Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

I don't think Nasrat was nefarious a few years ago, but I do think the FDA has driven him to it. How could it not? I have no doubt he was truly told the problem could be resolved with a label and had the rug pulled out from under him. True, he probably shouldn't have been naive about it. But it still remains that he and we have been screwed by the FDA changing their word multiple times.

What about charging shareholders $10M for 13 dud ANDA's, five of which were for phentermine (infamously known as the better half of the dangerous Fen-Phen diet pill)? What about $1.2M for decrepit trimipramine (a strongly anti-cholinergic drug that rightfully resides on the Beer's List of dangerous drugs)? What about the $10,000/month in interest shareholders are paying Nasrat just for trimipramine?


How did the FDA drive him to do those unfair deals with shareholders, with whom he has a fiduciary responsibility? It's time to stop making excuses for the bad behavior of our leaders and hold them accountable for their actions. It's time to expect better from Elite management.