SEC Comment Letter for ELITE PHARMACEUTICALS (ELTP) — Dec 9, 2015
ELITE PHARMACEUTICALS INC /NV/ (ELTP) (CIK 0001053369)
Date: Dec. 9, 2015 · CIK: 0001053369 · Accession: 0000000000-15-057134
AI Filing Summary & Sentiment
Reasoning
File numbers found in text: 001-15697
Referenced dates: November 20, 2015
Letter
Mail Stop 4720 December 9, 2015 Via E -mail Mr. Carter J. Ward Chief Financial Officer Elite Pharmaceuticals, Inc. 165 Ludlow Avenue Northvale, NJ 07647
Re: Elite Pharmaceuticals, Inc. Item 4.02 Form 8 -K Filed December 4 , 201 5 File No. 001-15697
Dear Mr. Ward :
We have reviewed your filing and have the following comments .
Please r espond to th ese comments within five business days by providing the requested information and amending your filing or advis e us as soon as possible when you will respon d. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.
After reviewing the amendment to your filing and your response to these comments, we may have additional comments.
Item 4.0 2 - Nonreliance on Previously Issued Financial Statements
1. Please amend your filing to d isclose when you concluded that your financial statements could no longer be relied upon. Refer to Item 4.02(a).
2. Please include your SAB 99 and SAB 108 analyses of the impact of adjustments related to the change in accounting for your convertible pr eferred stock in previously issued annual and interim financial statements in your response to our letter dated November 20, 2015.
We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that th e filing includes the information the Securities Exchange Act of
Mr. Carter J. Ward Elite Pharmaceuticals , Inc. December 9 , 2015 Page 2
1934 and all applicable Exchange Act rules require. Since the company and its management are in possession of all facts relating to a company’s disclosure, they are responsible for the accur acy and adequacy of the disclosures they have made.
In responding to our comments, please provide a written statement from the company acknowledging that:
the company is responsible for the adequacy and accuracy of the disclosure in the filing;
staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
the company may not assert staff comments as a defense in any proceeding initiated by the Commis sion or any person under the federal securities laws of the United States.
If you have any ques tions, please call Rolf Sundwall at (202) 551 -3105 .
Sincerely,
/s/ Sharon Blume
Show Raw Text
Mail Stop 4720
December 9, 2015
Via E -mail
Mr. Carter J. Ward
Chief Financial Officer
Elite Pharmaceuticals, Inc.
165 Ludlow Avenue
Northvale, NJ 07647
Re: Elite Pharmaceuticals, Inc.
Item 4.02 Form 8 -K
Filed December 4 , 201 5
File No. 001-15697
Dear Mr. Ward :
We have reviewed your filing and have the following comments .
Please r espond to th ese comments within five business days by providing the requested
information and amending your filing or advis e us as soon as possible when you will
respon d. If you do not believe our comments apply to your facts and circumstances or do not
believe an amendment is appropriate, please tell us why in your response.
After reviewing the amendment to your filing and your response to these comments, we
may have additional comments.
Item 4.0 2 - Nonreliance on Previously Issued Financial Statements
1. Please amend your filing to d isclose when you concluded that your financial statements
could no longer be relied upon. Refer to Item 4.02(a).
2. Please include your SAB 99 and SAB 108 analyses of the impact of adjustments related
to the change in accounting for your convertible pr eferred stock in previously issued
annual and interim financial statements in your response to our letter dated November 20,
2015.
We urge all persons who are responsible for the accuracy and adequacy of the disclosure
in the filing to be certain that th e filing includes the information the Securities Exchange Act of
Mr. Carter J. Ward
Elite Pharmaceuticals , Inc.
December 9 , 2015
Page 2
1934 and all applicable Exchange Act rules require. Since the company and its management are
in possession of all facts relating to a company’s disclosure, they are responsible for the accur acy
and adequacy of the disclosures they have made.
In responding to our comments, please provide a written statement from the company
acknowledging that:
the company is responsible for the adequacy and accuracy of the disclosure in the filing;
staff comments or changes to disclosure in response to staff comments do not foreclose
the Commission from taking any action with respect to the filing; and
the company may not assert staff comments as a defense in any proceeding initiated by
the Commis sion or any person under the federal securities laws of the United States.
If you have any ques tions, please call Rolf Sundwall at (202) 551 -3105 .
Sincerely,
/s/ Sharon Blume
Sharon Blume
Accounting Branch Chief
Office of Healthcare and Insurance