Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

Let's not fight disinformation with disinformation.

I am clear on that. My simple and humble observation is that he had filed a form-4 just a month ago showing that he acquired 201,717 ELTP shares @ .1239 costing roughly $25,000.

...

This simple and publically verifiable information shows insiders were buying ELTP at a PPS that is higher than its current levels, during a time that some claimed insiders were dumping.

Doug Plassche did not file Form 4 one month ago. No Elite insiders have filed any Form 4's since Feb 2018. Doug and other Elite insiders receive $25,000 of their annual pay as stock. I am not aware of any Elite insiders who have purchased any shares on the open market using personal funds since Nasrat added ~700,000 shares to his IRA a few years ago. The only Form 4's filed by Elite insiders in the last few years are for salary-purchase shares.

There is also the issue of his supposed filing of Form 144 so that he can sell restricted shares on the open market within next 90 days. The original poster claimed that a buddy who subscribes to the Washington Service told him so. While there are plenty of sites like this that will notify you of these insider filings for a fee, Form 144 is available to the public, if you know where to look, which I do, and I cannot find any evidence that it was ever done. So I doubt that he did this, but let's just say he did and my usual sources of info are not correct. Who cares? Some would argue that he would not liquidate his entire position if there were big catalysts pending. I would remind those folks that Doug has an option to buy 3 million shares at .07 cents, so he is not even close to liquidating his entire position. He may even believe there *ARE* big catalysts pending, and that is why he is preparing to sell his restricted shares.


A few other facts about Form 144: the issuer (ELTP) has to sign off in order for the restrictive legend to be removed from his stock certificate. And do you know what it says right above the signature line on Form 144? It says this:

ATTENTION: The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed.

I cannot find any evidence that Doug filed a Form 144. And even if he did, YAAAAAAAAAWWWWWWWWWWWNNNNNNNN.