Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

Pharma Sleuth, I thought of that possibility.

So when those shares were all dispersed to the original investors, I suspect Mikah was one of them. It only makes sense since we know there was a relationship with Epic and Mikah long before Nasrat came on board.

It would make sense if Nasrat Hakim was an original member of Epic Investments, and previous disbursements to him were not reported because he was not an Elite insider at the time. This makes more sense to me than Epic generously gifting shares for a job well done. But it gets a little complicated when the shares are distributed not just to NH but also NH's IRA and Mikah.

But here is why it cannot be true that NH was an original member of Epic. NH was named CEO 8/5/13. His first reported disbursement from Epic was 10/17/14. During the intervening time period, Epic sold shares in October and November 2013, January and March 2014. Epic converted warrants in September and December 2013. Ashok Nigalaye and Narine Jeenarine filed their own Form 4's for each of these transactions, but nothing from Nasrat Hakim. Likewise, his initial statement of beneficial ownership says nothing about indirect ownership through Epic:

http://b2i.api.edgar-online.com/EFX_dll/EdgarPro.dll?FetchFilingConvPDF1?SessionID=NwlkefuqOu2Vo-9&ID=9471287


So, I like your idea, but it is just not true. Nasrat Hakim became a member of Epic Investments sometime between 3/17/14 and 10/17/14. And that was a material event that should have been, and still should be, publicly disclosed.