Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Innocoll Holdings (NASDAQ: INNL) in connection to alleged violations of securities laws by INNL and certain of its officers. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Innocoll Holdings common stock between November 3, 2016 and December 29, 2016.
The lawsuit specifically alleges that INNL and certain of its officers made false and/or misleading statements, and failed to disclose adverse information regarding its lead product XARACOLL, a treatment for post-operation pain. The defendants allegedly failed to disclose XARACOLL’s health risks, thus misrepresenting its prospects and rendering their financial statements false and misleading. When INNL revealed on December 29, 2016 that it had received a Refuse to File notice from the Food and Drug Administration—a letter stating that Innocoll holdings should have filed the drug as a drug/device combination—the company’s share price fell by $1.08, or 61.02%, and closed at $0.69 the next day.
According to the company’s website, INNL “is a global company operating in Europe and the US, with plans to further partner in other high-potential areas around the world. Innocoll Inc. and SyntaColl GmbH are wholly owned subsidiaries of Innocoll Pharmaceuticals.” According to the company’s description: “Innocoll is dedicated to making better happen — finding solutions to help patients reduce pain associated with surgeries and to treat limb-threatening infections. Our proprietary, biocompatible, and biodegradable collagen-based products are engineered for targeted use. Applied locally to wound and/or surgery sites, they are designed to provide a range of treatment benefits.” Its currently approved products include “COLLAGUARD® (ex-US), COLLATAMP® G, SEPTOCOLL® E, REGENEPRO®, COLLACARE®, COLLEXA®, and ZORPREVA®.”