It seems there are a few things missing in the discussion that would support an SEC investigation of Elite. Also missing is some form of specificity as to how shareholders should expect “Elite do better.” Better how? As in business performance? Like the company being cash flow positive and having increasing revenues for 5 straight quarters? Like having doubled 2020 revenue over the previous year (2019) and another double of Q1 2021 over Q4 2020? Strategic management is about the future. So, I am not inclined toward a general indictment of the company for past decisions that, as someone with real business experience, I can say are irrelevant to their current or future financial success.
OBTW: If anyone finds the formula for increasing the share price in ways other than the above, please email Nasrat and all the CEOs of the Fortune 500. They are under the impression that increasing revenues and keeping debt low is part and parcel to successfully improving their share price.
Amidst the shareholder miasma, I have to ask, how are things different for Elite shareholders since SunGen had its going out of business sale? We know that Elite did not have the cash (and could not raise it because of the manipulated share price) but that Mikah did (still and always, a private company and, as such, not required to report in the same manner as a public company like Elite…and, no…Mikah did not merge with Elite. C’mon, man!). How, exactly, did Mikah buying SunGen’s solid dose portfolio harm Elite? Did it decrease Elite’s revenues? Does it make it harder to commercialize its drugs? Does it somehow affect Elite’s supply chain or manufacturing capacity? Or, is it jealousy of Nasrat’s holdings? Which raises the question - How does that affect his fiduciary responsibility to Elite? Answer – it does not unless Mikah is in direct competition with Elite. Just in case, check the law on interlocking directorates and notice that, as long as the two companies in question do not compete with one another – there is no illegality. And, the reason that Ward spoke to the issue of the ownership of IR and XR and indicated that Elite hopes to end up with them both was because Nasrat could not; as any such discussion could create a legal impairment due to an implied contract, should it not eventuate. So, that was smart not devious. And, speaking of devious, if Nasrat sought to be devious and was only interested in his economic well-being, the generic Concerta would not have been given to Elite, he would have held it as part of the SunGen solid dose portfolio that Mikah purchased.
As physicist Neil de’Grasse-Tyson brilliantly stated – “One of the great challenges in life occurs when you know enough to think you’re right, but not enough to know you’re wrong.”
As I said before, I hold a doctorate degree in business, I am a former senior executive with a Fortune 50 firm, have more than 25 years business experience, and am finishing a book on strategy and management for business professionals. So, my perspective is pretty good as it relates to business, certainly enough to know when I am right and enough to know when I am wrong. And, I ain’t wrong, Elite is moving in the right direction.
Speaking of direction, I am off this board until at least after the Q2 2021 CC. Nothing for me here.