Elite Pharmaceuticals Inc (ELTP)

[no2koolaid]

How does a company get an approval and see its share price go down and drive the market cap lower than annual revenues and people say - Nothing to see here!

Well, one company experienced enough of it and, just perhaps, what they have in their lawsuit may foretell some of what frustrated shareholders see with Elite.

Here it is...NWBO...

Here’s the skinny. The company is accusing Citadel Securities, Susquehanna and “other Wall Street firms of driving down its stock price through a series of illicit trading tactics.” It also includes Canaccord Genuity, G1 Execution Services, GTS Securities, Instinet, Lime Trading and Virtu Americas.

According to the Wall Street Journal:

“In a lawsuit filed Thursday in Manhattan federal court, Northwest Biotherapeutics Inc. NWBO alleged the market makers had repeatedly engaged in ‘spoofing,’ where traders place orders with an intent to fool other investors about a stock’s demand and manipulate the price by removing the offers.”

Hey Elite investors, does the action sound familiar?