SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
ELITE PHARMACEUTICALS, INC.
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(Name of Issuer)
Common Stock, $0.01 Par Value Per Share
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(Title of Class of Securities)
28659T200
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(CUSIP Number)
December 31, 2005
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 8
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CUSIP No. 28659T200 13G Page 2 of 8 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /x/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED ----------------------------------------------------------
BY 6 SHARED VOTING POWER
EACH
REPORTING 411,987* (see Item 4)
PERSON ----------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
411,987* (see Item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
411,987* (see Item 4)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
/ /
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.2% (see Item 4)
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12 TYPE OF REPORTING PERSON*
00
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*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 8
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CUSIP No. 28659T200 13G Page 3 of 8 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /x/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED -----------------------------------------------------------
BY 6 SHARED VOTING POWER
EACH
REPORTING 411,987* (see Item 4)
PERSON -----------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
411,987* (see Item 4)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
411,987* (see Item 4)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
/ /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.2% (see Item 4)
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 8
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CUSIP No. 28659T200 13G Page 4 of 8 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b /x/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED -----------------------------------------------------------
BY 6 SHARED VOTING POWER
EACH
REPORTING 411,987* (see Item 4)
PERSON -----------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
411,987* (see Item 4)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
411,987* (see Item 4)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
/ /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.2% (see Item 4)
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 8
ITEM 1(a) NAME OF ISSUER:
Elite Pharmaceuticals, Inc.
ITEM 1(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
165 Ludlow Avenue
Northvale, New Jersey 07647
ITEMS 2(a) NAME OF PERSON FILING:
This statement is filed by: (i) S.A.C. Capital Advisors, LLC,
("SAC Capital Advisors") with respect to shares of Common
Stock beneficially owned by S.A.C. Capital Associates, LLC
("SAC Capital Associates") and S.A.C. MultiQuant Fund, LLC
("SAC MultiQuant"); (ii) S.A.C. Capital Management, LLC, ("SAC
Capital Management") with respect to shares of Common Stock
beneficially owned by SAC Capital Associates and S.A.C.
MultiQuant Fund, LLC ("SAC MultiQuant"); and (iii) Steven A.
Cohen with respect to shares of Common Stock beneficially
owned by SAC Capital Advisors, SAC Capital Management, SAC
Capital Associates and SAC MultiQuant.
ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The address of the principal business office of (i) SAC
Capital Advisors and Mr. Cohen is 72 Cummings Point Road,
Stamford, Connecticut 06902, and (ii) SAC Capital Management
is 540 Madison Avenue, New York, New York 10022.
ITEM 2(c) CITIZENSHIP:
SAC Capital Advisors and SAC Capital Management are Delaware
limited liability companies. Mr. Cohen is a United States
citizen.
Page 5 of 8
ITEM 2(d) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $0.01 per share (the "Common Stock")
ITEM 2(e) CUSIP NUMBER:
28659T200
ITEM 3 Not Applicable
ITEM 4 OWNERSHIP:
The percentages used herein are calculated
based upon 18,172,835 shares of Common Stock
issued and outstanding as of November 10,
2005 as reported by the Issuer on the
Issuer's quarterly report on Form 10-Q filed
with the Securities and Exchange Commission
by the Issuer for the quarterly period ended
September 30, 2005, plus Shares issuable
upon exercise of warrants and as described
below.
As of the close of business on December 30, 2005:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 411,987*
(b) Percent of class: 2.2%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 411,987*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 411,987*
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 411,987*
(b) Percent of class: 2.2%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 411,987*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 411,987*
3. Steven A. Cohen
(a) Amount beneficially owned: 411,987*
(b) Percent of class: 2.2%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 411,987*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 411,987*
Page 6 of 8
* The number of shares of Common Stock shown as beneficially
owned by each of SAC Capital Advisors, SAC Capital Management and
Mr. Cohen include warrants to purchase Shares held by SAC Capital
Associates, which are currently exercisable for an aggregate of
406,505 Shares.
SAC Capital Advisors, SAC Capital Management and Mr. Cohen do not
own directly any shares of Common Stock. Pursuant to investment
agreements, each of SAC Capital Advisors and SAC Capital
Management share all investment and voting power with respect to
the securities held by SAC Capital Associates and SAC MultiQuant.
Mr. Cohen controls each of SAC Capital Advisors and SAC Capital
Management. By reason of the provisions of Rule 13d-3 of the
Securities Exchange Act of 1934, as amended, each of SAC Capital
Advisors, SAC Capital Management and Mr. Cohen may be deemed to
own the shares of Common Stock deemed to be held by SAC Capital
Associates and SAC MultiQuant. Each of SAC Capital Advisors, SAC
Capital Management and Mr. Cohen disclaim beneficial ownership of
any of the securities covered by this statement.
ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. /x/
ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
Not Applicable
ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY:
Not Applicable
ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
Not Applicable
Page 7 of 8
ITEM 9 NOTICE OF DISSOLUTION OF GROUP:
Not Applicable
ITEM 10 CERTIFICATION:
By signing below the signatory certifies that, to the best of his
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 14, 2006
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
-----------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
-----------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
-----------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 8 of 8