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

                                   May 3, 2004
                           ---------------------------
                                (Date of Report)

                           ELITE PHARMACEUTICALS, INC.
                 -----------------------------------------------
             (Exact name of registrant as specified in its charter)


         Delaware                  333-45241                  22-3542636
         --------                  ---------                  ----------
(State or other jurisdiction     (Commission                 (IRS Employer
      of incorporation)          File Number)             Identification No.)


                 165 Ludlow Avenue, Northvale, New Jersey 07647
         ---------------------------------------------------------------
                    (Address of principal executive offices)


                                 (201) 750-2646
                              ---------------------
              (Registrant's telephone number, including area code)





Item 5.     OTHER EVENTS AND REGULATION FD DISCLOSURE

         The  Registrant  issued on May 3, 2004, a press release  announcing the
closing of the  settlement  of a litigation  initially  instituted  in July 2003
between  the  Registrant  and Dr.  Atul Mehta,  its former  president  and chief
executive officer.

         A copy of Registrant's press release is attached as Exhibit 99.1.

Item 7.     FINANCIAL STATEMENTS AND EXHIBITS

         a) Not applicable.

         b) Not applicable.

         c) Exhibits

         99.1. Press Release, dated May 3, 2004





                                    SIGNATURE

         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.

         Dated: May 3, 2004

                                       ELITE PHARMACEUTICALS, INC.


                                       By:           /S/ BERNARD BERK
                                              -------------------------------
                                              Name:      Bernard Berk
                                              Title:     Chief Executive Officer