Elite Pharmaceuticals Inc (ELTP)

[kayak_wench]

Much of what you state as fact is simply not fact at all. The really out there statement is the blatant mischaracterization of what happened of

When he scooped the company and bought the distressed ANDA assets from SunGen for himself, it was a breach of his fiduciary duty to shareholders.

Disclaimer: My quotes are not meant to reflect exactly what was said. They are paraphrases of what was related to us by Nasrat with Carter on the call (for validation) during the CC where we were told that Nasrat had purchased Adderall rights.

Quite the contrary, he went to his CFO and the board and told them Elite needs to buy SunGen's half, its a great opportunity!!
His CFO said "Nope, Elite can't afford to buy this now!". The board said "We agree with the CFO, no!"

Nasrat said, "Fine you guys are not going to buy it I am!!!". The CFO and board said "Great, knock yourself out because we ARE NOT buying it."

That is hardly "scooped". If he had in fact bought it before Elite could then it would be worth reading you post. Also because Elite was offered the opportunity to buy the rights before Nasrat did (at Nasrat's request) and because the Elite board approved Nasrat's purchase there is not violation of fiuciary duty.

You guys bitching about Nasrat owning the Adderall are like babies who passed up an opportunity and want a free do-over. Your mamma may have given you free do-overs but the world does not. Elite had the opportunity to buy it and didn't, they have lost all rights or say over the product. Nasrat doesn't owe them anything. None of you would sell it at a loss to your company, so why do you expect Nasrat too?

Also, as a doctor I highly doubt you rely on a google search for your legal defense. You may or may not be a competent doctor, but you are certainly nothing close to bad lawyer, much less one versed in corporate law.