Elite Pharmaceuticals Inc (ELTP): Lannett officially filed for bankruptcy...

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Elite Pharmaceuticals Inc (ELTP)

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Thursday, 05/04/2023 1:01:17 PM

Thursday, May 04, 2023 1:01:17 PM

Lannett officially filed for bankruptcy last night and stock symbol is now FCINQ. Looks like it will soon go sub penny as the shares are worthless. When they emerge from bankruptcy, they will be listed as a new entity owned primarily by the debtors who were owed almost 600 million prior to the default.

I believe the trustee in bankruptcy will require Lannett to pay Elite any future funds collected as they work off the Adderall inventory. Shareholders here should thank Tim Crew for pulling out of the distribution contract after they got approval for their own generic adderall.

I would think that pharmacists would rather buy from a profitable company as opposed to one in BK. Kirkov and NH should be pretty busy.

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