January 24, 2017 (Shareholders Foundation) - An investor in shares of Innocoll Holdings PLC (NASDAQ:INNL) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania over alleged violations of Federal Securities Laws by Innocoll Holdings PLC in connection with certain allegedly false and misleading statements made between November 3, 2016 and December 29, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Innocoll Holdings PLC (NASDAQ:INNL) common shares between November 3, 2016 and December 29, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 3, 2016 and December 29, 2016 the Defendants made false and/or misleading statements and/or failed to disclose that Innocoll’s New Drug Application (“NDA”) submission to the FDA in October 2016 for XARACOLL was incomplete, that due to the incomplete NDA submission, XARACOLL would not be approved in 2017 as investors were led to believe, and that as a result, Defendants’ statements about Innocoll’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

Innocoll Holdings PLC reported that its annual Total Revenue declined from $4.50 million in 2014 to $2.59 million in 2015 and that its Net Loss increased from $20.67 million in 2014 to $43.15 million in 2015.

On December 29, 2016, Innocoll Holdings PLC announced that it has received a Refusal to File letter from the United States Food and Drug Administration (“FDA”) for XARACOLL, the company’s product candidate for the treatment of postsurgical pain.