UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 3, 2003
ELITE PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
State or other jurisdiction of incorporation: Delaware
Commission File No.: 333-45241
I.R.S. Employer Identification No.: 22-3542636
Address of principal executive offices:
165 Ludlow Avenue
Northvale, New Jersey 07647
Registrant's telephone number, including area code: 201 750-2646
Item 5. Other Events and Regulation FD Disclosure
Item 6. Resignations of Registrant's Directors
On June 3, 2003, Dr. Atul M. Mehta notified Elite Pharmaceuticals, Inc.
("Elite") that he was terminating his employment with Elite and resigning as a
director of Elite and its subsidiaries, Elite Laboratories, Inc. and Elite
Research, Ltd., effective immediately. The Board of Directors of Elite has
appointed Mr. John A. Moore as Chairman of the Board and has retained Mr.
Bernard Berk as its Chief Executive Officer to replace Dr. Mehta.
In his notice, Dr. Mehta claimed that his resignation was due to Elite's
substantial interference with the discharge of his responsibilities under his
employment agreement and Elite's purported change of his duties and
responsibilities without his consent. A copy of Dr. Mehta's notice of
resignation is being filed as an Exhibit to this Current Report on Form 8-K and
is incorporated herein by reference.
The Board of Directors of Elite disagrees with the basis that Dr. Mehta cited
for the termination of his employment. Prior to Dr. Mehta's termination of his
employment with Elite, a majority of the Board of Directors had notified Dr.
Mehta that sufficient grounds existed for the termination of his employment by
Elite pursuant to his employment agreement. At a special meeting of the Board of
Directors held on Tuesday, May 27, 2003, the Board of Directors postponed
terminating Dr. Mehta's employment to allow for settlement discussions between
Elite and Dr. Mehta. Shortly before a Board of Directors' meeting scheduled for
the evening of June 3, 2003 to consider the termination by Elite of Dr. Mehta's
employment, Dr. Mehta resigned his positions with Elite and issued a press
release citing his reasons for his resignation. Elite responded to Dr. Mehta's
resignation, including the reasons cited by Dr. Mehta for his resignation, by
issuing a press release. A copy of Elite's press release is being filed as an
Exhibit to this Current Report on Form 8-K and is incorporated herein by
reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit 99.1 Notice of Resignation of Dr. Mehta.
Exhibit 99.2 Press Release, dated June 4, 2003, of Elite
Pharmaceuticals, Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: June 5, 2003 ELITE PHARMACEUTICALS, INC.
By: /s/ Bernard Berk
--------------------------------
Bernard Berk
Chief Executive Officer