Elite Pharmaceuticals Inc (ELTP)

[jour_trader]

CEOs are a big deal when there’s a change. When there are CFO changes that’s a bigger deal. When there are multiple CFO changes, we are in unchartered waters. Usually CFO changes take place like this when there are significant accounting issues and CFOs depart to avoid getting stuck holding the bag. I don’t think that’s the case here. I get the feeling that no one wants to work with the CEO. This is why VP Mfg has a contract. He was given golden handcuffs to stay a few more years.

To me, this is really disturbing before 10K filing. Last CFO lasted about as long. CEO wants to do what he wants to do and not take counsel from Finance so you create an inflow/outflow of CFOs.

Getting CFO promptly is of utmost importance to get 10K filed on time. The fact that CEO couldn’t get Chen to stay on through filing is a big red flag.

What CFO would want to work for a company that goes through finance leadership like this? Just don’t bring back Carter Ward…