohen
13G Cusip No. M8737E108 EXHIBIT A RELEVANT SUBSIDIARIES OF PARENT HOLDING COMPANIES Parent Holding Companies: Cowen Incorporated Joseph M. Cohen (an individual who may be deemed to control Cowen Incorporated) Relevant Subsidiary Which is a Broker-Dealer and Investment Advisor: Cowen & Company
13G Cusip No. M8737E108 EXHIBIT B JOINT FILING AGREEMENT The undersigned hereby agree that the statement on Schedule 13G with respect to the shares of Common Stock of Taro Pharmaceutical Industries Ltd., dated February 12, 1998 is and any amendments thereto signed by each of the undersigned shall be, filed on behalf of each of them pursuant to and in accordance with the provisions of Rule 13d-1(f) under the Securities Exchange Commission Act of 1934. Dated: February 12, 1998 COWEN & COMPANY By: Cowen Incorporated, General Partner By: /s/ David R. Sarns David R. Sarns, Managing Director COWEN INCORPORATED By: /s/ David R. Sarns David R. Sarns, Managing Director JOSEPH M. COHEN By: /s/ Joseph M. Cohen Joseph M. Cohen