Opiant Pharmaceuticals Inc. (OPNT)

[jtomm]

Deceptive Management

Yeah, I made this point awhile back that in reality the share count is way higher than the story that management is paying stock promoters to tell. The cash coming in from milestone payments will barely pay off the accrued salaries that are due mgt because of the ridiculous salaries they are paying themselves.

Read the proxy and it gets even worse. The total share count is more like 7 million shares. But since management owns almost no shares currently (the CEO owns only 5,000 shares), mgt is creating preferred stock with this stated intention:

"Upon approval by the Board, the Company plans to issue some shares of such series of preferred stock to certain members of the Board for an amount and type of consideration that is unknown at this time. Although the amount of shares of preferred stock to be issued is unknown at this time, it is likely that the particular members of the Board will be issued enough shares with “super-majority” voting rights that the Company will be controlled by the particular members of the Board regardless of any future issuances of shares of common stock to other persons or entities."

The name of the company is also about to change to Opiant Pharmaceuticals, Inc.