Replies to post #339648 on Elite Pharmaceuticals Inc (ELTP)

[dr_lowenstein]

agree, it is nasrat that must come to the realization that this is self dealing crap isnt gonna fly any more

[elichen]

I’m suggesting that we investors find a way to unite to pressure The CEO to act in our best interests. Period!

[WeeZuhl]

Dissolution of Mikah is not up to Elite shareholders and neither is ownership of the assets, now and previously owned by Mikah.

Jour, with your knowledge of publicly traded companies, can you think of other examples of CEO's who maintain a second private company for the purpose of doing business with the primary company? IMO, this is highly irregular, and under normal circumstances, neither the BOD nor the general counsel/regulatory officer would allow something like that to happen. Since 2013, Elite shareholders have had to accept multiple dubious deals with Mikah without any way to make a true assessment of the quality of the deals because of the private, secretive nature of Mikah. Trimipramine is a perfect example. The ANDA was purchased by Mikah to shield Elite shareholders from the purchase price, then it was sold to Elite two weeks later at a substantially-inflated price. The original 13 ANDA's for $10M is the exact same. Just how obnoxiously-inflated the cost was is impossible to know- because Mikah. What BOD would stand for this? Now its happening again with Adderall.

It's time to expect better from Elite management. And, frankly, it's time to expect better from Elite shareholders, too. Spine up.