Expert Report of Dr. Adam Werner

Summary

Exhibit 10 (Document 566-10) in Case 1:21-md-02989-CMA, entered on the FLSD docket June 7, 2023, is a 120-page Bloomberg printout from Pepicelli v. Innocoll Holdings Public Limited Company, No. 2:17-cv-00341 (E.D. Pa.), reproducing Exhibit 1, the Expert Report of Dr. Adam Werner dated August 31, 2020, in Civil Action No. 2:17-cv-00341-GEKP, filed there as Document 81-1. Werner was asked by The Rosen Law Firm, P.A., counsel for the Plaintiffs, whether Innocoll common stock traded in an efficient market from July 25, 2014 through December 29, 2016 and whether damages can be calculated class-wide under a common methodology. Werner's first opinion is that Innocoll common stock traded in an efficient market throughout the Class Period, citing average weekly trading volume of 0.93% of shares outstanding and coverage by at least four securities analysts.

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Full text

Exhibit 10
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PEPICELLI v. INNOCOLL HOLDINGS PUBLIC LIMITED COMPANY et al, Docket No. 2:17-cv-00341 (E.D. Pa. Jan 24,
2017),
Part
Description
1
3 pages
2
Exhibit 1
3
Exhibit 2
4
Exhibit 3
5
Exhibit 4
Multiple Documents
© 2023 Bloomberg Industry Group, Inc. All Rights Reserved. Terms of Service
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Exhibit 1
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UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF PENNSYLVANIA

In re Innocoll Holdings Public Limited
Company Securities Litigation

Civil Action No. 2:17-cv-00341-GEKP

EXPERT REPORT OF DR. ADAM WERNER
August 31, 2020

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TABLE OF CONTENTS
I.
INTRODUCTION ...............................................................................................................1
II.
PROFESSIONAL BACKGROUND AND EXPERIENCE ................................................1
III.
SUMMARY OF OPINIONS AND FINDINGS ..................................................................3
IV.
BACKGROUND .................................................................................................................4
A.
About Innocoll American Depository Receipts .......................................................5
B.
About Innocoll Common Stock ...............................................................................6
C.
Summary of Allegations ..........................................................................................7
V.
BASIS FOR OPINIONS ......................................................................................................9
A.
Market Efficiency in Finance Academia and Economic Theory .............................9
B.
The Legal Foundation and Application of Market Efficiency ...............................10
VI.
EFFICIENCY OF THE MARKET FOR INNOCOLL COMMON STOCK ....................12
A.
The Cammer Factors and Their Application in This Case ....................................12
1.
Cammer Factor 1: Average Weekly Trading Volume ...............................12
2.
Cammer Factor 2: Analyst Coverage and Company Specific News
Dissemination ............................................................................................13
3.
Cammer Factor 3: Market Makers and Listing on the NASDAQ .............14
4.
Cammer Factor 4: SEC Form F-3 Eligibility .............................................16
5.
Cammer Factor 5: Price Reaction to New Information .............................18
B.
Additional Factors Related to Market Efficiency ..................................................34
1.
Market Capitalization .................................................................................35
2.
Float ...........................................................................................................36
3.
Bid-Ask Spread ..........................................................................................36
4.
Serial Correlation in Stock Returns ...........................................................37
VII.
PRICE IMPACT ANALYSIS ...........................................................................................38
VIII.
COMMON DAMAGE METHODOLOGY ......................................................................43
IX.
CONCLUSION ..................................................................................................................46
X.
LIMITING FACTORS AND OTHER ASSUMPTIONS..................................................46
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I.
INTRODUCTION

I was asked by The Rosen Law Firm, P.A., counsel for the Plaintiffs, to determine
whether the American Depository Receipt and common stock (jointly referred to as “Innocoll
common stock” or “Innocoll stock”) of Innocoll AG and Innocoll Holdings Public Limited
Company (jointly referred to as “Innocoll” or the “Company”), traded in an efficient market during
the period from July 25, 2014 through December 29, 2016 (the “Class Period”).

In addition, I have been asked to opine on whether damages in this matter are
subject to a common methodology that can be calculated on a class-wide basis for all Class
members in connection with their claims under Section 10(b) of the Exchange Act of 1934 (the
“Exchange Act”) and U.S. Securities & Exchange Commission (“SEC”) Rule 10b-5 adopted
thereunder (collectively, “Section 10(b)”).

I understand that as an expert witness in this proceeding, my duty in providing my
report is to the Court and that this duty overrides any obligation to the parties who have engaged
me, from whom I have received instructions or compensation. I confirm that I have complied with
this duty.
II.
PROFESSIONAL BACKGROUND AND EXPERIENCE

I am currently a Lecturer in economics at the Orfalea College of Business at
California Polytechnic State University San Luis Obispo (Cal Poly) where I have taught
managerial economics to graduate students, and international finance and macroeconomics to
undergraduates. I am also an affiliated expert at Crowninshield Financial Research, Inc.
(“Crowninshield”). Prior to accepting my lecturer position at Cal Poly and being affiliated with
Crowninshield, I spent 16 years working for consulting firms including Cornerstone Research,
CRA International, and NERA. I have been retained by both Plaintiffs and Defendants to consult
on matters pertaining to market efficiency, materiality and loss causation, damages, investment
1
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banking, financial valuation, security issuance, bankruptcy, and options backdating. My expert
opinions have been accepted in Federal, State, and Bankruptcy courts within the United States as
well as the Superior Court of Justice for Ontario, Canada and the Supreme Court of Victoria at
Melbourne, Australia. I have lectured frequently on the topic of damage estimation and settlements
in securities class actions. I have also spoken on the estimation of capital rates in emerging
economies at a conference organized by the University of Texas School of Law.

I hold a Ph.D. in Finance from Northwestern University’s Kellogg Graduate School
of Management. While at Kellogg, I taught M.B.A. classes in corporate finance, and futures and
options. I was also awarded a University Scholarship during my time at Kellogg. Prior to graduate
school, I served as a Research Assistant at the Federal Reserve Bank of Cleveland. My full Vitae
including prior testimony is attached as Exhibit-1 to this report.

A list of documents I reviewed in forming my opinion in this matter is set forth in
Exhibit-2 to this report.

Crowninshield is currently being compensated at $675 per hour for my ongoing
work on this matter. Additional Crowninshield consultants have assisted me with my work at rates
ranging from $250 per hour to $500 per hour. This compensation is not contingent on the outcome
of this matter.
2
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III.
SUMMARY OF OPINIONS AND FINDINGS
OPINION 1: Innocoll common stock traded in an efficient market
throughout the Class Period. My opinion is based on a holistic view of a
number of measures, analyses and tests summarized below, chiefly including:
a. The average weekly trading volume of Innocoll’s common stock as a percentage of
all common stock outstanding was 0.93% during the Class Period.
b. At least four securities analysts covered Innocoll over the Class Period. Over the
same period there were at least 205 news stories, press releases, and SEC filings
published about Innocoll.
c. During the Class Period, Innocoll common stock traded on the NASDAQ exchange
and had at least 92 market markers.
d. Innocoll met the requirements to file an F-3 registration for a majority of the Class
Period and successfully raised additional capital from the public markets.
e. Event Study analysis shows that Innocoll common stock exhibited statistically
significant returns on release of material news.
f. The Fisher Exact Test shows that Innocoll stock returns on “news days” were more
likely to be statistically significant compared to returns on “no-news days”.

OPINION 2: With expert assistance, the finder of fact in this matter will be
able to compute damages using a common class-wide methodology that
applies to the calculation of damages for each and every Class member.

3
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IV.
BACKGROUND

The Company formerly known as Innocoll, Inc., Innocoll Holdings, Inc., and
Innocoll GmbH was originally incorporated in Delaware in December 1997.1 Innocoll renamed
itself from Innocoll, Inc. to Innocoll Holdings, Inc. in May 2004 and since that time “Innocoll’s
research and business development has been led and coordinated by its Irish subsidiaries.”2 After
a July 2013 share-for-share exchange, Innocoll Holdings, Inc. became Innocoll GmbH and was
redomiciled in Germany.3 Subsequently,
[o]n July 3, 2014, Innocoll GmbH transformed into a German stock corporation,
‘Innocoll AG.’ Innocoll AG was effectively managed and controlled from Ireland
and was a tax resident in Ireland under the terms of the Ireland-Germany double
tax treaty which was effective as of January 1, 2014.4

During the Class Period, Innocoll described itself as “a global, commercial stage
specialty pharmaceutical and medical device company with late stage development programs
targeting areas of significant unmet medical need.”5 Innocoll’s lead product candidates included
XaraColl “for the treatment of post- operative pain” and Cogenzia “for the treatment of diabetic
foot infections.”6 The Company described XaraColl, as “an implantable, bioresorbable collagen
sponge” that was designed to provide “sustained post-operative pain relief through controlled

1 Innocoll AG, Amendment to Form F-1, filed July 24, 2014, p. 62.
2 Innocoll AG, Amendment to Form F-1, filed July 24, 2014, p. 62.
3 Innocoll AG, Amendment to Form F-1, filed July 24, 2014, p. 62.
4 Innocoll AG, Amendment to Form F-1, filed July 24, 2014, p. 62.
5 Innocoll AG, Form 20-F for the fiscal year ended December 31, 2014, filed March 19, 2015, p.30.
6 Innocoll AG, Form 20-F for the fiscal year ended December 31, 2014, filed March 19, 2015, p.30.
4
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delivery of bupivacaine at the surgical site.”7 Cogenzia was described in Company filings as “a
topically applied, bioresorbable collagen sponge” for the treatment of Diabetic Foot Infections.8
Innocoll had four revenue generating products during the Class Period, CollaGUARD,
CollatampG, Septocoll, and RegenePro.9 The Company reported revenues of $6.0 million, $2.9
million and $4.4 million in fiscal years 2014, 2015 and 2016 respectively.10 The corresponding net
loss for each of those years was $23.5 million, $50.9 million and  $57.0 million.11
A.
About Innocoll American Depository Receipts

From July 25, 2014 through March 15, 2016, Innocoll traded on the NASDAQ
stock exchange under the trading symbol INNL in the form of an American Depository Receipt
(“ADR”). Each Innocoll ADR represented 1/13.25 Innocoll AG common shares.12

An American Depository Receipt, is a “negotiable certificate [] which []
represent[s] an interest in the shares of a non-U.S. company that have been deposited with a U.S.
bank.”13 ADRs trade in U.S. dollars, clear through U.S. clearinghouses, and allow investors to
transact in foreign company shares without needing to transact in a foreign currency. Further,

7 Innocoll AG, Form 20-F for the fiscal year ended December 31, 2014, filed March 19, 2015, p.30.
8 Innocoll AG, Form 20-F for the fiscal year ended December 31, 2014, filed March 19, 2015, p.31.
9 Innocoll AG, Form 20-F for the fiscal year ended December 31, 2014, filed March 19, 2015, p.30.
10 Innocoll Holdings Public Limited Company, Form 10-K for the fiscal year ended December 31, 2016, filed March
16, 2017, p. 79.
11 Innocoll Holdings Public Limited Company, Form 10-K for the fiscal year ended December 31, 2016, filed March
16, 2017, p. 36.
12 Innocoll AG, Amendment to Form F-1, filed July 24, 2014, p. 10.
13 SEC Investor Bulletin: American Depository Receipts, August 2012, p. 1.
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ADRs allow foreign companies to list their shares on U.S. stock markets without all of the
complications and intricacies of a traditional U.S. listing.14

An ADR is created by a U.S. bank, typically referred to as a “depository” or
“custodian,” which holds underlying shares of a foreign company and issues ADRs against the
shares they hold. An investor who holds ADR(s) can exchange these ADR(s) for the underlying
stock through a broker with the U.S. depository or another investor who is active in foreign
securities markets.15

ADRs are registered with the SEC. As a foreign company, registering ADRs simply
requires the filing of a Form F-6 registration statement. Form F-6 registration statements have
limited disclosure requirements, only requiring the foreign company to disclose “the contractual
terms of deposit under the deposit agreement and include[] copies of the agreement, a form of
ADR certificate, and legal opinions.”16 However, if the foreign company wishes to raise capital or
be listed on a U.S. exchange, additional registration statements (i.e. Form F-1, F-3, or F-4) and
information disclosures (through the Form 20-F) are required.17
B.
About Innocoll Common Stock

On March 16, 2016, Innocoll AG merged with Innocoll Holdings PLC in a stock-
for-stock transaction. Shareholders of Innocoll AG received 1 share of Innocoll Holdings PLC for
each 13.25 shares of Innocoll AG held. As a result, each ADR became equivalent to one share of
common stock. The Company reported this transaction in an SEC filing:

14 SEC Investor Bulletin: American Depository Receipts, August 2012, p. 1.
15 SEC Investor Bulletin: American Depository Receipts, August 2012, p. 1.
16 SEC Investor Bulletin: American Depository Receipts, August 2012, p. 2.
17 SEC Investor Bulletin: American Depository Receipts, August 2012, p. 2.
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On March 16, 2016, Innocoll Germany merged with Innocoll Ireland by way of a
European cross- border merger with Innocoll Ireland being the surviving company.
Upon the effectiveness of the Merger, we terminated Innocoll Germany’s ADS
facility and each cancelled ADS effectively became an entitlement to receive one
ordinary share of Innocoll Ireland. Holders of Innocoll Germany ordinary shares
received 13.25 ordinary shares of Innocoll Ireland in respect of each share held of
Innocoll Germany. Simultaneous with this transaction, Innocoll Ireland listed its
ordinary shares on the Nasdaq Global Market under the symbol ‘INNL’, which we
previously used for Innocoll Germany’s ADSs. The Merger effectively resulted in
Innocoll Ireland becoming the publicly-traded parent of the Innocoll group of
companies carrying on the same business as that conducted by Innocoll Germany
prior to the Merger.18

The price of Innocoll common stock at the start of the Class Period was $9.00 per
share.19 Following the alleged corrective disclosure, after close of trading on December 29, 2016,
the price of Innocoll stock fell to $0.69 per share on the following trading day. Thus, over the
course of the Class Period, Innocoll stock lost 92% of its value.
C.
Summary of Allegations

Plaintiffs’ allegations in this case are related to Innocoll’s  development process of
its product XaraColl. XaraColl is a drug/device combination made up of Innocoll’s collagen
sponge and a local anesthetic. XaraColl is inserted into the body during surgery and it slowly
releases bupivacaine, addressing post-operative pain. XaraColl’s collagen component is then
absorbed into the body.20

XaraColl contains both a drug component (the bupivacaine) and a device
component (the collagen sponge). XaraColl’s patent refers to it as a “drug delivery device.”21

18 Innocoll Holdings Public Limited Company, Form 20-F for the fiscal year ended December 31, 2015, filed March
17, 2016, p. 2.
19 Share data obtained from the Center for Research in Security Prices (“CRSP”).
20 Amended Class Action Complaint For Violations Of The Federal Securities Laws, filed on May 25, 2017, ¶8.
21 Amended Class Action Complaint For Violations Of The Federal Securities Laws, filed on May 25, 2017, ¶50.
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Products that have both drug and device components are called drug/device combination products.
A manufacturer seeking approval to market such products must obtain approval of both the drug
and the device components. In XaraColl’s case, this meant in addition to the drug trials, Innocoll
was required to run a pharmacokinetic study and various non-clinical studies to establish that the
collagen sponge was safe and effective as used in XaraColl.22

Plaintiffs allege that Innocoll only ran clinical trials for XaraColl’s drug component
and not for its device component. Plaintiffs allege that the failure to prove that XaraColl’s device
component was safe and effective was a serious risk which could lead to the FDA denying the
XaraColl NDA or refusing to file it.23

Plaintiffs also allege that the Defendants did not disclose this risk. Rather, the
Defendants misleadingly told investors beginning with the IPO and continuing through to the very
end of the Class Period, that Innocoll had held two formal meetings with the FDA at which the
FDA had “approved” and “deemed [] acceptable” XaraColl’s pathway to approval at these
meetings. Defendants further misrepresented that there were “no gating issues” to approval, other
than Phase 3 clinical trials for XaraColl, and that in their opinion “approval is [] not in question.”24
Plaintiffs allege these statements were materially misleading because Innocoll had not conducted
clinical trials to show that XaraColl’s device component was safe and effective.

Plaintiffs allege that after the end of the Class Period, Innocoll admitted to an
analyst that it had never even broached the subject of classification as a drug/device combination

22 Amended Class Action Complaint For Violations Of The Federal Securities Laws, filed on May 25, 2017, ¶10.
23 Amended Class Action Complaint For Violations Of The Federal Securities Laws, filed on May 25, 2017, ¶67.
24 Amended Class Action Complaint For Violations Of The Federal Securities Laws, filed on May 25, 2017, ¶14.
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with the FDA.25 Because Innocoll had not conducted the studies necessary for approval of the
device components of XaraColl and the FDA had not waived Innocoll’s failure to do so, Plaintiffs
allege there was a substantial risk that XaraColl would not be approved.26
V.
BASIS FOR OPINIONS
A.
Market Efficiency in Finance Academia and Economic Theory

The efficient market hypothesis is the foundation of modern finance theory. In
essence, a stock trades in an efficient market when publicly available information is incorporated
in the stock price and any new information that impacts the economic outlook of the firm gets
quickly reflected in its stock price. In over 40 years’ worth of academic articles, financial
economists have used event study analysis to evaluate market efficiency, by examining how new
information affects securities prices.27 Event studies are a set of analytical methods used to
measure the response of stock prices to typical corporate news events such as earnings releases,
merger announcements, guidance revisions, etc. after controlling for, among other things, market-
wide factors. Campbell, Lo, and MacKinlay [1997] provide a detailed description of the
methodology and document its wide use in academic research.28 Event study analysis has formed
the basis for assessing loss causation and artificial inflation in securities class actions.29

25 Amended Class Action Complaint For Violations Of The Federal Securities Laws, filed on May 25, 2017, ¶15.
26 Amended Class Action Complaint For Violations Of The Federal Securities Laws, filed on May 25, 2017, ¶16.
27 See, e.g., “The Event Study Methodology Since 1969,” by John Binder, Review of Quantitative Finance and
Accounting Vol. 11, 1998, pp. 111-137.
28 The Econometrics of Financial Markets, by John Campbell, et al., Princeton University Press, 1997, chapter 4.
29 See, e.g., “Materiality and Magnitude: Event Studies in the Courtroom,” by David Tabak and Frederick Dunbar, in
Litigation Services Handbook: The Role of the Financial Expert, 3rd ed., edited by Roman Weil, et al., Wiley, 2001,
Chapter 19.
9
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While financial economists rely on event study analysis as direct evidence
demonstrating stock price response to new information, they accept other factors as tending to
support the existence of an efficient market for a security. For example, financial economists have
argued that trading volume is correlated with a market’s efficiency such that the higher the trading
volume, the more likely it is to be efficient.30

As another example, financial economists also believe that the number of analysts
that follow a firm is related to a stock’s market efficiency. This is based on the theory that:
Analysts gather and independently generate information about companies and
disseminate such information to their clients (e.g., in the form of earnings forecasts
and recommendations). Accordingly, it can be expected that the larger the number
of analysts following a security, the more efficiently it will be traded.31

Put another way, the more analysts that cover a security, the more likely it is that
the market for that security will timely incorporate new information in that security’s price.
B. The Legal Foundation and Application of Market Efficiency

In 1988, in its ruling in the matter of Basic Incorporated, et al., Petitioners v. Max
L. Levinson et al., the Supreme Court of the United States confirmed its understanding of the
efficient market theory, focusing on the same fundamental characteristic of market efficiency in
the context of the availability of the fraud-on-the-market doctrine for establishing the reliance
element of a securities fraud claim, and stating:

30 “The Fraud-on-the-Market Theory and the Indicators of Common Stocks’ Efficiency,” by Brad M. Barber et al.,
Journal of Corporation Law, 1994, p. 291.
31 “The Fraud-on-the-Market Theory and the Indicators of Common Stocks’ Efficiency,” by Brad M. Barber et al.,
Journal of Corporation Law, 1994, p. 292.
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The fraud on the market theory is based on the hypothesis that, in an open and
developed securities market, the price of a company’s stock is determined by the
available material information regarding the company and its business….32

Just a year later, the United States District Court of New Jersey in Cammer v.
Bloom,33 the seminal decision on demonstrating market efficiency, proposed the legal definition
of efficiency that was generally consistent with how financial economists and the academic
community define efficiency.34 The Cammer court then related efficiency to the reliance element
of securities fraud claims and the applicability of the fraud-on-the-market doctrine, stating:
as relevant here, courts have permitted a rebuttable presumption of reliance in the
case of securities traded in ‘efficient markets’ (i.e., markets which are so active and
followed that material information disclosed by a company is expected to be
reflected in the stock price).35

In advance of laying out a number of criteria that courts should examine in
determining market efficiency, the Cammer court credited financial experts such as Bromberg and
Lowenfels. The Cammer court explicitly acknowledged the importance of a listing on a developed
exchange and the implications of such a listing for market efficiency:

32 Basic, Inc. v. Levinson, 485 U.S. 224, 241 (1988); Amgen Inc. v. Conn. Ret. Plans & Trust Funds, 568 U.S. 455,
458 (2013) (“[t]he fraud-on-the market premise is that the price of a security traded in an efficient market will reflect
all publicly available information about a company . . .”).
33 Cammer, 711 F. Supp. 1264 (D.N.J. 1989).
34 Cammer, 711 F. Supp. at 1276, n. 17 (quoting Securities Fraud and Commodities Fraud, Alan Bromberg & Lewis
Lowenfels §8.6 (Aug. 1988)) (“an efficient market is one which rapidly reflects new information in price”)); id. at
1280, n. 25 (quoting Efficient Capital Markets: A Review of Theory and Empirical Work, Eugene Fama, Journal of
Finance, 1970) (“A market in which prices always ‘fully reflect’ available information is called ‘efficient’”).
35 Cammer, 711 F. Supp. at 1273, n. 11.
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We think that, at a minimum, there should be a presumption–probably conditional
for class determination–that certain markets are developed and efficient for
virtually all the securities traded there: the New York and American Stock
Exchanges, the Chicago Board Options Exchange and the NASDAQ National
Market System.36
VI.
EFFICIENCY OF THE MARKET FOR INNOCOLL COMMON STOCK
A.
The Cammer Factors and Their Application in This Case

The Cammer court applied five factors to determine market efficiency.37 The five
factors courts consider are: (1) a security’s/firm’s average weekly trading volume; (2) analyst
coverage; (3) number of market makers; (4) eligibility to file an SEC Form S-3; and (5) price
reaction to new information.
1.
Cammer Factor 1: Average Weekly Trading Volume

The first Cammer factor examines whether a stock’s “average weekly trading
volume … [would be] in excess of a certain number of shares.”38 More specifically, the Cammer
court credited Bromberg who recognized that, “turnover measured by average weekly trading
volume of [2%] or more of the outstanding shares would justify a strong presumption that the
market for the security is an efficient one; [1%] would justify a substantial presumption.”39

During the Class Period, Innocoll’s weekly trading volume ranged between 1,929
shares and 2.1 million shares of common stock.40 As shown in Exhibit-3, the average weekly

36 Cammer, 711 F.Supp. at 1292.
37 Cammer, 711 F.Supp. at 1286-87.
38 Cammer, 711 F.Supp. at 1286 (“the reason the existence of an actively traded market, as evidenced by a large weekly
volume of stock trades, suggests there is an efficient market is because it implies significant investor interest… Such
interest, in turn, implies a likelihood that many investors are executing trades on the basis of newly available or
disseminated corporate information”).
39 Cammer, 711 F.Supp. at 1293.
40 Volume data obtained from Center for Research in Securities Prices.
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trading volume of Innocoll’s common stock during the Class Period as a percentage of its common
stock outstanding was 0.93%. This level of weekly average trading volume is only 0.07% below
the Cammer benchmark of 1% necessary for a “substantial presumption” of market efficiency.
Thus, Innocoll’s common stock comes close to meeting the “substantial presumption” benchmark
for weekly trading volume. In my opinion, the first Cammer factor provides some evidence on the
question of market efficiency, although that evidence is not conclusive.
2.
Cammer Factor 2: Analyst Coverage and Company Specific News
Dissemination

Both the ready availability of information about a company’s operations and
financial performance and that analysts follow and report on that performance strongly support a
finding of market efficiency. The Cammer court stated that “a significant number of securities
analysts follow[ing] and report[ing] on a company’s stock” supports market efficiency.”41 Where
investment professionals closely monitor a firm’s information, reporting opinion, analysis, and
buy/sell recommendations based thereon to their clients, “the market price of the stock would be
bid up or down to reflect the [company’s] financial information…as interpreted by the securities
analysts.”42 This suggests that the more analysts who follow a stock, the greater the likelihood that
stock trades in an efficient market. Barber, et al., [1994] found that coverage by one or two
analysts strengthens the presumption of market efficiency.43

41 Cammer 711 F. Supp. at 1286.
42 Cammer 711 F. Supp. at 1286.
43 “The Fraud-on-the-Market Theory and the Indicators of Common Stocks’ Efficiency,” by Brad M. Barber et al.,
Journal of Corporation Law, 1994.
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During the Class Period, at least 4 firms/analysts following Innocoll issued
recommendations and/or research reports or participated in Innocoll’s conference calls. The firms
were Janney Montgomery Scott, JMP, Piper Jaffray, and Stifel.44 These firms/analysts released at
least 45 reports and recommendations during the Class Period as listed in Exhibit-4.

The various avenues of news media coverage also facilitate the flow of material
information to the marketplace, which promotes efficiency. Such avenues of information
dissemination include company press releases.45

During the Class Period, over 205 news stories, press releases and SEC filings
featuring Innocoll appeared in financial publications and newswires, including Business Wire,
Dow Jones News, Globe Newswire, Financial Newswire, and Reuters. Exhibit-2 provides a list of
news stories, press releases and SEC filings.

The number of analysts covering Innocoll supports a finding of market efficiency.
In addition, the wide dissemination of information about Innocoll from Company press releases
and from widely read sources in the news media such as Business Wire, Dow Jones News, Globe
Newswire, Financial Newswire, and Reuters also supports a finding of market efficiency.
3.
Cammer Factor 3: Market Makers and Listing on the NASDAQ

The third factor considered by the Cammer court to indicate market efficiency is
that a stock had numerous market makers.46 The Cammer court stated, “[t]he existence of market
makers and arbitrageurs would ensure completion of the market mechanism; these individuals

44 Analyst reports obtained from Thomson Reuters EIKON.
45 See, e.g., Cammer, 711 F. Supp at 1283, n.30, citing that the company “issued numerous press releases concerning
its business operations … .”
46 See, e.g., “The Fraud-On-The-Market Theory and The Indicators of Common Stocks’ Efficiency,” by Brad Barber,
et al., The Journal of Corporation Law Winter 1994, p. 291.
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would react swiftly to company news and reported financial results by buying or selling stock and
driving it to a changed price level.”47

A stock with a large number of market makers would indicate that many market
participants are trading in that stock, thereby increasing liquidity and decreasing trading costs. It
follows that a large number of market makers indicates efficiency of the market for a particular
stock.

Coated Sales, Inc., the subject company in Cammer, was listed on the NASDAQ.
Citing Bromberg and Lowenfels, the Cammer court explicitly acknowledged the importance of a
NASDAQ listing and the implications of such a listing for market efficiency.
We think that, at a minimum, there should be a presumption – probably conditional
for class determination–that certain markets are developed and efficient for
virtually all the securities traded there: the New York and American Stock
Exchanges, the Chicago Board Options Exchange and the NASDAQ National
Market System.48

Consistent with the academic literature, the Cammer court acknowledged a
presumption of efficiency for a security traded on the NASDAQ (in addition to other exchanges).
Therefore, the fact that Innocoll common stock traded on the NASDAQ throughout the Class
Period supports a finding of market efficiency.

During the Class Period, there were at least 92 market makers for Innocoll common
stock, including well known firms such as Morgan Stanley, Piper Jaffray, JPMorgan, UBS,
Goldman Sachs, and Barclays. The complete list is included in Exhibit-5.

47 Cammer 711 F. Supp. at 1286-1287.
48 Cammer, 711 F. Supp. at 1292 (quoting Bromberg & Lowenfels, Securities Fraud and Commodities Fraud, §8.6
(1988)).
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Another indication of market efficiency is the presence of institutional investors–
sophisticated and professional full-time investors–in the market, as economists presume them “to
be better informed about the securities they hold and better able to interpret new information than
individual investors.”49

During the Class Period, at least 52 unique institutional investors owned Innocoll
common stock.50 The presence of these sophisticated professional investors further supports
finding that the market for Innocoll common stock was efficient during the Class Period.
4.
Cammer Factor 4: SEC Form F-3 Eligibility

The fourth Cammer factor is a firm’s ability to file a Form S-3 Registration
Statement. F-3 registration is to foreign companies listed on U.S. exchanges what S-3 registration
is to domestic companies. Eligibility for Form F-3 registration is the same as for S-3, except that
the company must be a foreign issuer rather than a U.S. company.51 A U.S. company is eligible
for S-3 registration, and a foreign company is eligible for F-3 registration, when, among other
things, it has filed Exchange Act reports for a specified length of time and has outstanding float
above a certain sizable value.

49 “The Fraud-On-The-Market Theory and The Indicators of Common Stocks’ Efficiency,” by Brad Barber, et al., The
Journal of Corporation Law Winter 1994, p. 292. For discussion of the role of institutional investors in incorporating
information into equity prices, see, e.g., “The Influence of Analysts, Institutional Investors, and Insiders on the
Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices,” Joseph Piotroski and Darren
Roulstone, The Accounting Review, Vol. 79, No. 4, 2004, pp. 1119-1151l; “The Fraud-On-The-Market Theory and
The Indicators of Common Stocks’ Efficiency,” by Brad Barber, et al., The Journal of Corporation Law Winter 1994,
p. 302 (“In general, institutional investors have significant experience appraising investments and evaluating the
impact of new information on a company’s future prospects. Academic studies have found that institutional holdings
can be a proxy for market efficiency”). This finding holds for the authors’ univariate analysis.
50 According to filings that reported holdings, there were 52 unique institutions that held shares of Innocoll common
stock as of at least one of the following reporting periods: September 30, 2014, December 31, 2014, March 31, 2015,
June 30, 2015, September 30, 2015, December 31, 2015, March 31, 2016, June 30 2016, and September 30, 2016.
There may have been additional institutions that held Innocoll common stock during the Class Period, though not on
the quarterly reporting dates.
51 “Eligibility of Smaller Companies to Use Form S-3 or F-3 for Primary Securities Offerings,” SEC, from
www.sec.gov/info/smallbus/secg/s3f3-secg.htm.
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Since 2007, the SEC has allowed companies with less than $75 million of float to
file an S-3 or F-3 registration so long as the company has been filing financial reports for at least
a year, has “a class of common equity securities listed and registered on a national securities
exchange, and the issuers do not sell more than the equivalent of one-third of their public float in
primary offerings over any period of 12 calendar months.”52

The Cammer court noted that S-3 registration eligibility is indicative of market
efficiency because the filing requirement ensured that financial data are available to market
participants, and the public float requirement indicated that many market participants would have
examined the information.53
Proposed Form S-3 recognizes the applicability of the efficient market theory to the
registration statement framework with respect to those registrants which usually
provide high quality corporate reports, including Exchange Act reports, and whose
corporate information is broadly disseminated, because such companies are widely
followed by professional analysts and investors in the market place. Because of the
foregoing observations made by the SEC, the existence of Form S-3 status is an
important factor weighing in favor of a finding that a market is efficient.54
The ‘public float’ aspect of the Form S-3 requirements ensures that enough
investors have in fact read the previously filed document.55
Again, it is the number of shares traded and value of shares outstanding that involve
the facts which imply efficiency.56

52 “Revisions to the Eligibility Requirements for Primary Securities Offerings on Forms S-3 and F-3,” SEC Release
No. 33-8878, 19 December 2007.
53 Cammer, 711 F. Supp. at 1284-85.
54 Cammer, 711 F. Supp. at 1284-85.
55 Id. at 1285.
56 Id. at 1287.
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Innocoll satisfied the float conditions for F-3 registration eligibility for most of the
Class Period. In addition, the Company raised additional capital twice during the Class Period, in
October 2015 and May 2016. The average float of Innocoll was $109.79 million during the Class
Period, exceeding the level required for F-3 registration. During the Class Period, the float ranged
between $29.76 million and $255.07 million, exceeding the minimum requirement for F-3
registration eligibility on 401 out of 614 trading days during the Class Period.

Not only was Innocoll eligible to undertake a F-3 registration, but Innocoll did in
fact file the Form F-3 Registration Statement on September 29, 2015.57

To the extent that F-3 registration eligibility and the ability to raise additional
capital from the markets indicates company characteristics associated with market efficiency, the
Company possessed those particular characteristics during most of the Class Period.
5.
Cammer Factor 5: Price Reaction to New Information

The fifth factor cited in Cammer suggests “it would be helpful to . . . [have]
empirical facts showing a cause and effect relationship between unexpected corporate events or
financial releases and an immediate response in the stock price.”58 The empirical factor was cited
by the Cammer court as “one of the most convincing ways to demonstrate efficiency.”59 As
explained below, empirical analysis demonstrates that Innocoll common stock reacted quickly to
the public disclosure of material information.

To determine whether that requisite cause and effect relationship existed, I
conducted two empirical tests of the efficiency of the market for Innocoll common stock during

57 Innocoll AG, Form F-3, filed on September 29, 2015.
58 Cammer 711 F. Supp., at 1287.
59 Cammer 711 F. Supp., at 1291.
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the Class Period. The first empirical test was an event study investigating whether the market for
Innocoll common stock was efficient, specifically with respect to the alleged corrective disclosure,
the release of false and misleading statements, and other material news. Statistically significant
stock price reactions to these news releases would demonstrate market efficiency, not only
generally, but also specifically with respect to the information at issue in this case.

The second test collectively examines a broad set of events that occurred over the
course of the Class Period. As described in detail below, the events examined were dates on which
news regarding the FDA approval process, secondary securities offerings, or quarterly earnings
was released (“news dates” or “news days”). This test examines whether Innocoll common stock
price movements were sensitive to news. Because empirical data enables me to answer this
question affirmatively, I conclude that, in general, Innocoll stock responded to the flow of news
and information, supporting a finding of market efficiency during the Class Period.

I examined whether the frequency of statistically significant returns exhibited by
Innocoll common stock on news dates was different than the proportion of statistically significant
returns on all other dates using a Fisher’s exact test, a commonly used and widely accepted
statistical tool for testing for a difference in the frequency of statistically significant observations
between two samples. Finding a statistically significant difference in the frequency of price
movements would indicate a cause and effect relationship between the release of information and
movements in the Company’s stock price and provide further support for a finding of market
efficiency.
a. Event Study Tests of Market Efficiency

The event study is the paramount tool for testing market efficiency. Professor Fama
states that:
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The cleanest evidence on market-efficiency comes from event studies, especially
event studies on daily returns. When an information event can be dated precisely
and the event has a large effect on prices, the way one abstracts from expected
returns to measure abnormal daily returns is a second-order consideration. As a
result, event studies give a clear picture of the speed of adjustment of prices to
information.60

Since the seminal papers by Ball and Brown [1968] and Fama et al., [1969] first
introduced event study analysis to a broader audience of accounting and finance researchers, event
studies have “become ubiquitous in capital markets research.”61 Campbell, et al., [1997] provide a
detailed background and description of how event studies are used in econometric analysis.62
Crew, et al., [2012] write about how the methodology is generally accepted and widely used in
forensic applications.63

In its application, an event study can measure how much a firm’s stock price rises
or falls in response to new information. An event study first calculates the difference between the
actual return on an individual stock and the return predicted by the market model. This difference
is called an “abnormal return” (or residual return). It measures the impact of new, firm-specific
information on a firm’s stock price. If the abnormal return over an event period is deemed to be
statistically significant, it indicates that the stock price movement was likely caused by firm-
specific information and therefore cannot be attributed to market and/or industry factors, or to

60 “Efficient Capital Markets: II,” by Eugene Fama, The Journal of Finance, 1991, p. 1607.
61 “Event Studies: A Methodology Review,” by Charles Corrado, 2011 Accounting and Finance 51 (2011) p. 207.
62 Chapter 4 of The Econometrics of Financial Markets, by John Campbell, el al., Princeton University Press, 1997.
63 “Federal Securities Acts and Areas of Expert Analysis,” by Nicholas I. Crew, et al., in Chapter 24 of the Litigation
Services Handbook; The Role of the Financial Expert, 5th ed., edited by Roman L. Weil, et al., John Wiley & Sons,
Inc., 2012.
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random volatility alone. Indeed, a cause and effect relationship between new material information
and the reaction in the stock price establishes market efficiency.64

Not every piece of new information will result in a statistically significant abnormal
stock return. To the extent that the new information may have been expected, or the valuation
impact of the new information is appropriately modest, the appropriate abnormal price return
should be statistically insignificant. As such, a finding of non-significance does not establish
inefficiency as a modest non-significant stock price reaction may be the appropriate and efficient
stock price reaction to a particular information event.65

For example, if a company announces earnings that are in-line with analysts’ and
investors’ expectations, even though the announcement contains important information, it may not
change the total mix of information sufficiently enough to elicit a statistically significant stock
price reaction on that date. Appropriate candidate events for inclusion in a market efficiency event
study, therefore, are events on which company-specific information was released that is new,
unexpected, not confounded by major countervailing news, and is of such import as to reasonably
be expected to elicit a stock price reaction over the threshold for statistical significance.
(1)
Selection of Events

Not only did the Cammer Court single out the empirical factor as “one of the most
convincing ways to demonstrate efficiency,” but it also recognized the special importance of the
information allegedly misrepresented that is the subject of the litigation:

64 In re Petrobras Sec., 862 F.3d 250, 278 (2d Cir. 2017).
65 “Event Studies in Securities Litigation: Low Power, Confounding Effects, And Bias,” by Alon Brav and J.B. Heaton,
Washington University Law Review, 30 March 2015, p. 602.
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The central question under the fraud on the market theory is whether the stock price,
at the time a plaintiff effected a trade, reflected the ‘misinformation’ alleged to have
been disseminated.66

By focusing an event study on disclosures of information related to the allegations
in the Complaint, I have ascertained that the market for Innocoll common stock was efficient, not
only generally, but also with respect to the particular information at issue in this case.
Consequently, the empirical behavior of Innocoll common stock following the disclosure of
allegation-related information best determines whether the market for Innocoll common stock was
efficient for purposes of the fraud-on-the-market principle.

An event study testing market efficiency does not require a comprehensive
identification of all events during the Class Period, including all of those cited in the Complaint,
on which new material allegation-related information was disclosed.67 Further, because of the high
threshold for statistical significance, it is also important to note that new information may be
economically significant without being statistically significant.

The following are amongst the event dates identified in the Complaint as corrective
disclosure events, dates when false and misleading statements were issued and other dates with
material news announcements:
a. April 23, 2015: Innocoll filed an amendment to its Registration Statement on
Form F-1/A in connection with a secondary offering.68

66 Cammer, 711 F.Supp. at 1282 (emphasis in original).
67 A comprehensive identification of all disclosures of information related to the alleged fraud is beyond the scope of
this report and is properly addressed in an analysis of loss causation and damages.
68 "Innocoll AG Announces Pricing of Follow-On Offering," GlobeNewswire, Company press release, April 24, 2015,
8:00 AM.
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b. May 25, 2016: Innocoll published a press release announcing the results of its
XaraColl Phase 3 trials.69
c. June 13, 2016: The Company filed a Preliminary Prospectus Supplement to
the F-3 Registration Statement in connection with a proposed secondary
offering.70
d. June 17, 2016: Innocoll filed the final Prospectus Supplement related to its
proposed secondary offering.71
e. November 4, 2016: Innocoll issued a press release and held a conference call
to discuss the COGENZIA results and XaraColl NDA submission.72
f. December 29, 2016: Innocoll issued a press release stating that it had received
a Refusal to File letter from the FDA for XaraColl.73
(2)
Market Model

A market model is used to determine how much of a company’s stock return on
each event was driven by company-specific information as opposed to market and peer group
factors. The market model involves running a regression to determine how Innocoll common stock
typically behaved in relation to the overall stock market and industry-specific factors. The

69 "Innocoll Announces XARACOLL(R) (bupivacaine-collagen bioresorbable implant) Meets Primary Endpoint in
Both Pivotal Phase 3 Trials in Postoperative Pain Relief," GlobeNewswire, Company press release, May 25, 2016,
7:30 AM.
70 "Innocoll Holdings plc Announces Proposed Public Offering of Ordinary Shares," GlobeNewswire, Company press
release, June 13, 2016, 4:15 PM.
71 "Innocoll Holdings plc Announces Pricing of Public Offering of Ordinary Shares," GlobeNewswire, Company press
release, June 16, 2016, 10:00 PM.
72 "Innocoll Announces Top-Line Data From Phase 3 Trials With COGENZIA and NDA Submission for
XARACOLL," GlobeNewswire, Company press release, November 3, 2016, 4:31 PM.
73 "Innocoll Receives Refusal to File Letter from U.S. FDA for XARACOLL® (bupivacaine HCl collagen-matrix
implants) New Drug Application," GlobeNewswire, Company press release, December 29, 2016, 5:00 PM.
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regression model is then used to determine how much of each event day’s observed stock price
return can be explained by the market and industry-specific factors (the “expected return” or
“explained return”). That is, a market model measures the expected return of the company’s stock
over an event period after controlling for the overall market and industry-specific factors.

Next, the abnormal return (or residual return) is computed by subtracting the
expected return from the observed stock price return. The abnormal return is the return of the
company’s stock after controlling for market effect and industry-specific factors.

I ran a regression analysis, modeling the return of Innocoll common stock during
the Class Period as a function of: 1) a constant term, 2) the returns of the overall stock market, and
3) an industry index return. This regression model is formulaically expressed as follows:

𝑅𝑠௧ൌ 𝛼൅ 𝛽ଵ𝑅𝑚௧൅𝛽ଶ𝑅𝑖௧൅𝜖௧
Where:
𝑅𝑠௧= the return of the stock;
𝑅𝑚௧= the return of the market index;
𝑅𝑖௧= the daily return of the industry index.

The regression model produces a “constant” term (“α”) also referred to as an
“intercept” term, and one or more slope coefficient, or “beta” (“β”) The betas quantify the
sensitivity of a stock’s return to the return on the market index (“𝛽ଵ”) and industry index (“𝛽ଶ”).
A stock with a market index beta of 1.0 is expected to increase (decrease) by one percent for each
one percent increase (decrease) in the market index. Similarly, a stock with a market beta of 2.0 is
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expected to increase (decrease) by two percent for each one percent increase (decrease) in the
market index.

To control for movements in the overall stock market, I used the CRSP
NYSE/AMEX/NASDAQ/ARCA Market Index (“Market Index”), which is a generally accepted
measure of the performance of the overall stock market. The Market Index incorporates payment
of dividends by the constituent companies. To control for industry-related factors, I used the
NASDAQ Biotechnology Index as the peer group index (“Industry Index”) which is also
referenced by Innocoll in its 10-K filings.

Innocoll’s stock prices returns were calculated on a one day basis for inclusion in
the regression model. The Class Period from July 25, 2014 to December 29, 2016 includes 614
market trading days. On 47 of these dates, there are no completed trades in Innocoll common
stock74 and on the first day of trading, July 25, 2014, a daily return based on previous day’s closing
price cannot be calculated. Hence there are 566 days in the Class Period with daily stock returns
data.

For the purposes of the event study, the Class Period was divided into two sub-
periods to account for the merger of Innocoll AG with Innocoll Holdings PLC that was announced
on December 9, 2015.75 The event study regression parameters were estimated separately for the
two sub-periods: July 25, 2014 to December 9, 2015 and December 10, 2015 to December 29,
2016. Dates without a published closing price for Innocoll common stock and the next trading day
were excluded from the estimation period of the regression models. The estimated parameters of

74 These 47 days are identified by CRSP with a negative imputed closing price.
75  “ Innocoll AG Announces Plan to Move Corporate Domicile to Ireland,” GlobeNewswire, Company press release,
December 9, 2015, 4:30 PM.
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the regression models were then used to calculate the abnormal returns and the corresponding
statistical significance for each of the days in the Class Period when Innocoll stock traded and for
the alleged corrective disclosure date, December 30, 2016.

Exhibit-6 presents the Innocoll return, Market Index return, and Industry Index data
used in the regression model. Innocoll’s stock prices and trading volume are shown in Exhibit-7.
(3)
t-Test

For each event, I conducted a statistical test called a t-test to determine whether
Innocoll’s abnormal return was statistically significant. If the absolute value of the “t-statistic,”
which is equal to the abnormal return on an event date divided by the standard deviation of all
abnormal returns in the regression estimation, is greater than the critical t-statistic value of ±1.96,
then the stock price return is deemed statistically significant. That is, there is less than a 5% chance
(or our confidence level is 95%) that the abnormal return was caused by random volatility alone,
which is generally accepted to be so unlikely that the random volatility explanation can be rejected.
If an event date’s abnormal return is deemed to be statistically significant, one can conclude that
the stock price return was caused by company-specific information, rather than random volatility.
The results of the event study are summarized below and presented in detail in Exhibit-8.
(4)
Findings of the Event Study
1. False and Misleading Statements
•
May 25, 2016

On May 25, 2016 Innocoll published a press release announcing the results of its
XaraColl Phase 3 trials.76 The press release stated that the Phase 3 “Data supports on-schedule

76 "Innocoll Announces XARACOLL(R) (bupivacaine-collagen bioresorbable implant) Meets Primary Endpoint in
Both Pivotal Phase 3 Trials in Postoperative Pain Relief," GlobeNewswire, Company press release, May 25, 2016,
7:30 AM.
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NDA filing this year.”77 On the same day, Innocoll held a conference call to discuss the XaraColl
Phase 3 trial results and asserted that, “We feel pretty good about filing the NDA at the end of the
third quarter, beginning of the fourth quarter, around that time frame. We feel that everything is
on track to be able to do that.”78 Plaintiffs allege that these statements were false because Innocoll
had not raised the device issue with the FDA at all, nor obtained any waiver of the device
requirement and that XaraColl was unlikely to be approved.79

Following this press release and conference call on May 25, 2016, Innocoll’s
common stock price rose by 47.82% relative to the last available closing price. The Company-
specific abnormal return (after adjusting for market and industry effects) that day was 47.07% and
was statistically significant at a confidence level of 99%.
•
November 4, 2016

On November 3, 2016, after close of trading, Innocoll issued a press release
announcing that Cogenzia had failed Phase 3 trials and as a result Innocoll was abandoning its
development. In the same press release, the Company also announced that it had submitted an
NDA for XaraColl.80 On the following day, November 4, 2016, Innocoll held a conference call to

77 "Innocoll Announces XARACOLL(R) (bupivacaine-collagen bioresorbable implant) Meets Primary Endpoint in
Both Pivotal Phase 3 Trials in Postoperative Pain Relief," GlobeNewswire, Company press release, May 25, 2016,
7:30 AM, p.1.
78 “Top Line Results from Two Pivotal Phase 3 Trials of Xaracoll,” Provided by Plaintiff’s Council, conference call,
May 25, 2016, p.11.
79 Amended Class Action Complaint For Violations Of The Federal Securities Laws, filed on May 25, 2017, ¶95.
80 "Innocoll Announces Top-Line Data From Phase 3 Trials With COGENZIA and NDA Submission for
XARACOLL," GlobeNewswire, Company press release, November 3, 2016, 4:31 PM.
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discuss the Cogenzia results and XaraColl NDA submission.81 The Defendants attempted to
maintain focus on the positive XaraColl related news during the call:
<Defendant Zook>: Great. Thanks. Again, we’ll open up the line for other
questions relative to Cogenzia in just a moment. XaraColl, we did announce, of
course, our excitement about getting the XaraColl NDA submission in […]
<Defendant Russell>: I think I’ve been pretty vocal about how confident I am that
XaraColl will get approved. I mean this a product that has had two very successful
Phase 3 studies achieving the primary endpoint with high degree of statistical
significance and really no safety issues at all. And, in fact, actually one could argue
potential safety benefit and the fact that we also see a reduction in the opioid-related
adverse events. So, this should lead to a pretty straightforward approval.82

Following the press release and the conference call, Innocoll’s common stock price
fell by 17.43% on November 4, 2016. The Company-specific abnormal return (after adjusting for
market and industry effects) that day was minus 16.49% and was statistically significant at a
confidence level of 99%. In spite of the Defendants’ attempts to emphasize the XaraColl news
over the Cogenzia news, the stock price declined, implying that the impact of the Cogenzia news
dominated.
2. Dates with Other Material News
•
April 23, 2015

On April 23, 2015 Innocoll filed a Registration Statement on Form F-1/A as an
amendment to the secondary offering it had initially filed for on April 10, 2015.83 The proposed
maximum aggregate offering price had increased to $27.2 million in the amendment from an initial

81 “Cogenzia Phase 3 Clinical Trials Results Call,” Bloomberg, conference call, November 4, 2016.
82 Amended Class Action Complaint For Violations Of The Federal Securities Laws, filed on May 25, 2017, ¶107.
83 Innocoll AG, Amendment to Form F-1, filed April 23, 2015.; "Innocoll AG Announces Pricing of Follow-On
Offering," GlobeNewswire, Company press release, April 24, 2015, 8:00 AM.
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proposed maximum aggregate price of $19.2 million included in the April 10 filing. Innocoll stated
that it, “… intend[ed] to use the net proceeds of this offering for general corporate purposes and
the development of our products.”84

On the next trading day after the F-1/A filing, April 24, 2015, Innocoll’s common
stock price rose by 14.85%. The Company-specific abnormal return (after adjusting for market
and industry effects) that day was 14.93% and was statistically significant at a confidence level of
99%. Although, on average, stock price declines on secondary offerings, in this case the stock
price increased. One potential reason for the rise in stock price is the fact that the size of the
offering had increased by over 40% between April 10 and April 23, indicating substantial market
demand for the stock.
•
June 13, 2016

On June 13, 2016, Innocoll filed a Preliminary Prospectus Supplement to its F-3
Registration Statement proposing to raise $65 million, which included $15 million of shares sold
by existing shareholders.85 The Company intended to use its gross proceeds of $50 million to
“primarily… fund costs associated with our pre-commercialization activities relating to XaraColl,
including through the filing and anticipated approval of its NDA, the continued development of
Cogenzia in anticipation of filing its NDA, assuming data supports such a filing, and the
development of our other products, in addition to general and corporate purposes.”86

84 Innocoll AG, Amendment to Form F-1, filed April 23, 2015, p.56.
85 Innocoll Holdings Public Limited Company, Form 424B5, filed June 13, 2016.; "Innocoll Holdings plc Announces
Proposed Public Offering of Ordinary Shares," GlobeNewswire, Company press release, June 13, 2016, 4:15 PM.
86 Innocoll Holdings Public Limited Company, Form 424B5, filed June 13, 2016, p.S-9.
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On the next trading day after this filing, on June 14, 2016, Innocoll’s common stock
price fell by 19.18%. The Company-specific abnormal return (after adjusting for market and
industry effects) that day was minus 18.10% and was statistically significant at a confidence level
of 99%. This is consistent with empirical finance research that documents a stock price decline
upon announcement of a secondary offering.
•
June 17, 2016

On June 17, 2016, Innocoll filed the final Prospectus Supplement related to its
proposed secondary offering. The Final Prospectus Supplement, however, reduced the amount of
the Proposed Offering that was targeted from $65 million to $40 million. The existing shareholders
ultimately chose not to join the secondary offering and withdrew their $15 million of shares.87
Also, the pricing of the new shares was at a substantial discount to the market price before the
offering announcement on June 13, 2016 ($7 vs. $11.24). As a result, the expected gross proceed
to the Company declined from $50 million to $40 million.88

Following this filing on June 17, 2016, Innocoll’s common stock price fell by
18.14%. The Company-specific abnormal return (after adjusting for market and industry effects)
that day was minus 17.13% and was statistically significant at a confidence level of 99%. This
stock price decline is consistent with the negative news of the lower offering price that suggests
limited demand for the new shares.
3. Corrective Disclosure

87 Innocoll Holdings Public Limited Company, Form 424B5, filed June 18, 2016.; "Innocoll Holdings plc Announces
Pricing of Public Offering of Ordinary Shares," GlobeNewswire, Company press release, June 16, 2016, 10:00 PM.
88 Innocoll Holdings Public Limited Company, Form 424B5, filed June 18, 2016.
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•
December 29, 2016

On December 29, 2016, Innocoll issued a press release stating that it had received
a Refusal to File letter from the FDA for XaraColl.89 The letter conveyed that, “FDA determined
that the application, which was submitted in October 2016, was not sufficiently complete to permit
a substantive review.90 In the Refusal to File letter, the FDA indicated among other things, that
XaraColl should be characterized as a drug/device combination, which would require that the
Company submit additional information.”91

On the next trading day following this press release, December 30, 2016, Innocoll’s
common stock price fell by 61.02%. The Company-specific abnormal return (after adjusting for
market and industry effects) that day was minus 59.84% and was statistically significant at a
confidence level of 99%.
b. Returns on News-Days and No-News-Days

While Cammer does not provide specific tests, indicia or factors upon which the
court relied in determining the existence of a cause and effect relationship for a stock and its
incorporation of information, economists perform various tests utilizing statistical methodologies
that can provide probative academic evidence concerning the existence of a cause and effect
relationship consistent with an efficient market.  I conducted an empirical test to compare Innocoll
stock price reactions on a sample of “news days” to the reaction on all other “non-news days,”

89 "Innocoll Receives Refusal to File Letter from U.S. FDA for XARACOLL® (bupivacaine HCl collagen-matrix
implants) New Drug Application," GlobeNewswire, Company press release, December 29, 2016, 5:00 PM.
90 "Innocoll Receives Refusal to File Letter from U.S. FDA for XARACOLL® (bupivacaine HCl collagen-matrix
implants) New Drug Application," GlobeNewswire, Company press release, December 29, 2016, 5:00 PM, p.1.
91 "Innocoll Receives Refusal to File Letter from U.S. FDA for XARACOLL® (bupivacaine HCl collagen-matrix
implants) New Drug Application," GlobeNewswire, Company press release, December 29, 2016, 5:00 PM, p.1.
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providing additional evidence concerning the cause and effect relationship relevant to determining
market efficiency. This test is based on the two-factor market model described above.

First, I must define what constitutes a “news” day. It is important to use a specific
criterion to identify news events that contain a higher than usual flow of information that has
potential to change investors’ expectations of future cashflows. For purposes of this  test, I identify
news days as unique days on which the Company released news pertaining to three important
topics: earnings announcements, raising of additional capital from public markets and
developments in clinical trials of products in its pipeline. There were 28 such unique news days
during the Class Period.

Based on my past analyses of biotechnology and pharmaceutical companies, each
of the three news topics (earnings announcements, capital offerings and clinical trials) is an
important factor that investors consider in forming expectations about future performance of a
company such as Innocoll. One would expect that there would generally be a greater flow of
information on these news dates as compared to the “no-news” days. Therefore, a pattern of more
frequent statistically significant price movements on the news days as compared to the “no-news”
days would indicate that the stock reacts to new information and this finding would support market
efficiency.

There are several instances where the effective testing date for the news event is
different from the actual news release date. For example, when a Company announces its quarterly
earnings after close of trading, the effective date that should be included in the test is the next
trading day after the announcement. Exhibit-9 identifies each news day, the specific news released
that day and the statistical significance of the abnormal daily returns that day.
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After I identify the news dates, I perform a statistical analysis, comparing the stock
price reaction on “news days” to stock price reaction on “no-news days.” As explained by Ferrillo,
Dunbar and Tabak in their article published in 2004 in the St. John’s Law Review, if the proportion
of significant price movements on news days is statistically significantly different than on no-news
days, “then the evidence would show that, on average, the stock price reacts to news
announcements.”92

The use of tests comparing security price reaction on news dates to no-news dates
for assessing market efficiency is supported and explained by a group of eight finance experts who
filed an Amici Curiae brief for Halliburton II: “Another way to perform an event study is to divide
the days of the class period ex ante into expected news days and non-news days before examining
price movements, and then compare the stock’s price movements in the two categories to see if
there is a statistically significant difference in price movement between the two categories. If the
study finds a difference in price movement between the two sample sets (e.g., earnings-release
dates versus non-earnings-release dates), that is statistical evidence that the market incorporates
new public information into the price of the stock.”93

After selecting the events, I performed a Fisher’s Exact Test, comparing the
incidence of statistically significant abnormal stock price reactions on “news days” to “no-news

92 “The ‘Less Than’ Efficient Capital Markets Hypothesis: Requiring More Proof from Plaintiffs in Fraud-On-The-
Market Cases,” Paul Ferrillo, et al., St. John’s Law Review 78 (81), Winter 2004, p. 120.
93 Brief of Testifying Economists as Amici Curiae in Support of Respondent, Halliburton Co. and David Lesar v.,
Erica P. John Fund, Inc., FKA Archdiocese of Milwaukee Supporting Fund, Inc., February 5, 2014, p. 10.
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days.” The test compares the frequency of statistically significant abnormal stock price reactions
on news days to the frequency of statistically significant reactions on no-news days.94

As previously noted, the Class Period consists of 566 trading days for Innocoll
stock. Of the 566 days, 37 days had statistically significant residual returns. There were 6
statistically significant news days out of the total 27 news days. 31 of the remaining 539 no-news
days were statistically significant. Accordingly, the proportion of statistically significant days
among the news days is 22.2% and the proportion of statistically significant days among non-news
days is 5.8%. The incidence of statistically significant days within the news group was therefore
significantly greater than within the non-news group.

This difference in incidence frequency is associated with a p-value of 0.56%. This
finding rejects the hypothesis that the price of Innocoll common stock behaves no differently on
news days with a greater flow of information than all other days. This finding demonstrates that
Innocoll common stock reacted to information and therefore supports market efficiency.

The results from the event study and the news/no-news test demonstrate a cause
and effect relationship between the release of new information and statistically significant
reactions in Innocoll’s common stock price, which is the essence of market efficiency.
B.
Additional Factors Related to Market Efficiency

In addition to evaluating market efficiency using the Cammer factors, I also
analyzed additional factors considered by the Fifth Circuit Court of Appeals in Unger v. Amedisys,
401 F.3d 316 (5th Cir. 2005), the district court in Krogman v. Sterritt, 202 F.R.D. 467 (N.D.Tex.

94 See, e.g., “The ‘Less Than’ Efficient Capital Market Hypothesis: Requiring More Proof From Plaintiffs in Fraud-
On-The Market Cases,” Paul Ferrillo, et al., St. John’s Law Review 78(81), Winter 2004, pp. 119-122; “Use and
Misuse of Event Studies to Examine Market Efficiency,” by David Tabak, NERA White Paper, April 30, 2010; and
“The Curious Incident of the Dog That Didn’t Bark and Establishing Cause-and-Effect in Class Action Securities
Litigation,” by Michael L. Hartzmark, and H. Nejat Seyhun, Va. L. & Bus. Rev. 6 (2011): 415.
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2001), and the district court in Polymedica Corp. Sec. Litig., 453 F. Supp. 2d 260 (D. Mass. 2006)
that may provide additional support for market efficiency. I would note that none of these factors,
on a stand-alone basis, is essential in determining market efficiency.
1.
Market Capitalization

Economists have often considered the market value of a firm and its relationship
with market efficiency when evaluating market efficiency. Larger companies tend to attract more
analyst and news media coverage, and gain the attention of greater numbers of investors, including
very large institutional investors. All of these characteristics, which accompany a large market
capitalization, promote market efficiency.

The court in Krogman held that “[m]arket capitalization, calculated as the number
of shares multiplied by the prevailing share price, may be an indicator of market efficiency because
there is a greater incentive for stock purchasers to invest in more highly capitalized corporations.”95
In addition, some investors such as pension funds are often restricted to owning stocks whose
market capitalization is sufficiently high.

During the Class Period, Innocoll’s average market capitalization was $114.45
million (see Exhibit-7), putting Innocoll in the 7h decile of U.S. companies by size – meaning that
Innocoll’s market capitalization was larger than the market capitalization of at least 30% of all
other publicly-traded companies in the United States.96 Innocoll’s market capitalization during the
Class Period moderately favors a finding of market efficiency during the Class Period.

95 Krogman, 202 F.R.D. at 478.
96 Using averaged month-end data from CRSP for July 2014 through November 2016, I grouped public companies
into deciles, so that the 1st decile contains the largest 10% of all public companies listed on the NYSE, American Stock
Exchange, NASDAQ, and ARCA while the 10th decile contains the smallest 10%.
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2.
Float

Innocoll common stock float averaged $109.79 million during the Class Period.
Float excludes shares held by insiders and affiliated corporate entities. Further, insiders held
ordinary shares rather than the ADRs. Until March 2016, when Innocoll’s ADRs were exchanged
for common shares, these insiders thus did not hold the same security as class members.  Moreover,
based on Innocoll’s Form 20-F filing,97 the insider holdings are approximately 10% of the shares
outstanding. This small proportion of insider holdings implies that a large majority of Innocoll
common stock was publicly held and traded, which favors a finding of market efficiency during
the Class Period.
3.
Bid-Ask Spread

A narrow bid-ask spread of a particular security is also often associated with
efficiency.98 A narrow bid-ask spread implies that there is a large number of investors willing to
buy or sell a security, thus the cost of executing a trade is lower, all else equal.

I obtained from CRSP the daily closing bid and ask quotes for Innocoll common
stock during the Class Period. I measured the percentage bid-ask spread as the difference between
the bid and ask quotes, divided by the average of the bid and ask quotes.99 Exhibit-7 presents
Innocoll’s bid-ask spread data.

97 Innocoll Holdings Public Limited Company, Form 20-F for the fiscal year ended December 31, 2015, filed March
17, 2016, p. 113.
98 A bid-ask spread is the price at which a market maker (intermediary) is willing to buy and sell a stock. For example,
if one is making a market in Company Y’s stock, one might be willing to buy (bid) stock of Company Y at $10 per
share and sell (ask) the same stock at $10.15 per share. In this instance, the bid-ask spread would be $0.15, or
approximately 1.5%.
99 “Price Reversals, Bid-Ask Spreads, and Market Efficiency,” by Allen Atkins and Edward Dyl, Journal of Financial
and Quantitative Analysis, Vol. 25, No. 4, 1990, pp. 535-547.
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The average bid-ask spread for Innocoll’s common stock during the Class Period
was 6.39%. By comparison, the average month-end bid-ask spread over the course of the Class
Period for all stocks in the CRSP database was 0.61%.100

Innocoll’s average bid-ask spread was wider than the average level among all other
CRSP stocks. The bid-ask spread measure does not favor a finding of market efficiency.
4.
Serial Correlation in Stock Returns

I also conducted statistical tests to determine whether the returns for Innocoll’s
common stock exhibited autocorrelation, which is also referred to as “serial correlation.”101
Autocorrelation in a stock’s returns means that tomorrow’s stock price movement can be predicted
with a degree of statistical confidence based solely on today’s stock price movement. For example,
statistically significant negative autocorrelation means that if the stock price goes up today, it is
highly likely that it will go down tomorrow.

The presence of serial correlation, in some cases, may imply that an investor might
have an unexploited arbitrage opportunity. The ability to successfully predict the movement in a
stock price tomorrow based on what it did today would allow knowledgeable investors to earn
abnormal returns, absent transaction costs, based on this pattern. If the arbitrage opportunity is
statistically significant, but not profitable due to things like transaction costs, the serial correlation
would not be economically significant. Some economists have argued that the presence of
persistent, statistically significant first-order autocorrelation of a stock’s returns may support a
finding of market inefficiency.102

100 This calculation is based upon averaged month-end data from CRSP for July 2014 through November 2016.
101 Autocorrelation has been widely studied in the academic finance literature. See, for example, “Efficient Capital
Markets: II,” by Eugene Fama, Journal of Finance 46, December 1991, pp. 1575-1617.
102 See, e.g., “Efficient Capital Markets: II,” by Eugene Fama Journal of Finance 46, December 1991, pp. 1575-1617,
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To test for serial correlation, I first performed a regression analysis over the Class
Period of Innocoll’s daily common stock returns on the common stock’s return from the previous
day. I then performed the same regression using abnormal returns instead of raw returns. I found
no statistically significant serial correlation for Innocoll’s raw returns or its abnormal returns (see
Exhibit-10). These tests for serial correlation are consistent with a random walk hypothesis and
market efficiency and support my opinion that Innocoll’s common stock traded in an efficient
market during the Class Period.103
VII.
PRICE IMPACT ANALYSIS

The Supreme Court in Haliburton II held that Defendants at the class certification
stage may present evidence to rebut the presumption of reliance “by showing that the alleged
misrepresentation did not actually affect the stock price – that is, that it had no ‘price impact.’”104
From an economic perspective, a statement has price impact if either 1) it causes the stock price
to move; or 2) it maintains the stock price at a level other than what it would be but for the
statement.

To establish that misrepresentations and omissions had no price impact, one must
show that they neither caused the security price to move, nor that they prevented the security price
from moving. That is, one must prove that the misrepresentations and omissions were completely
inconsequential.

The price impact of an alleged misrepresentation can be analyzed either: (1) on the
“front-end” by analyzing the price impact of a misrepresentation or omission on a company’s stock

103 “The term ‘random walk’ is usually used loosely in the finance literature to characterize a price series where all
subsequent price changes are independent from previous prices. Thus, changes in prices will be unrelated to past price
changes.” See, for example, “Efficient Capital Markets: A Review of Theory and Empirical Work,” Eugene Fama,
Journal of Finance Vol. 25, No. 2, May 1970, pp. 383-417.
104 Haliburton II, at 2402 (emphasis added).
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at the time the misrepresentation or omission was made; or (2) on the “back-end” by analyzing the
price impact on a company’s stock at the time that the misrepresentation or omission was corrected.
To prove that there was no price impact, one would have to prove that the misrepresentations and
omissions had no front-end effect and that they also had no back-end effect. That is, one would
have to prove that the misrepresentations and omissions did not cause the price to rise or prevent
it from falling to any extent when made, and also prove they did not cause or contribute to the
price decline when corrected.

When a price does rise at the front-end, or does fall at the back-end, in order to
advance a no-price-impact argument, one would have to prove that the misrepresentations and
omissions played no role in those observed price movements. One would have to prove that the
observed movements were caused entirely by unrelated factors.

Failure to detect price impact does not prove that there was no price impact. The
failure of a test to detect price impact may be due more to weakness in the test than to weakness
in the price response. Further, in many cases, false statements serve to maintain price inflation. For
example, a company might claim that its quarterly results are in-line, thus concealing that the
company’s earnings were far lower than expected. Because the statement merely concealed bad
news, it would not usually cause the company’s stock price to increase.

There are two clear examples of price impact on Innocoll common stock. First, on
May 25, 2016, Innocoll published a press release announcing the results of its XaraColl Phase 3
trials. 105 The press release stated that the Phase 3 “Data supports on-schedule NDA filing this

105 "Innocoll Announces XARACOLL(R) (bupivacaine-collagen bioresorbable implant) Meets Primary Endpoint in
Both Pivotal Phase 3 Trials in Postoperative Pain Relief," GlobeNewswire, Company press release, May 25, 2016,
7:30 AM.
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year.” 106 On the same day, Innocoll also conducted a conference call to discuss the XaraColl Phase
3 trial results. 107 On this call, analysts repeatedly asked whether there were any remaining steps
necessary for filing the NDA and the Defendants asserted there that:
<Analyst>: Thanks. I had a couple [of questions]. First, can you just remind us if
there are any other gating factors beyond the clinical trial to the NDA filing, and
the manufacturing hurdles, if any, that we’d need to be aware of? [...]
<Defendant Zook> Thanks. What I will do at this point, David, I’ll ask Nigel
[Jones] to weigh a little bit on your third question, on the feedback we’ve received
anecdotally, because he’s had the most interactions with people involved with the
trials, so he can give you some sense of how they see the product, and then what
other potential applications there might be.
As far as any other gate staging moment, we believe now that we’re in a good
position to move forward with our NDA submission, and as we had indicated, we
want to get that done this year. As you also know, we have been investing in our
manufacturing processes, because we wanted to be able to scale up in a very cost-
efficient way to meet our commercial requirements. Those plans are right on track,
and will mirror up, and coincide with the NDA submission. We don’t see anything
beyond those two other points unless I’ve missed something, in which case I’ll ask
Nigel [Jones] or Lesley [Russell] to weigh in. Then, I’ll turn it to Nigel [Jones] on
the other question.
[...]
<Analyst> Terrific, and I really appreciate the time. Just one last question with
regard to the ability to submit the data from an NDA perspective, what’s the key
issue in terms of gating factor that would determine the timing for the NDA
submission? Is it [INAUDIBLE], the analysis of the data, the CMC reviews What
do you see as the most critical piece on that path, now, going forward?

106 "Innocoll Announces XARACOLL(R) (bupivacaine-collagen bioresorbable implant) Meets Primary Endpoint in
Both Pivotal Phase 3 Trials in Postoperative Pain Relief," GlobeNewswire, Company press release, May 25, 2016,
7:30 AM, p.1.
107  “Top Line Results from Two Pivotal Phase 3 Trials of Xaracoll,” Provided by Plaintiff’s Council, conference call,
May 25, 2016.
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<Defendant Russell> I don’t think there really are any gating factors. Obviously,
we now need to write up all of the sections of the NDA with all the new clinical
data, and the integrated summaries, and overall summaries. Obviously CMC
components are a large part of an NDA. That’s also on track. We feel pretty good
about filing the NDA at the end of the third quarter, beginning of the fourth
quarter, around that time frame. We feel that everything is on track to be able to
do that.108

Innocoll common stock traded 2,157 shares on Monday, May 23, 2016 and closed
at a price of $7.11 per share. It did not have any completed trades on Tuesday, May 24. On
Wednesday, May 25, following the release of the positive news regarding XaraColl’s Phase 3
trials, Innocoll’s trading volume rose to 138,582 shares and the stock price at close of trading was
$10.51, which was 47.82% higher than the closing price on May 23. The Company-specific
abnormal return (after adjusting for market and industry effects) on May 25 was  47.07% and was
statistically significant at a confidence level of 99.99%. Thus, on release of the positive news
regarding XaraColl’s Phase 3 trials, Innocoll’s stock price increased by over 47% and its daily
trading volume increased 64-fold over the volume on the previous trading day. In fact, the volume
of shares traded on May 25, 2016 was over 20 times the median daily trading volume during the
Class Period. This is strong evidence in favor of price impact on the front-end.

Second, on December 29, 2016, after close of trading, Innocoll issued a press
release stating that it had received a Refusal to File letter from the FDA for XaraColl:
…. company, today 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. Upon
preliminary review, the FDA determined that the application, which was
submitted in October 2016, was not sufficiently complete to permit a substantive
review. In the Refusal to File letter, the FDA indicated among other things, that
XARACOLL should be characterized as a drug/device combination, which would

108 Amended Class Action Complaint For Violations Of The Federal Securities Laws, filed on May 25, 2017, ¶94.
(emphasis in original)
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require that the Company submit additional information. The company will request
a Type A meeting with the FDA to respond to several issues believed to be
addressable and seek clarification of what additional information, if any, will be
required. Additional details will be disclosed in the future after discussions with the
FDA.109

Following the press release, JMP Securities issues a report covering this news on
the same day:
Refuse-to-file letter likely delays XARACOLL approval by at least 6-12 months;
downgrading our rating on Innocoll to Market Perform from Market Outperform
pending additional FDA feedback. This afternoon, Innocoll announced that it
received a  RTF  letter  from  the  FDA  for  XARACOLL,  indicating  “among
other  things,  that XARACOLL should be characterized as a drug/device
combination, which would require that the company submit additional
information”. Management commented to us that the  FDA  did  not  raise  the
drug/device  issue  at  the  pre-NDA  meeting.  The  company intends to request a
Type A meeting with the agency in the coming weeks and we look to additional
clarity on the path to resubmission of the NDA in 1H17. While we currently view
the potential requirement for an additional clinical trial as low, we cannot yet
rule it out. As such, we take a base case assumption that the XARACOLL is
launch is delayed by 12 months until 2H18; however, we step to the sidelines with
our rating until we gain clarity from the FDA meeting. We also note that with
cash sufficient to fund operations into 2H17, we anticipate that the company will
need to raise additional capital prior to XARACOLL’s approval, noting
management’s prior comments that it is pursuing ex-U.S.partnerships for the
product candidate and other strategic alternatives.110

On Thursday, December 29, 2016 Innocoll’s common stock closed at $1.77 on
trading volume of 259,633 shares. Following the release of the news regarding the FDA letter, on
Friday, December 30, Innocoll’s stock price declined to $0.69 at close on volume of 7,840,029
shares. This represented a daily return of minus 61.02%. The abnormal daily return (adjusted for

109 Amended Class Action Complaint For Violations Of The Federal Securities Laws, filed on May 25, 2017, ¶116.
(emphasis in original)
110 “XARACOLL RTF Brings Uncertainty; Downgrade to Market Perform”, JMP Securities Analyst Report dated
December 29, 2016. (emphasis added)
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market and industry effects) that day was minus 59.84% and this return was statistically significant
at a confidence level of 99.99%. Thus, on release of the negative news regarding XaraColl’s future
prospects, Innocoll’s stock price dropped by approximately 60% and its daily trading volume
increased 30-fold over the volume on the previous trading day. In fact, the volume of shares traded
on December 30, 2016 was over 1,000-times the median daily trading volume during the Class
Period. This is strong evidence in favor of price impact on the back end.

There is a clear cause-and-effect relationship between the news released on the two
dates, May 25, 2016 and December 29, 2016, and steep changes in stock price and trading volume
following the news. The fact that there was such a sharp and undeniable price impact on both the
front and back ends from the false statement and the corrective disclosure shows that the stock
price incorporated information quickly and changed in the expected direction. This is strong
evidence in favor of market efficiency.
VIII. COMMON DAMAGE METHODOLOGY

Plaintiffs’ counsel has asked me to opine on whether, at the appropriate time, I can
measure per share, out-of-pocket damages under Section 10(b) of the Exchange Act using a
common methodology for all Class members.

I have not conducted a loss causation analysis at this time and reserve the right to
address such issues at the appropriate stage. The loss causation analysis that will be necessary to
actually calculate damages in the current case requires the full development of the record.

Nonetheless, the methodology I can employ to calculate per share, out of pocket
damages stemming from various alleged misrepresentations and omissions will accommodate
alternative potential determinations of liability and will apply to each member of the Class,
depending only on the number of damaged shares each Class member purchased. Using economic
analysis I can estimate the relationship between specific statements or sets of statements and the
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subsequent effect on prices, in the case of affirmative statements, omissions, and/or corrective
disclosures. As such, class-wide damages in response to the specific misrepresentations and
omissions ultimately established by the Plaintiffs can be calculated in a straightforward manner
common to all Class members. Out-of-pocket damages can be measured as the difference between
the amount of stock price inflation at purchase and the amount of inflation in the stock price at sale
taking into account formulaic prescriptions in relevant case law and statutes, including, for
example, the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) (15 U.S.C. § 78u-
4(e)) and the holding in Dura Pharmaceuticals, Inc. v. Broudo, 544 U.S. 336 (2005).

Assuming a Plaintiffs’ verdict on the allegations of fraud, Section 10(b) per share
damages can be measured as follows:
i.
First, valuation tools, which would include event study analysis, and potentially
other empirical analyses if necessary, would be used to establish that the
disclosure(s) correcting the alleged misrepresentations and omissions, caused
the price of Innocoll common stock to fall. This analysis, after controlling for
potentially confounding non-fraud-related information, would determine if the
alleged misrepresentations and omissions had caused the security prices to be
artificially inflated, and that the corrective disclosure(s) caused the inflation to
dissipate, in turn causing investor losses. This analysis would be used to
measure the effect of a disclosure on Innocoll stock price and would apply on a
class-wide basis.
ii.
Second, an inflation ribbon would be constructed, indicating how much
artificial inflation caused by the alleged misrepresentations and omissions was
in the price of Innocoll common stock on each day during the Class Period. An
inflation ribbon is a time series of the difference between the actual stock price
observed in the marketplace, and the estimated price that the stock would have
traded at each day had there been full disclosure from the outset of the Class
Period. Construction of the inflation ribbon generally employs event study
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analysis, combined with widely used and generally accepted valuation tools and
models. The inflation ribbon is often constructed by working chronologically
backwards from the final corrective disclosure to the start of the Class Period,
accounting for the alleged fraud-related residual price declines as they occurred.
Inflation prior to a corrective disclosure that dissipated inflation is greater than
the inflation afterward by the amount of inflation that dissipated. Should it be
determined that a disclosure(s) is not corrective, the methodology described
above can accommodate such a change and adjust per share damages
accordingly. This analysis would also apply on a class-wide basis.
iii.
Third, the measure of per share damages generally applied in 10b-5 cases is the
reduction in the inflation ribbon over an investor’s holding period (the
economic/inflation loss). That is, for each Class member, per share damages
would be calculated as the difference between the inflation on the date shares
were purchased and the inflation on the date those same shares were
subsequently sold (if during the Class Period) or held (if at the end of the Class
Period). Pursuant to the Private Securities Litigation Reform Act of 1995 (the
“PSLRA”) (15 U.S.C. § 78u-4(e)), for any securities sold during the 90-day
period after the end of the Class Period, per share damages would be calculated
as the lesser of the reduction in the dollar inflation over the investor’s holding
period (the economic/inflation loss), or the decline in the stock price (the
investment loss), where the terminal stock price is deemed to be the average
price from the final corrective disclosure date to the sale date. Also pursuant to
the PSLRA, for any shares held 90 days or more beyond the final corrective
disclosure, damages would equal the lesser of the reduction in the dollar
inflation over the investor’s holding period (the economic/inflation loss) or the
decline in the stock price (the investment loss), where the terminal stock price
is deemed to be the average price over the 90 days following the final corrective
disclosure. The calculation of each Class member’s damages would be a
mechanical arithmetic exercise, conducted the same way for all Class members,
applying the results of the Class-wide analyses described above to each Class
member’s trading data.
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Consequently, at the appropriate time, I can calculate each Class member’s per
security damages under Section 10(b) in the same way, common to all Class members, using
readily available daily pricing information, in accordance with widely used and generally accepted
methodologies and the PSLRA.

I have not yet been asked to calculate damages for any of the claims alleged on
behalf of the class, and such calculations will likely depend, in part, on the completion of
discovery. However, the methodology described above is generally accepted and widely used for
calculating damages under Section 10(b) consistently on a Class-wide basis in securities class
actions.
IX.
CONCLUSION

Based on my analyses explained in detail above, I conclude that the Innocoll
common stock traded in an efficient market with regard to publicly disclosed information during
the Class Period.
I also conclude that, with expert assistance, the finder of fact in this matter will be able to
compute damages using a common methodology that applies to the calculation of damages for
each and every Class member.
X.
LIMITING FACTORS AND OTHER ASSUMPTIONS

My analysis and opinions are based on the information available as of the date of
this report. Should any additional data or information become available subsequent to the
submission of this report, I reserve the right to supplement or amend this report.
Dated:
August 31, 2020
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
EDUCATION
1998
Northwestern University, Kellogg Graduate School of Management
Ph.D. in Finance
1992
Oberlin College
B.A. in Economics
TEACHING EXPERIENCE
2014 – Present
Cal Poly San Luis Obispo
Orfalea College of Business
San Luis Obispo, CA
Lecturer in Finance and Economics
BUSINESS EXPERIENCE
2015 – Present
Crowninshield Financial Research
2009 – 2015
Gnarus Advisors/Berkeley Economic Consulting
2008 – 2009
LitiNomics
2004 – 2008
CRA International
2000 – 2003
National Economic Research Associates, Inc.
1998 – 2000
Cornerstone Research
1992 – 1993
Federal Reserve Bank
PAPERS AND PUBLICATIONS
“The Impact of Underwriter Reputation on Equity Offering: An Empirical Study.”
Thesis, 1999.
“The Long-Run Performance of Underwriters and its Impact on Seasoned Equity
Offerings.” 1999.
“Dynamic Measures of Underwriter Reputation: A Study of IPO’s.” 1999.
“CAFE Economics: A Note on the Limits and Effectiveness of Fuel Economy
Regulation.” With Stephen Sheppard, 1992.
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.

“More ‘Dark Pools” Deepen Litigation Issues.” Law360, 2013.

“Recent Trends in Securities Class Action Litigation: Will Enron and Sarbanes-Oxley
Change the Tides.” With Elaine Buckberg, Todd Foster and Ronald Miller, 2003.

“The Effects of the PSLRA and Subsequent Events on Securities Litigation.” With Fred
Dunbar and Todd Foster, prepared for the New York City Bar Association, 2003.

“The Energy Tax: Who Pays?” joint with Mark Schweitzer, in Federal Reserve Bank of
Cleveland’s Economic Commentary, 1993.

PRESENTATIONS

“Cause or Effect: Are Settlement Statistics Driving Down Settlements?”  Presentation to
Robbins Geller Rudman & Dowd, LLP in San Diego, CA on October 10, 2013, Wolf
Popper, LLP in New York, NY on September 18, 2013, Abraham, Fruchter & Twersky,
LLP in New York, NY on September 17, 2013, Robbins Geller Rudman & Dowd, LLP in
Melville, NY on September 11, 2013, Entwistle & Cappucci, LLP in New York, NY on
September 10, 2013, and Faruqi & Faruqi, LLP in New York, NY on September 10,
2013.

“The Economics of Securities Litigation.” Sidley & Austin in Los Angeles, CA on March
14, 2007.

“The Global Cost of Capital.” Panel discussion on valuing assets in foreign countries at
the University of Texas School of Law VALCON conference in Las Vegas on February
8, 2007.

“Economic Damages in Securities Fraud Matters.” NERA Luncheon Seminars with Alan
Cox  given at the Fifth Avenue Suites Hotel in Portland, OR on November 19, 2002 and
at the W Hotel in Seattle, WA on November 20, 2002.

“Shareholder Class Actions: Calculation of Damages.” Presentation to Skadden, Arps,
Slate, Meagher & Flom, LLP in San Francisco, CA on October 30, 2002, Marsh FINPRO
in San Francisco, CA on September 18, 2002, Marsh Risk & Insurance Services in San
Diego, CA on September 17, 2002 and Marsh FINPRO in Los Angeles, CA on
September 13, 2002.

“Capital Formation: Class Action Litigation and Prevention.” Speech and panel
discussion focusing on securities class action litigation, which sometimes arise from
initial public offerings and/or market volatility in the aftermarket. Presented at the 2002
CALBIO Summit in San Diego, CA on April 23, 2002.

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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.

“Shareholder Class Actions after the NASDAQ Bubble.” Speech given to the Securities
Litigation Sub-Committee of the Colorado Bar Association at Holland & Hart, LLP in
Denver, CO on April 17, 2002.

“Trends in Litigation: How Claims and Losses Are Valued.” Speech at the American
Bankers Association Insurance Risk Management Annual Conference in San Diego, CA
on February 4, 2002.

“Recent Trends in Securities Litigation.” “Basic Economic Analysis in Securities Class
Action” and “Challenging the Efficient Market Assumption in Securities Class Action
Matters.” presented to Cooley Godward in San Diego, CA on November 28, 2001.
“Recent Trends in Securities Litigation.” presentation with Marcia Mayer given at
Howard, Rice, Nemerovski, Canady, Falk & Rabkin in San Francisco, CA on November
27, 2001.

“Recent Trends in Securities Litigation.” presentation given to Marsh USA in Denver,
CO on November 8, 2001, and Thelen, Reid & Priest in Los Angeles, CA on November
6, 2001.

“Financial Economics in Litigation.” speech presented to Simpson, Thacher & Bartlett in
Palo Alto, CA on July 31, 2001, Baker & McKenzie in San Diego, CA on July 18, 2001,
Brobeck, Phleger & Harrison in San Francisco, CA on June 25, 2001 and to Latham &
Watkins in San Francisco, CA on June 26, 2001.

“Economic Analysis in Securities Fraud Cases.” Speech with Alan Cox delivered to
Morrison & Forester, San Francisco, CA on July 25, 2001.

“Recent Trends: Shareholder Class Actions Five Years After the PSLRA.” speech
presented to Shearman & Sterling in San Francisco, CA on May 23, 2001, O’Melveny &
Myers in Los Angeles, CA on May 30, 2001 and Gray, Cary, Ware & Freidenrich in San
Diego, CA on June 6, 2001.

EXPERT REPORTS AND TESTIMONY

In Re Horsehead Holding Corp. Securities Litigation. Issued a declaration (2020) and
provided deposition testimony (2020), regarding market efficiency in a securities class
action (U.S.D.C. District of Deleware).

In Re Global Brokerage, Inc. F/K/A FXCM Inc. Securities Litigation. Issued a declaration
(2020), provided deposition testimony (2020), and a rebuttal report, regarding market
efficiency in a securities class action (U.S.D.C. Southern District of New York).

In re Patriot National Inc. Securities Litigation. Issued a declaration (2019) and a
supplemental declaration (2019) on damages in a securities class action (U.S.D.C.
Southern District of New York).
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.

Bing Li, et al. v. Aeterna Zentaris, Inc., et al. Issued a declaration (2016), a report (2017),
and provided deposition testimony (2017) on market efficiency in a securities class
action. Issued a declaration (2019), a reply report (2019), and provided deposition
testimony (2020) on loss causation and damages (U.S.D.C. District of New Jersey).

Hamza Ramzan, et al. v. GDS Holdings Limited, et al. Issued a declaration on NASDAQ
microstructure in a securities class action (U.S.D.C. Eastern District of Texas, Marshall
Division, 2019).

Ivan Nibur, et al. v. SandRidge Mississippian Trust I, et al. Issued a declaration (2018), a
reply declaration (2018), a supplemental reply declaration (2018), and provided
deposition testimony (2018) on market efficiency in a securities class action. Issued a
declaration (2019) a rebuttal declaration (2019), and provided deposition testimony
(2019) on loss causation and damages (U.S.D.C. Western District of Oklahoma).

In Re Insys Therapeutics, Inc. Securities Litigation, Issued a declaration (2019) regarding
market efficiency in a securities class action (United States District Court Southern
District of New York).

Amanda Beezley, et al., v. Fenix Parts, Inc., et al., Issued a declaration (2019) regarding
market efficiency in a securities class action (United States District Court Northern
District of Illinois Eastern Division).

In Re Spectrum Pharmaceuticals, Inc. Securities Litigation, Issued a declaration (2019)
and provided deposition testimony (2019) regarding market efficiency in a securities
class action (United States District Court District of Nevada).

Wayne Mucha, et al. v. Volkswagen Aktiengesellschaft, et al. Issued a declaration on the
benefits of issuing ADRs in a securities class action (U.S.D.C. Eastern District of New
York, 2018).

Michel Desta, et al. v. Wins Finance Holdings, et al. Issued a declaration (2018) and
provided deposition testimony (2018) on market efficiency in a securities class action
(U.S.D.C. Central District of California).

In re: K12 Inc. Securities Litigation. Issued a declaration (2018) and provided deposition
testimony (2018) on market efficiency in a securities class action (U.S.D.C. Northern
District of California).

Robert Colman, et al. v. Theranos, Inc., et al. Issued a declaration on damage
methodology and price impact in a securities class action (U.S.D.C. Northern District of
California, San Jose Division, 2018).

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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.

Andrew Meyer, et al. v. Concordia International Corp., et al. Issued a declaration (2018),
a reply declaration (2018), and provided deposition testimony (2018) on market
efficiency in a securities class action. Issued a declaration (2018), a reply declaration
(2018), and provided deposition testimony (2018) on loss causation and damages (United
States District Court Southern District of New York).

In re: CytRx Corporation Securities Litigation. Issued a declaration (2017) and provided
deposition testimony (2018) on market efficiency in a securities class action (U.S.D.C.
Central District of California).

Lord Abbett Affiliated Fund, Inc., et al. v. American International Group, Inc. Issued a
report on market efficiency, loss causation, and damages in a securities class action
(U.S.D.C. Southern District of New York, 2017).

Xiaolin Chi, et al. v. Qiao Xing Universal Resources, Inc., et al. Issued a report on
damages in a securities class action (District Court of the Virgin Islands, St. Croix
Division, 2017).

John Hosey v. Twitter, Inc., et al. Issued a declaration (2017) and provided deposition
testimony (2017) for rebuttal to Defendants’ Motion for Summary Judgement in a
securities class action (Superior Court of the State of California, County of San Mateo).

Bing Li, et al. v. Aeterna Zentaris, Inc., et al. Issued a declaration (2016), a report (2017),
and provided deposition testimony (2017) on market efficiency in a securities class action
(U.S.D.C. District of New Jersey).

Gwyn R. Hartman Revocable Living Trust v. Southern Michigan Bancorp, Inc. et al.
Issued a report on damages arising from alleged exclusions in a proxy solicitation
(U.S.D.C. Western District of Michigan, 2017).

Fred Kelsey, et al. v. Textura Corporation, et al. Issued a declaration (2017) and
provided deposition testimony (2017) on market efficiency in a securities class action
(U.S.D.C. Northern District of Illinois).

Dave Carlton, et al. v. Fred Cannon. Issued a declaration on market efficiency in a
securities class action (U.S.D.C. Southern District of Texas, Houston Division, 2016).

James Middlemiss v. Penn West Petroleum LTD., et al. Issued a report on damages in a
securities class action (Superior Court of Justice Ontario, Canada, 2016).

David Loritz, et al. v. Exide Technologies, et al. Issued a report on damages and loss
causation in a securities class action (U.S.D.C. Central District of California, 2015)

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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.

Xiaolin Chi, et al. v. Qiao Xing Universal Resources, Inc., et al. Issued a report on
damages in a securities class action (District Court of the Virgin Islands, St. Croix
Division, 2015).

Manishkumar Khunt, et al. v. Alibaba Group Holding Limited, et al. Issued a declaration
on potential investor damages in a securities class action (U.S.D.C. Southern District of
New York, 2015).

Biotechnology Value Fund, L.P. et al. v. Celera Corporation et al.  Issued a report
(2014), a reply report (2014), a supplemental report (2014), and provided deposition
testimony (2014) on damages arising from a merger (U.S.D.C. Northern District of
California).

In re: Hi-Crush Partners L.P. Securities Litigation.  Issued a declaration (2014), a
supplemental declaration (2014), and provided deposition testimony (2014) on market
efficiency in a securities class action (U.S.D.C. Southern District of New York).

Ian Mausner v. MarketByte LLC, et al.  Issued a declaration about investment advisor
incentives and liquidity needs in a securities class action (U.S.D.C. Southern District of
California, 2014).

Artes Medical, Inc. v. Lemperle et al. Provided deposition testimony on behalf of
defendants about alleged damages caused by a proxy contest (Superior Court of the State
of California, County of San Diego, Central District, 2013).

In re: Ebix Inc. Securities Litigation. Issued a declaration (2012) and provided deposition
testimony (2013) on market efficiency in a securities class action (U.S.D.C. Northern
District of Georgia, Atlanta Division).

Erik Poole and William Rhody v. Alange Energy Corp., et al. Issued a report (2012) and a
reply report (2013) on market efficiency and damages in a securities class action
(Superior Court of Justice Ontario, Canada).

In re: Hecla Mining Securities Litigation. Issued a declaration on investor losses in a
securities class action (U.S.D.C. District of Idaho, 2012).

Mark Henning, Roman Zaretski and Chrisitan Stillmark v. Orient Paper, Inc. et al. Issued
a declaration (2011), a supplemental declaration (2012) and provided deposition
testimony (2012) on market efficiency in a securities class action (U.S.D.C. Central
District of California).

Carlos Munoz et al. v. China Expert Technology, Inc., et al. Issued a declaration (2012), a
supplemental declaration (2012) and provided deposition testimony (2012) in a securities
class action on market efficiency (U.S.D.C. Southern District of New York).

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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.

Theodore Dean, et al. v. China Agritech, Inc., et al. Issued a declaration (2012), a
supplemental declaration (2012) and provided deposition testimony (2012) in a case on
market efficiency in a securities class action (U.S.D.C. Central District of California).

Robert Michael Shenk, Derivatively on Behalf of Sirius XM Radio Inc. v. Melvin Alan
Karmazin, et al. Issued an expert report (2011), a supplemental expert report (2012) and
provided deposition testimony (2012) in a case involving damages in a shareholder
derivative matter (U.S.D.C. Southern District of New York).

Pathway Investments Pty Ltd and Doystoy Pty Ltd v. National Australia Bank Ltd.
Submitted a report on survey techniques, the efficient market hypothesis and liquidity in
a securities class action (Supreme Court of Victoria at Melbourne, Australia, Commercial
and Equity Division, Commercial Court, 2012).

Bruce Simmonds, Robert Grant and Gordon Moore v. Armtec Infrastructure Inc. et al.
Issued a report on market efficiency and damages in a securities class action (Superior
Court of Justice Ontario, Canada, 2011).

In re: BP plc. Securities Litigation. Issued a declaration on damages and materiality in a
securities class action (U.S.D.C. Southern District of Texas, Houston Division, 2010).

In re: Tripath Technology Inc., Debtor. Issued a report (2009) and provided deposition
testimony (2010) on damages arising from Directors’ and Officers’ breach of fiduciary
duty in bankruptcy court (U.S.B.C. Northern District of California, San Jose Division).

David Ainslie and Muriel Marentette v. CV Technologies et al. Issued a report estimating
damages in a securities class action (Superior Court of Justice, Ontario, Canada, 2010).

Harry Stackhouse, on Behalf of Himself and All Others Similarly Situated v. Toyota
Motor Corporation, et al. Issued a declaration on the relationship between Toyota’s U.S.
stock price and Japanese stock price in a securities class action (U.S.D.C. Central District
of California, 2010).

Phillip Elliot and William Kormos v. NovaGold Resources Inc., et al. Issued a declaration
in a securities class action on trading volume in the U.S. versus Canada. (Superior Court
of Justice, Ontario, Canada, 2010).

International Arbitration between a private equity firm and Chinese biotech company.
Issued a report (2008) and testified (2009) before an International Arbitration Committee
regarding the value of a private equity investment.

Arbitration between Albert Richards and Old Republic Title Insurance. Deposed
regarding estimated damages incurred by plaintiff as a result of a forced sale of Russian
securities due to Old Republic’s breach of contract (2008).

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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.

Californians United for a Responsible Budget, et al., v. California State Public Works
Board, et al. Issued a report on the cost of issuing revenue bonds to fund California
prison expansion (The Superior Court for the State of California, County of Sacramento,
2008).

Arbitration between Daniel Lyons and Morgan Lyons, and Chinese Hospital Association
and Sam English. Deposed regarding plaintiffs’ calculated damages arising from asbestos
exposure for plaintiff (2003).

ENGAGEMENTS

Securities and Finance

In re: China Medicine Corporation Securities Litigation. Retained by class counsel to
estimate damages and determine market efficiency in a securities class action.

In re: Citigroup Inc. Securities Litigation. Testified as to damages and inflation in a
securities class action.

In re: Bank of America Corp. Securities, Derivative, and Employee Retirement Income
Security Act (ERISA) Litigation. Retained by class counsel as damages expert in a
derivative securities class action.

Government of Guam Retirement Fund et al. v Countrywide Financial Corp, et al.
Retained by class counsel to estimate damages in a securities class action.

Keith Cohn v. Sanford C. Bernstein & Co., LLC and Alliance Bernstein LP. Retained by
client to testify on portfolio risk in a FINRA arbitration.

In re: Semgroup Energy Partners, L.P., Securities Litigation. Retained by Plaintiffs to
estimate damages in a securities class action.

Asbestos Workers Philadelphia Pension Fund v. Merix Corporation, et al. Retained by
Plaintiffs to evaluate fairness of merger between Merix and Viasystems.

Retained by Goldman Sachs to provide consulting on the IPO process, the valuation of
securities at IPO and the possible impact of “tie-in” agreements on the pricing of IPOs for
the purpose of analyzing class certification and damages.

Joseph Phelps Vineyards, Inc., et al., v Craig Williams, et al. Retained by Joseph Phelps
Vineyards to estimate the value of the winery as part of arbitration.

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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.

UnitedHealth Group Option Backdating Investigation. Retained by a Special Litigation
Committee formed by UnitedHealth Group’s board of directors to estimate harm caused
by company’s decision to backdate options.

SEC v. Henry Nicholas, et al. Retained by founder of Broadcom to estimated harm
caused by company’s decision to backdate options.

Enrico Bondi on behalf of Parmalat S.p.A. v. Bank of America et al. Hired by Bank of
America to rebut damage arguments regarding Bank of America’s role in Parmalat’s
eventual bankruptcy.

Capital Trading Co. v. Conor Medsystems. Retained to analyze a fairness opinion issued
by Citigroup regarding the price offered by Johnson & Johnson to acquire Conor.

Enron Solvency. Retained by the surviving Enron Corporation to estimate the value of its
assets for litigation purposes.

SEC v. Spear Leeds Kellogg (Goldman Sachs.) et al. Estimated damages associated with
trading ahead allegations made by the SEC on behalf of Goldman market makers on the
New York Stock Exchange, American Stock Exchange, Philadelphia Stock Exchange and
the Chicago Board of Options Exchange.

General Fire and Casualty co. et al. v. Guy Carpenter and Co., Inc. Hired by defendant to
rebut allegations that it had given incorrect advice to the plaintiff regarding reinsurance
contracts.

R.D. Hubbard v. Pinnacle Entertainment, Inc. Analyzed the value of options granted and
later rescinded on behalf of our client, the defendant.

Thomas Slemmer, et al. v. Cucamonga Valley Water District, et al. Estimated the value
of restricted stock in a mutual water company.

Department of Labor v. Genuity (investigation). Assisted Genuity in an investigation by
the Department of Labor as to whether or not Genuity stock was a safe investment for
Genuity’s pension fund. Investigation was dismissed.

Jason Stanley, et al. v. Safeskin Corporation, et al. Estimated damages and consulted on
materiality for defendant in a securities class action.

Nanogen, Inc. v. Donald D. Montgomery and CombiMatrix Corporation. Estimated
damages for defendant in cross complaint over a failed IPO resulting from plaintiff’s
claims of patent infringement in genomic industry.

Conseco, Inc. Securities Litigation. Retained by defendants to calculate damages in a
securities class action matter.
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.

Madison/OHI Liquidity Investors, LLC v. Omega Healthcare Investors. Estimated
damages to Madison’s investment funds as a result of the early termination of a debt
facility.

Barbara Rosen, et al. v. Macromedia, Inc., et al. Prepared rebuttal analyses in securities
class action suit on behalf of Macromedia.

Karen Yarborough v. PeopleSoft, Inc. and Does 1-20. Calculated value of stock option
package in wrongful termination suit on behalf of PeopleSoft.

Michael Carabetta v. Novadigm, Inc., et al. Did analysis of damages to a former company
insider on behalf of Novadigm. Estimated value of lost options and salary.

Allen T. Gilliland Trust, et al. v. H&F MobileMedia Partners, LLC, et al. Engaged by
auditors to analyze plaintiffs’ decision to affirm a prior transaction.

California Federal Bank v. United States. Estimated damages caused by government in
breach of contract case on behalf of Cal Fed.

LaSalle Talman v. United States. Estimated damages caused by government in breach of
contract case on behalf of LaSalle Talman.

Intellectual Property

Transocean v. Maersk. Retained by Maersk to defend claims of patent infringement in
case involving oil drilling technology.

Abbott Laboratories, et al. v. Sandoz, Inc. Retained on behalf of Abbott to estimate patent
infringement damages as a result of Sandoz’s decision to introduce a generic drug prior to
the expiration of a patent.

LG Phillips LCD Co., LTD v. Tatung, Chunghwa Picture Tubes, et al. Provided rebuttal
analysis for defendants in a patent infringement case dealing with LCD technology.

PostX Corporation v. Secure Data in Motion, Inc. d/b/a/ Sigaba Corporation. Calculated
damages arising from tortuous interference and patent infringement in the secure
document delivery market. Client was victorious on both complaint and cross-complaint.

Larkspur Data Resources, Inc. v. Trust Administrators, et al. Assisted plaintiff in
calculating damages in trademark and copyright infringement case involving proprietary
databases.

56
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.

Dioptics Medical Products, Inc. v. The Cooper Companies, Inc.; CooperVision, Inc.; A.
Thomas Bender; and Does 1-15. Retained by plaintiff to calculate damages in a copyright
infringement case over naming of eyewear.

Intel Corporation v. Broadcom Corporation. Retained by Broadcom to estimate damages
alleged by Intel based on charges of patent infringement.

Australia Vision Services Pty. Ltd. v. Dioptics Medical Products, Inc., Henry Lane, and
individual, and Does 1-10. Estimated profits lost by Dioptics as a result of a competitor’s
allegations of patent infringement.

American Booksellers Association, Inc. v. Barnes & Noble, et al. Worked on analysis of
publisher discounts and analysis of openings and closings of bookstores on behalf of
Borders.

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Exhibit-2
Documents and Other Information Considered
CASE DOCUMENTS

Amended Class Action Complaint For Violations Of The Federal Securities Laws, filed
May 25, 2017.
NEWS ARTICLES/PRESS RELEASES

Factiva news articles (358) from July 25, 2014 to July 4, 2017, downloaded using the
following search parameters: All Sources; All Subjects; Company: Innocoll Holdings
PLC; All Subjects; All Industries; All Regions.

“Pivotal Pharmacokinetic Study of Innocoll's XaraColl(R) Supports Use of 300 mg Dose
for Phase 3 Clinical Studies in Post-Operative Pain,” GlobeNewswire, Company press
release, April 1, 2015, 7:00 AM.

“Innocoll AG Announces Qualified Infectious Disease Product (QIDP) Designation for
Cogenzia for the Adjunctive Treatment of Moderate and Severe Diabetic Foot Infection,”
GlobeNewswire, Company press release, July 30, 2014, 7:00 AM.

“Innocoll Holdings plc Announces Pricing of Public Offering of Ordinary Shares,”
GlobeNewswire, Company press release, June 16, 2016, 10:00 PM.

“Innocoll Holdings plc Announces the Completion of Enrollment in Two Pivotal Phase 3
Clinical Trials of COGENZIA for the Treatment of Diabetic Foot Infections,”
GlobeNewswire, Company press release, June 23, 2016, 9:00 AM.

“Innocoll Holdings plc Announces Second Quarter 2016 Financial and Operating Results
and Provides Corporate Update,” GlobeNewswire, Company press release, August 17,
2016, 8:00 AM.

“Innocoll Announces Top-Line Data From Phase 3 Trials With COGENZIA and NDA
Submission for XARACOLL,” GlobeNewswire, Company press release, November 3,
2016, 4:31 PM.

“Innocoll Holdings plc Announces Third Quarter 2016 Financial and Operating Results
and Provides Corporate Update,” GlobeNewswire, Company press release, November 22,
2016, 8:00 AM.

“Innocoll Receives Refusal to File Letter from U.S. FDA for XARACOLL®
(bupivacaine HCl collagen-matrix implants) New Drug Application,” GlobeNewswire,
Company press release, December 29, 2016, 5:00 PM.

ANALYST REPORTS

Piper Jaffray, 19 August 2014.
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Exhibit-2
Documents and Other Information Considered

JMP, 19 August 2014.

JMP, 13 November 2014.

Piper Jaffray, 14 November 2014.

Piper Jaffray, 19 March 2015.

JMP, 20 March 2015.

JMP, 20 March 2015.

JMP, 02 April 2015.

Piper Jaffray, 14 May 2015.

JMP, 14 May 2015.

JMP, 14 May 2015.

JMP, 14 August 2015.

JMP, 14 August 2015.

Piper Jaffray, 16 August 2015.

JMP, 12 November 2015.

JMP, 09 December 2015.

JMP, 17 March 2016.

Piper Jaffray, 17 March 2016.

JMP, 19 May 2016.

JMP, 19 May 2016.

JMP, 25 May 2016.

Janney Montgomery Scott, 25 May 2016.

JMP, 25 May 2016.

Piper Jaffray, 25 May 2016.

JMP, 25 May 2016.

Janney Montgomery Scott, 01 June 2016.

JMP, 01 June 2016.

Piper Jaffray, 01 June 2016.

JMP, 01 August 2016.

JMP, 17 August 2016.

Piper Jaffray, 17 August 2016.

Janney Montgomery Scott, 18 August 2016.

JMP, 17 October 2016.

Piper Jaffray, 20 October 2016.

JMP, 25 October 2016.

Piper Jaffray, 25 October 2016.

JMP, 03 November 2016.

Janney Montgomery Scott, 04 November 2016.

Piper Jaffray, 04 November 2016.

JMP, 07 November 2016.

JMP, 22 November 2016.
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Exhibit-2
Documents and Other Information Considered

JMP, 22 November 2016.

Piper Jaffray, 22 November 2016.

Janney Montgomery Scott, 23 November 2016.

JMP, 29 December 2016.

Janney Montgomery Scott, 30 December 2016.

JMP, 30 December 2016.
SEC FILINGS

Innocoll Holdings PLC, Form F-1, filed June 19, 2014.

Innocoll Holdings PLC, Form F-1, filed June 19, 2014.

Innocoll Holdings PLC, Form F-1A, filed July 15, 2014.

Innocoll Holdings PLC, Form F-6, filed July 17, 2014.

Innocoll Holdings PLC, Form 8-A12B, filed July 23, 2014.

Innocoll Holdings PLC, Form F-1A, filed July 24, 2014.

Innocoll Holdings PLC, Form F-1A, filed July 24, 2014.

Innocoll Holdings PLC, Form 424B4, filed July 25, 2014.

Innocoll Holdings PLC, Form FWP, filed July 25, 2014.

Innocoll Holdings PLC, Form POS_AM, filed July 25, 2014.

Innocoll Holdings PLC, Form POS_EX, filed July 29, 2014.

Innocoll Holdings PLC, Form 6-K, filed September 12, 2014.

Innocoll Holdings PLC, Form 6-K, filed October 22, 2014.

Innocoll Holdings PLC, Form 6-K, filed November 13, 2014.

Innocoll Holdings PLC, Form 6-K, filed December 4, 2014.

Innocoll Holdings PLC, Form 6-K, filed December 8, 2014.

Innocoll Holdings PLC, Form 6-K, filed December 19, 2014.

Innocoll Holdings PLC, Form 6-K, filed March 19, 2015.

Innocoll Holdings PLC, Form 20-F, filed March 19, 2015.

Innocoll Holdings PLC, Form F-1, filed April 10, 2015.

Innocoll Holdings PLC, Form F-1A, filed April 20, 2015.

Innocoll Holdings PLC, Form F-1A, filed April 22, 2015.

Innocoll Holdings PLC, Form F-1A, filed April 23, 2015.

Innocoll Holdings PLC, Form 424B4, filed April 27, 2015.

Innocoll Holdings PLC, Form 6-K, filed May 14, 2015.

Innocoll Holdings PLC, Form 6-K, filed July 8, 2015.

Innocoll Holdings PLC, Form 6-K, filed July 16, 2015.

Innocoll Holdings PLC, Form 6-K, filed August 14, 2015.

Innocoll Holdings PLC, Form 6-K, filed August 28, 2015.

Innocoll Holdings PLC, Form 6-K, filed September 21, 2015.

Innocoll Holdings PLC, Form F-3, filed September 29, 2015.
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Exhibit-2
Documents and Other Information Considered

Innocoll Holdings PLC, Form F-3A, filed October 8, 2015.

Innocoll Holdings PLC, Form 6-K, filed October 9, 2015.

Innocoll Holdings PLC, Form 6-K, filed November 12, 2015.

Innocoll Holdings PLC, Form 425, filed December 9, 2015.

Innocoll Holdings PLC, Form F-4, filed December 10, 2015.

Innocoll Holdings PLC, Form 6-K, filed December 21, 2015.

Innocoll Holdings PLC, Form 425, filed December 21, 2015.

Innocoll Holdings PLC, Form 424B3, filed December 22, 2015.

Innocoll Holdings PLC, Form 425, filed December 22, 2015.

Innocoll Holdings PLC, Form F-4A, filed December 22, 2015.

Innocoll Holdings PLC, Form 6-K, filed December 24, 2015.

Innocoll Holdings PLC, Form 6-K, filed February 4, 2016.

Innocoll Holdings PLC, Form 425, filed February 4, 2016.

Innocoll Holdings PLC, Form 8-K12B, filed March 16, 2016.

Innocoll Holdings PLC, Form 6-K, filed March 17, 2016.

Innocoll Holdings PLC, Form 20-F, filed March 17, 2016.

Innocoll Holdings PLC, Form 6-K, filed April 27, 2016.

Innocoll Holdings PLC, Form POS_AM, filed May 16, 2016.

Innocoll Holdings PLC, Form 6-K, filed May 25, 2016.

Innocoll Holdings PLC, Form 6-K, filed May 31, 2016.

Innocoll Holdings PLC, Form S-8, filed June 3, 2016.

Innocoll Holdings PLC, Form 424B5, filed June 13, 2016.

Innocoll Holdings PLC, Form FWP, filed June 16, 2016.

Innocoll Holdings PLC, Form 424B5, filed June 17, 2016.

Innocoll Holdings PLC, Form 6-K, filed June 20, 2016.

Innocoll Holdings PLC, Form 6-K, filed August 2, 2016.

Innocoll Holdings PLC, Form 6-K, filed August 17, 2016.

Innocoll Holdings PLC, Form 6-K, filed September 8, 2016.

Innocoll Holdings PLC, Form 6-K, filed November 22, 2016.

Innocoll Holdings PLC, Form 8-K, filed February 16, 2017.

Innocoll Holdings PLC, Form 8-K, filed March 16, 2017.

Innocoll Holdings PLC, Form 10-K, filed March 16, 2017.

Innocoll Holdings PLC, Form 8-K, filed March 29, 2017.

Innocoll Holdings PLC, Form 8-K, filed April 6, 2017.

Innocoll Holdings PLC, Form DEFA14A, filed April 6, 2017.

Innocoll Holdings PLC, Form 10-KA, filed April 19, 2017.

Innocoll Holdings PLC, Form PREM14A, filed April 21, 2017.

Innocoll Holdings PLC, Form DEFA14A, filed April 27, 2017.

Innocoll Holdings PLC, Form 8-K, filed May 3, 2017.

Innocoll Holdings PLC, Form 8-K, filed May 10, 2017.
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Exhibit-2
Documents and Other Information Considered

Innocoll Holdings PLC, Form DEFA14A, filed May 10, 2017.

Innocoll Holdings PLC, Form DEFA14A, filed May 10, 2017.

Innocoll Holdings PLC, Form 10-Q, filed May 10, 2017.

Innocoll Holdings PLC, Form DEFA14A, filed May 11, 2017.

Innocoll Holdings PLC, Form DEFA14A, filed May 12, 2017.

Innocoll Holdings PLC, Form DEFA14A, filed May 26, 2017.

Innocoll Holdings PLC, Form DEFA14A, filed May 30, 2017.

Innocoll Holdings PLC, Form 8-K, filed June 28, 2017.
ACADEMIC AND PROFESSIONAL LITERATURE

Aktas, Nihat, Eric De Bodt, and Jean-Gabriel Cousin, “Event Studies with a
Contaminated Estimation Period,” Journal of Corporate Finance, 2007.

Alexander, Gordon J., et al., “What Does Nasdaq’s High-Yield Bond Market Reveal
about Bondholder-Shareholder Conflict?” Financial Management, Vol. 29(1), Spring
2000.

Allen, Franklin, Stewart Myers, and Richard Bradley, “How Corporations Issue
Securities,” Principles of Corporate Finance, McGraw Hill Irwin, 8th ed.

Anderson, David R., Dennis J. Sweeny, and Thomas A. Williams, Statistics for Business
and Economics, 2nd ed., West Publishing, 1984.

Atkins, Allen B. and Edward A. Dyl, “Price Reversals, Bid-Ask Spreads, and Market
Efficiency,” Journal of Financial and Quantitative Analysis, 1990.

Barber, Brad M., Paul A. Griffin, and Baruch Lev, “The Fraud-on-the-Market Theory and
the Indicators of Common Stock Efficiency,” Journal of Corporation Law, 1994.

Binder, John J., “Measuring the Effects of Regulation with Stock Price Data,” The RAND
Journal of Economics, 1985.

Binder, John, “The Event Study Methodology Since 1969,” Review of Quantitative
Finance and Accounting Vol. 11, 1998.

Box, G. E. P., and G. C. Tiao “Intervention Analysis with Applications to Economic and
Environmental Problems,” Journal of the American Statistical Association, 1975.

Brav, Alon and J.B. Heaton, “Event Studies In Securities Litigation: Low Power,
Confounding Effects, And Bias,” Washington University Law Review, March 30, 2015.

Campbell, John Y., Andrew W. Lo and A. Craig MacKinlay, The Econometrics of
Financial Markets, Princeton University Press, 1997.

Chung, Dennis, and Karel Hrazdil, “Liquidity and market efficiency: Analysis of
NASDAQ firms,” Global Finance Journal, 21, 2010.

Corrado, Charles J., “Event Studies: A Methodology Review,” Accounting and Finance
51, 2011.

“Corporate Bond Operational Underwriting Process: Business Practices in ‘Plain
English,’” The Bond Market Association, December 9, 2004.
62
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Exhibit-2
Documents and Other Information Considered

Crew, Nicholas I., et al., “Federal Securities Acts and Areas of Expert Analysis,”
Litigation Services Handbook; Chapter 24, The Role of the Financial Expert, 5th ed.,
edited by Roman L. Weil, Daniel G. Lentz, and David P. Hoffman, John Wiley & Sons,
Inc., 2012.

Fabozzi, Frank, and Jones, Frank, “The Primary and Secondary Bond Markets,” Chapter
3, in The Handbook of Fixed Income Securities, 7th ed., edited by Frank J. Fabozzi and
Steven V. Mann, McGraw-Hill, 2005.

Fama, Eugene and Kenneth French, “The Cross-Section of Expected Stock Returns,”
Journal of Finance, Vol XLVII, No 2, June 1992.

Fama, Eugene F., “Efficient Capital Markets: II,” Journal of Finance, 1991.

Fama, Eugene, “Efficient Capital Markets: A Review of Theory and Empirical Work,”
Journal of Finance, 1970.

Ferrillo, Paul, Frederick Dunbar, and David Tabak, “The ‘less than’ Efficient Capital
Markets Hypothesis: Requiring More Proof From Plaintiffs in Fraud-On-The-Market
Cases,” St. John’s Law Review 78 (81), Winter 2004.

Handjinicolaou, George, and Kalay, Avner, “Wealth Redistributions or Changes in Firm
Value: An Analysis of Returns to Bondholders and Stockholders Around Dividend
Announcements”, Journal of Financial Economics, March 1984.

Harris, Larry “Trading & Exchanges: Market Microstructure for Practitioners,” Oxford
University Press, 2003.

Hartzmark, Michael L., and J. Nejat Seyhun, “The Curious Incident of the Dog That
Didn’t bark and Establishing Cause-and-Effect in Class Action Securities Litigation,” Va.
L & Bus. Rev. 6, 2011.

Hong, G, and Warga, A., “An Empirical Study of Bond Market Transactions,”, Financial
Analysts Journal, Vol. 56, No. 2, Spring 2000.

Hotchkiss, Edith, and Tavy Ronen, “The Informational Efficiency of the Corporate Bond
Market: An Intraday Analysis,” The Review of Financial Studies, 2002.

Larcker, David F., et al., “Testing for Market Efficiency: A Comparison of the
Cumulative Average Residual Methodology and Intervention Analysis,” Journal of
Financial & Quantitative Analysis, 1980.

Malatesta, Paul H., “Measuring Abnormal Performance: The Event Parameter Approach
Using Joint Generalized Least Squares,” The Journal of Financial and Quantitative
Analysis, 1986.

Mason, Robert D., Douglas A. Lind, and William G. Marchal, Statistical Techniques in
Business and Economics, 10th ed., Irwin McGraw-Hill, 1999.

Piotroski, Joseph, and Darren Roulstone, “The Influence of Analysts, Institutional
Investors, and Insiders on the Incorporation of Market, Industry, and Firm-Specific
Information into Stock Prices,” The Accounting Review, Vol. 79, No. 4, 2004.

Reference Manual on Scientific Evidence, 3rd ed. Washington: The National Academies
Press, 2011.
63
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Exhibit-2
Documents and Other Information Considered

Tabak, David I., and Frederick C. Dunbar, “Materiality and Magnitude: Event Studies in
the Courtroom,” in Litigation Services Handbook, The Role of the Financial Expert, 3rd
ed., edited by Roman L. Weil, Michael J. Wagner, and Peter B. Frank, John Wiley &
Sons, Inc., 2001.

Tabak, David, “Use and Misuse of Event Studies to Examine Market Efficiency,” NERA
White Paper, April 30, 2010.

Thompson, Rex, “Conditioning the Return-Generating Process on Firm-Specific Events:
A Discussion of Event Study Methods,” The Journal of Financial and Quantitative
Analysis, 1985.

Weston, James, “Electronic Communication Networks and Liquidity on the Nasdaq,”
Journal of Financial Services Research, 22:1/2, 2012.
CONFERENCE CALLS

“Top Line Results from Two Pivotal Phase 3 Trials of Xaracoll,” Provided by Plaintiff’s
Council, conference call, May 25, 2016.

“Q1 2016 Innocoll Holdings PLC Earnings Call,” Thomson Reuters, conference call,
May 31, 2016.

“Cogenzia Phase 3 Clinical Trials Results Call,” Bloomberg, conference call, November
4, 2016.

“Q3 2016 Innocoll Holdings PLC Earnings Call,” Thomson Reuters, conference call,
November 22, 2016.
DATA AND DATABASES

Bloomberg

Capital IQ

CRSP (Center for Research in Security Prices)

EDGAR

Factiva

FactSet

Thomson Eikon

WRDS
LEGAL CASES

Amgen Inc. v. Conn. Ret. Plans & Trust Funds, 568 U.S. 455, 458 (2013).

Basic, Inc. v. Levinson, 485 U.S. 224, 241 (1988).

Cammer v. Bloom, 711 F. Supp. 1264 (D.N.J. 1989).
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Exhibit-2
Documents and Other Information Considered

Cheney v. CyberGuard Corp., 213 F.R.D. 484 (S.D. Fla. 2003).

Christel Billhofer, et al. v. Flamel Technologies, S.A., et al., 281 F.R.D. 150 (S.D.N.Y. 2012).

Dura Pharmaceuticals, Inc. v. Broudo, 544 U.S. 336 (2005).

Halliburton Co. Et Al. v. Erica P. John Fund, Inc., 573 U.S. 10 (2014).

In re Alston SA Sec. Litig., 253 F.R.D. 266 (S.D.N.Y. 2008).

In re DVI, Inc. Securities Litigation, 249 F.R.D. (3d Cir. 2011).

In re Healthsouth Corporation Securities Litigation, 261 F.R.D. 633 (N.D. Ala. 2009).

In Re Polymedica Corp. Sec. Litig., 453 F. Supp. 2d 260 (D. Mass 2006).

Krogman v. Sterritt, 202 F.R.D. 467 (N.D.Tex. 2001).

McIntire v. China MediaExpress Holdings, Inc., 38 F. Supp. 3d 415, 430 (S.D.N.Y. 2014).

Nguyen v. Radient Pharm. Corp., 287 F.R.D. 563, 573 (C.D. Cal. 2012).

Unger v. Amedisys, 401 F.3d 316 (5th Cir. 2005).

Vinh Nguyen v. Radient Pharmaceuticals Corp. et al., F.R.D. 563 (S.D.CA. 2012).

OTHER

Brief of Testifying Economists as Amici Curiae in Support of Respondent, Halliburton
Co. and David Lesar v., Erica P. John Fund, Inc., FKA Archdiocese of Milwaukee
Supporting Fund, Inc., February 5, 2014.

https://www.sec.gov/answers/rule144.htm.

Private Securities Litigation Reform Act of 1995 (15 U.S.C. § 78u-4(e)).

“Revisions to the Eligibility Requirements for Primary Securities Offerings on Forms S-3
and F-3,” SEC Release No. 33-8878, December 19, 2007.

Section 10(b) of the Exchange Act of 1934.

U.S. Securities & Exchange Commission Rule 10b-5

Other documents cited in my report.
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July 25, 2014
23.18%
August 1, 2014
7.04%
August 8, 2014
1.21%
August 15, 2014
0.46%
August 22, 2014
2.94%
August 29, 2014
5.39%
September 5, 2014
0.67%
September 12, 2014
0.56%
September 19, 2014
0.45%
September 26, 2014
0.70%
October 3, 2014
0.22%
October 10, 2014
0.78%
October 17, 2014
2.25%
October 24, 2014
1.67%
October 31, 2014
0.76%
November 7, 2014
0.21%
November 14, 2014
0.24%
November 21, 2014
0.40%
November 28, 2014
0.26%
December 5, 2014
0.34%
December 12, 2014
0.23%
December 19, 2014
0.21%
December 26, 2014
0.34%
January 2, 2015
0.62%
January 9, 2015
0.47%
January 16, 2015
0.84%
January 23, 2015
0.29%
January 30, 2015
0.57%
February 6, 2015
0.27%
February 13, 2015
0.18%
February 20, 2015
0.05%
February 27, 2015
0.15%
March 6, 2015
0.53%
March 13, 2015
0.03%
March 20, 2015
0.13%
March 27, 2015
0.14%
April 2, 2015
0.21%
April 10, 2015
1.25%
April 17, 2015
0.24%
April 24, 2015
5.56%
May 1, 2015
1.12%
May 8, 2015
1.02%
May 15, 2015
0.37%
May 22, 2015
0.33%
May 29, 2015
0.13%
Exhibit-3
Average Weekly Volume as a Percentage of Outstanding Shares
Week Ending
Shares Traded as a
Percent of Outstanding Shares
66
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 69 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 71 of
120

Exhibit-3
Average Weekly Volume as a Percentage of Outstanding Shares
Week Ending
Shares Traded as a
Percent of Outstanding Shares
June 5, 2015
0.41%
June 12, 2015
0.23%
June 19, 2015
0.24%
June 26, 2015
0.31%
July 2, 2015
0.29%
July 10, 2015
0.10%
July 17, 2015
0.15%
July 24, 2015
0.09%
July 31, 2015
0.24%
August 7, 2015
0.13%
August 14, 2015
0.21%
August 21, 2015
0.10%
August 28, 2015
0.11%
September 4, 2015
0.07%
September 11, 2015
0.42%
September 18, 2015
0.05%
September 25, 2015
0.18%
October 2, 2015
0.46%
October 9, 2015
0.03%
October 16, 2015
0.14%
October 23, 2015
0.15%
October 30, 2015
0.24%
November 6, 2015
0.22%
November 13, 2015
0.02%
November 20, 2015
0.13%
November 27, 2015
0.23%
December 4, 2015
0.99%
December 11, 2015
0.26%
December 18, 2015
0.24%
December 24, 2015
0.08%
December 31, 2015
0.34%
January 8, 2016
0.22%
January 15, 2016
0.22%
January 22, 2016
0.05%
January 29, 2016
0.12%
February 5, 2016
0.04%
February 12, 2016
0.04%
February 19, 2016
0.03%
February 26, 2016
0.23%
March 4, 2016
0.07%
March 11, 2016
0.12%
March 18, 2016
0.02%
March 24, 2016
0.04%
March 31, 2016
0.25%
April 8, 2016
0.14%
67
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 70 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 72 of
120

Exhibit-3
Average Weekly Volume as a Percentage of Outstanding Shares
Week Ending
Shares Traded as a
Percent of Outstanding Shares
April 15, 2016
0.09%
April 22, 2016
0.08%
April 29, 2016
0.18%
May 6, 2016
0.09%
May 13, 2016
0.13%
May 20, 2016
0.04%
May 27, 2016
0.83%
June 3, 2016
0.64%
June 10, 2016
0.37%
June 17, 2016
8.59%
June 24, 2016
4.46%
July 1, 2016
1.80%
July 8, 2016
1.32%
July 15, 2016
1.60%
July 22, 2016
0.94%
July 29, 2016
1.52%
August 5, 2016
0.67%
August 12, 2016
0.59%
August 19, 2016
0.70%
August 26, 2016
0.21%
September 2, 2016
0.26%
September 9, 2016
0.27%
September 16, 2016
0.27%
September 23, 2016
0.30%
September 30, 2016
0.49%
October 7, 2016
1.17%
October 14, 2016
0.84%
October 21, 2016
2.34%
October 28, 2016
2.24%
November 4, 2016
3.69%
November 11, 2016
1.18%
November 18, 2016
1.00%
November 25, 2016
0.65%
December 2, 2016
0.81%
December 9, 2016
0.80%
December 16, 2016
1.66%
December 23, 2016
1.53%
December 29, 2016
1.39%
0.93%
Source: CRSP.
Average weekly volume as percentage of outstanding
shares:
68
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 71 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 73 of
120

Exhibit-4
Innocoll Research Reports and Analyst Recommendations
Research reports & analyst recommendations issued during Class Period
45
Research & Recommendations
July 25, 2014 through December 30, 2016
Date
Content Provider
Recommendation
1
August 19, 2014
Piper Jaffray
Overweight
2
August 19, 2014
JMP
Market Outperform
3
November 13, 2014
JMP
Market Outperform
4
November 14, 2014
Piper Jaffray
Overweight
5
March 19, 2015
Piper Jaffray
Overweight
6
March 20, 2015
JMP
Market Outperform
7
March 20, 2015
JMP
Market Outperform
8
April 2, 2015
JMP
Market Outperform
9
May 14, 2015
Piper Jaffray
Overweight
10
May 14, 2015
JMP
Market Outperform
11
May 14, 2015
JMP
Market Outperform
12
August 14, 2015
JMP
Market Outperform
13
August 14, 2015
JMP
Market Outperform
14
August 16, 2015
Piper Jaffray
Overweight
15
November 12, 2015
JMP
Market Outperform
16
December 9, 2015
JMP
Market Outperform
17
March 17, 2016
JMP
Market Outperform
18
March 17, 2016
Piper Jaffray
Overweight
19
May 19, 2016
JMP
Market Outperform
20
May 19, 2016
JMP
-
21
May 25, 2016
JMP
Market Outperform
22
May 25, 2016
Janney Montgomery Scott
Buy
23
May 25, 2016
JMP
Market Outperform
24
May 25, 2016
Piper Jaffray
Overweight
25
May 25, 2016
JMP
Market Outperform
26
June 1, 2016
Janney Montgomery Scott
Buy
27
June 1, 2016
JMP
Market Outperform
28
June 1, 2016
Piper Jaffray
Overweight
29
August 1, 2016
JMP
Market Outperform
30
August 17, 2016
JMP
Market Outperform
31
August 17, 2016
Piper Jaffray
Overweight
32
August 18, 2016
Janney Montgomery Scott
Buy
33
October 17, 2016
JMP
Market Outperform
34
October 20, 2016
Piper Jaffray
Overweight
35
October 25, 2016
JMP
Market Outperform
36
October 25, 2016
Piper Jaffray
Overweight
37
November 3, 2016
JMP
Market Outperform
38
November 4, 2016
Janney Montgomery Scott
Buy
39
November 4, 2016
Piper Jaffray
Overweight
40
November 7, 2016
JMP
Market Outperform
69
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 72 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 74 of
120

Exhibit-4
Innocoll Research Reports and Analyst Recommendations
Research reports & analyst recommendations issued during Class Period
45
Research & Recommendations
July 25, 2014 through December 30, 2016
Date
Content Provider
Recommendation
41
November 22, 2016
JMP
Market Outperform
42
November 22, 2016
JMP
Market Outperform
43
November 22, 2016
Piper Jaffray
Overweight
44
November 23, 2016
Janney Montgomery Scott
Buy
45
December 29, 2016
JMP
Market Perform
46
December 30, 2016
Janney Montgomery Scott
Neutral
47
December 30, 2016
JMP
Market Perform
70
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 73 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 75 of
120

Exhibit-5
Innocoll Common Stock Market Makers
July 2014 through November 2016
No.
Code
Market Maker
Gross Volume
1
PIPR
PIPER JAFFRAY & CO.
986,163

2
MSCO
MORGAN STANLEY & CO., INCORPOR
950,395

3
INCA
INSTINET CORPORATION
624,989

4
NITE
KNIGHT EQUITY MARKETS, L.P.
599,617

5
IBKR
INTERACTIVE BROKERS LLC
517,245

6
FBCO
CREDIT SUISSE FIRST BOSTON LLC
445,499

7
UBSS
UBS SECURITIES LLC.
367,559

8
JPMS
J.P. MORGAN SECURITIES INC.
312,511

9
GSCO
GOLDMAN SACHS
270,453

10
LEHM
BARCLAYS CAPITAL INC.
235,090

11
GSCS
GOLDMAN, SACHS & CO.
157,915

12
ITGI
ITG INC.
135,460

13
CPEX
CLEARPOOL EXECUTION SERVICES
127,846

14
DBAB
DEUTSCHE BANK SECURITIES INC.
105,914

15
DEGS
Dart Executions, LLC
90,254

16
LSCI
LEK SECURITIES CORPORATION
87,677

17
BLTR
BLOOMBERG TRADEBOOK LLC
87,442

18
IEXG
Investors Exchange
82,025

19
SSIC
SCOTTRADE, INC.
77,109

20
LIWE
LIME BROKERAGE LLC
76,373

21
FOMA
AMERITRADE, INC.
65,797

22
ATDF
Automated Trading Desk Financial Services, LLC
56,882

23
LIWW
LIME BROKERAGE LLC
56,807

24
BETC
BAYES CAPITAL LLC
56,261

25
LIJP
LIME BROKERAGE LLC
54,851

26
PDQM
PDQ ATS. Inc.
53,623

27
SPTD
Stock USA Investments
46,951

28
GTSZ
GTS SECURITIES LLC
46,472

29
STFL
STIFEL NICOLAUS
45,307

30
VNDS
VANDHAM SECURITIES CORP
43,150

31
DRTR
Dart Executions, LLC
35,790

32
SBSH
CITIGROUP GLOBAL MARKETS INC.
33,645

33
WMLP
WEDBUSH SECURITIES INC.
33,016

34
WEDB
WEDBUSH MORGAN SECURITIES INC.
29,938

35
TRBT
TRADEBOT SYSTEMS, INC.
29,133

36
INJX
INSTINET, LLC
27,974

37
ETRS
E*TRADE CLEARING LLC
24,513

38
GLPX
ACS EXECUTION SERVICES, LLC
24,090

39
SDPT
STOCK DEPOT, INC.
24,000

40
WMSF
WEDBUSH SECURITIES INC.
19,755

41
JEFF
JEFFERIES & COMPANY, INC.
19,347

42
BERN
SANFORD C. BERNSTEIN AND CO. I
17,229

43
SPDR
SPEEDROUTE LLC
16,712

44
ARXS
ARXIS SECURITIES LLC
14,801

45
NFSC
NATIONAL FINANCIAL SERVICES LL
14,182

46
CPET
CLEARPOOL EXECUTION SERVICES, LLC
12,816

47
LTCO
LADENBURG, THALMANN & CO. INC.
10,800

48
CPEM
9,266

49
FRET
Fox River Execution Tehnology, LLC
8,839

50
HPPO
POTAMUS TRADING, LLC
8,354

51
CANT
CANTOR FITZGERALD & CO.
7,563

52
NITP
Knight Capital Americas, L.P.
6,596

71
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 74 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 76 of
120

Exhibit-5
Innocoll Common Stock Market Makers
July 2014 through November 2016
No.
Code
Market Maker
Gross Volume
53
JONE
JONES AND ASSOCIATES INC.
6,335

54
XBLA
XAMBALA CAPITAL, LLC
5,800

55
WMIT
WEDBUSH SECURITIES INC.
5,767

56
SPDL
SPEEDROUTE LLC
5,678

57
NEED
NEEDHAM AND CO.
5,313

58
GEBB
GLOBAL EXECUTION BROKERS, LP
4,398

59
ETDM
Electronic Transaction Clearing, Inc.
4,200

60
JMPT
JUMP TRADING, LLC
3,908

61
CHAS
CHARLES SCHWAB AND CO. INC.
3,600

62
LIME
LIME BROKERAGE LLC
3,263

63
WCHV
Wells Fargo Securities, LLC
3,096

64
EGAW
BATS TRADING, INC.
3,005

65
WBPX
WHITE BAY PT LLC
2,618

66
BAYT
BAYPOINT TRADING LLC
2,445

67
ETBG
ELECTRONIC TRANSACTION CLEARING, INC.
2,400

68
LAFC
R. F. Lafferty & Co., Inc.
2,100

69
RJLC
RJL CAPITAL GROUP, LLC
2,000

70
ETCC
Electronic Transaction Clearing, Inc.
1,994

71
FILL
TRADESTATION SECURITIES, INC.
1,966

72
EGXW
BATS TRADING, INC.
1,704

73
WEXM
WOLVERINE EXECUTION SERVICES, LLC
1,665

74
NQRB
BRUT, LLC
1,600

75
CFGN
CELADON FINANCIAL GROUP LLC
1,555

76
TIAD
TRIAD SECURITIES CORP
1,500

77
CDRG
CITADEL SECURITIES LLC
1,259

78
BMOC
BMO CAPITAL MARKETS
1,153

79
MKMP
MKM PARTNERS
1,102

80
WUND
WUNDERLICH SECURITIES INC.
1,000

81
ETBE
Electronic Transaction Clearing, Inc.
853

82
LEER
LEERINK SWANN & CO., INC.
800

83
BZWW
GOLDMAN SACHS EXECUTION & CLEARING, L.P.
732

84
SEGB
<unnamed>
600

85
FMAT
FIMAT USA, INC.
500

86
ETDR
ELECTRONIC TRANSACTION CLEARING, INC.
448

87
BTIG
BTIG, LLC
400

88
ETDX
198

89
FCCP
FIRST CLEARING, LLC
145

90
DBUL
Deutsche Bank Securities Inc.
100

91
DFIN
ELECTRONIC BROKERAGE SYSTEMS, LLC
100

92
RAFF
Raffensperger, Hughes & Co., Inc.
94

Source: Bloomberg.
72
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 75 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 77 of
120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
7/25/2014
-
-0.50%
-0.42%
7/28/2014
0.00%
-0.05%
-0.94%
7/29/2014
0.00%
-0.37%
1.08%
7/30/2014
0.00%
0.05%
1.03%
7/31/2014
-6.22%
-1.94%
-2.57%
8/1/2014
0.71%
-0.35%
-0.16%
8/4/2014
1.29%
0.71%
0.73%
8/5/2014
-0.23%
-0.89%
-0.20%
8/6/2014
0.00%
0.03%
0.07%
8/7/2014
-1.05%
-0.49%
-1.40%
8/8/2014
0.35%
1.03%
1.34%
8/11/2014
-0.94%
0.48%
0.53%
8/12/2014
-1.66%
-0.22%
-0.39%
8/13/2014
-0.60%
0.66%
2.07%
8/14/2014
-0.12%
0.42%
1.50%
8/15/2014
-1.21%
0.03%
0.91%
8/18/2014
7.98%
0.85%
1.03%
8/19/2014
2.27%
0.47%
0.52%
8/20/2014
0.22%
0.20%
-0.27%
8/21/2014
-2.44%
0.25%
-0.89%
8/22/2014
-4.43%
-0.14%
0.66%
8/25/2014
-1.55%
0.46%
2.41%
8/26/2014
-1.57%
0.22%
1.26%
8/27/2014
-3.07%
0.06%
-0.29%
8/28/2014
4.18%
-0.18%
-0.45%
8/29/2014
3.77%
0.38%
0.97%
9/2/2014
0.23%
0.00%
-0.16%
9/3/2014
-4.67%
-0.06%
-0.21%
9/4/2014
1.10%
-0.24%
-1.66%
9/5/2014
1.33%
0.44%
-0.09%
9/8/2014
1.91%
-0.28%
0.85%
9/9/2014
-2.23%
-0.63%
-1.31%
9/10/2014
-2.76%
0.33%
1.93%
9/11/2014
3.09%
0.13%
-0.44%
9/12/2014
1.08%
-0.66%
-1.27%
9/15/2014
-1.42%
-0.29%
-1.53%
9/16/2014
0.24%
0.70%
1.92%
9/17/2014
-1.68%
0.08%
0.72%
9/18/2014
-4.02%
0.45%
0.81%
9/19/2014
-14.23%
-0.24%
0.08%
9/22/2014
3.41%
-1.01%
-1.01%
9/23/2014
-3.30%
-0.60%
-0.29%
9/24/2014
-3.70%
0.71%
2.86%
9/25/2014
1.54%
-1.56%
-2.07%
9/26/2014
-1.51%
0.84%
1.00%
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
73
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 76 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 78 of
120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
9/29/2014
6.15%
-0.24%
-0.10%
9/30/2014
-4.35%
-0.41%
-1.02%
10/1/2014
2.88%
-1.29%
-1.37%
10/2/2014
-4.92%
0.08%
-0.28%
10/3/2014
-1.64%
0.91%
2.37%
10/6/2014
-13.54%
-0.16%
-1.22%
10/7/2014
-0.18%
-1.50%
-1.92%
10/8/2014
2.55%
1.59%
2.90%
10/9/2014
-2.33%
-2.12%
-2.44%
10/10/2014
-2.71%
-1.33%
-1.96%
10/13/2014
-
-1.55%
-2.08%
10/14/2014
-
0.23%
-0.57%
10/15/2014
8.09%
-0.45%
0.41%
10/16/2014
3.52%
0.38%
1.76%
10/17/2014
6.64%
1.08%
1.64%
10/20/2014
-0.19%
0.93%
1.64%
10/21/2014
7.74%
1.92%
3.21%
10/22/2014
20.14%
-0.89%
-0.78%
10/23/2014
-4.66%
1.23%
2.69%
10/24/2014
5.96%
0.60%
1.82%
10/27/2014
-3.61%
-0.22%
0.53%
10/28/2014
-1.12%
1.37%
1.29%
10/29/2014
-1.59%
-0.22%
-1.06%
10/30/2014
4.92%
0.50%
2.02%
10/31/2014
8.21%
1.15%
-0.04%
11/3/2014
-
-0.07%
-0.01%
11/4/2014
-
-0.46%
-1.06%
11/5/2014
-3.14%
0.49%
-1.61%
11/6/2014
0.29%
0.38%
1.61%
11/7/2014
13.53%
0.20%
-1.05%
11/10/2014
0.26%
0.27%
1.72%
11/11/2014
-
0.11%
0.27%
11/12/2014
-
0.06%
0.08%
11/13/2014
-
-0.09%
-0.67%
11/14/2014
3.09%
0.13%
-2.04%
11/17/2014
2.37%
-0.02%
0.27%
11/18/2014
-1.10%
0.55%
2.11%
11/19/2014
10.00%
-0.24%
-0.31%
11/20/2014
-7.07%
0.33%
-0.08%
11/21/2014
4.59%
0.53%
0.28%
11/24/2014
-6.58%
0.32%
1.75%
11/25/2014
-9.89%
-0.04%
-0.11%
11/26/2014
14.13%
0.28%
1.32%
11/28/2014
-9.86%
-0.61%
0.14%
12/1/2014
5.33%
-0.90%
-1.15%
74
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 77 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 79 of
120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
12/2/2014
-4.56%
0.59%
2.12%
12/3/2014
-3.18%
0.52%
0.48%
12/4/2014
2.74%
-0.21%
-0.64%
12/5/2014
-6.28%
0.15%
0.73%
12/8/2014
6.27%
-0.95%
1.54%
12/9/2014
10.31%
0.17%
0.50%
12/10/2014
0.00%
-1.74%
-2.10%
12/11/2014
5.95%
0.41%
0.51%
12/12/2014
-6.99%
-1.52%
-1.19%
12/15/2014
-1.48%
-0.77%
-2.78%
12/16/2014
-2.25%
-0.59%
-1.25%
12/17/2014
-4.73%
2.18%
3.25%
12/18/2014
-7.38%
2.16%
3.32%
12/19/2014
0.00%
0.46%
1.03%
12/22/2014
0.72%
0.33%
-2.41%
12/23/2014
-7.91%
0.22%
-4.55%
12/24/2014
3.28%
0.06%
1.62%
12/26/2014
5.29%
0.37%
2.25%
12/29/2014
-8.05%
0.12%
0.53%
12/30/2014
-6.56%
-0.43%
-1.23%
12/31/2014
-0.75%
-0.88%
-0.22%
1/2/2015
1.10%
-0.02%
0.83%
1/5/2015
1.67%
-1.83%
-0.14%
1/6/2015
-
-0.97%
-1.66%
1/7/2015
-
1.11%
3.60%
1/8/2015
7.56%
1.69%
0.90%
1/9/2015
-1.52%
-0.75%
-0.34%
1/12/2015
5.44%
-0.78%
0.51%
1/13/2015
19.37%
-0.23%
0.05%
1/14/2015
-1.82%
-0.52%
0.12%
1/15/2015
-1.47%
-0.92%
-2.45%
1/16/2015
-4.09%
1.38%
3.27%
1/20/2015
-2.98%
0.03%
1.61%
1/21/2015
-0.13%
0.45%
-1.24%
1/22/2015
0.13%
1.47%
0.67%
1/23/2015
0.00%
-0.42%
0.51%
1/26/2015
-2.67%
0.44%
1.59%
1/27/2015
13.01%
-1.00%
-0.56%
1/28/2015
0.00%
-1.41%
-2.09%
1/29/2015
-2.06%
0.85%
1.13%
1/30/2015
-1.49%
-1.22%
-0.36%
2/2/2015
0.50%
1.22%
-0.58%
2/3/2015
3.75%
1.50%
-0.49%
2/4/2015
-1.93%
-0.44%
-1.75%
2/5/2015
1.11%
1.15%
2.38%
75
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 78 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 80 of
120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
2/6/2015
0.97%
-0.36%
-1.22%
2/9/2015
3.26%
-0.41%
-0.83%
2/10/2015
-1.17%
0.86%
1.55%
2/11/2015
0.24%
-0.04%
-0.27%
2/12/2015
0.00%
1.04%
0.98%
2/13/2015
0.00%
0.47%
0.92%
2/17/2015
-8.71%
0.17%
0.94%
2/18/2015
-0.13%
0.01%
0.83%
2/19/2015
-5.81%
-0.10%
0.78%
2/20/2015
9.73%
0.57%
1.30%
2/23/2015
2.37%
-0.06%
0.53%
2/24/2015
1.10%
0.23%
-0.79%
2/25/2015
0.15%
0.07%
1.26%
2/26/2015
-2.68%
-0.15%
0.40%
2/27/2015
1.49%
-0.26%
-1.00%
3/2/2015
-2.44%
0.55%
0.78%
3/3/2015
0.00%
-0.41%
-0.55%
3/4/2015
-6.13%
-0.38%
0.63%
3/5/2015
11.85%
0.16%
2.22%
3/6/2015
-0.71%
-1.39%
-1.53%
3/9/2015
-7.90%
0.29%
0.16%
3/10/2015
-
-1.55%
-0.42%
3/11/2015
-
-0.02%
0.30%
3/12/2015
-4.48%
1.20%
0.66%
3/13/2015
-
-0.55%
0.16%
3/16/2015
-
1.18%
2.38%
3/17/2015
-
-0.17%
0.74%
3/18/2015
-
1.21%
0.56%
3/19/2015
6.24%
-0.45%
1.87%
3/20/2015
5.74%
0.94%
0.49%
3/23/2015
-3.07%
-0.10%
-2.24%
3/24/2015
-1.22%
-0.46%
-0.70%
3/25/2015
-
-1.47%
-4.14%
3/26/2015
-
-0.22%
-0.10%
3/27/2015
-6.13%
0.25%
1.91%
3/30/2015
-
1.15%
1.10%
3/31/2015
-
-0.71%
-2.15%
4/1/2015
-
-0.27%
-0.95%
4/2/2015
-3.54%
0.40%
-0.25%
4/6/2015
-2.62%
0.66%
-0.20%
4/7/2015
5.39%
-0.21%
0.89%
4/8/2015
-3.07%
0.36%
2.87%
4/9/2015
-3.17%
0.34%
0.43%
4/10/2015
-0.54%
0.46%
1.14%
4/13/2015
-3.42%
-0.37%
0.22%
76
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 79 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 81 of
120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
4/14/2015
3.58%
0.19%
-0.23%
4/15/2015
-0.17%
0.62%
0.90%
4/16/2015
-0.69%
-0.04%
0.30%
4/17/2015
1.80%
-1.13%
-1.42%
4/20/2015
12.35%
0.81%
0.45%
4/21/2015
-0.36%
-0.10%
1.87%
4/22/2015
-1.09%
0.41%
-0.29%
4/23/2015
5.64%
0.35%
1.12%
4/24/2015
14.85%
0.12%
-1.07%
4/27/2015
0.77%
-0.48%
-4.11%
4/28/2015
-1.56%
0.25%
-1.16%
4/29/2015
2.14%
-0.39%
-0.01%
4/30/2015
2.19%
-1.07%
-3.05%
5/1/2015
-1.37%
0.93%
2.86%
5/4/2015
1.38%
0.30%
0.42%
5/5/2015
-1.37%
-1.16%
-2.04%
5/6/2015
-0.40%
-0.34%
0.86%
5/7/2015
-2.38%
0.34%
0.89%
5/8/2015
1.42%
1.21%
2.29%
5/11/2015
2.66%
-0.40%
0.06%
5/12/2015
-1.61%
-0.22%
-0.14%
5/13/2015
0.98%
0.02%
-0.18%
5/14/2015
0.40%
0.97%
1.27%
5/15/2015
-0.10%
0.11%
0.12%
5/18/2015
0.10%
0.33%
1.23%
5/19/2015
1.86%
-0.14%
0.12%
5/20/2015
0.00%
-0.03%
0.81%
5/21/2015
0.00%
0.25%
0.03%
5/22/2015
2.98%
-0.22%
0.21%
5/26/2015
2.24%
-1.05%
-1.06%
5/27/2015
0.00%
0.87%
1.74%
5/28/2015
3.29%
-0.12%
-0.46%
5/29/2015
3.80%
-0.58%
0.00%
6/1/2015
2.81%
0.15%
-0.06%
6/2/2015
3.31%
0.04%
-0.42%
6/3/2015
0.16%
0.26%
0.47%
6/4/2015
0.08%
-0.89%
-0.61%
6/5/2015
18.40%
0.00%
1.16%
6/8/2015
-3.04%
-0.65%
-0.64%
6/9/2015
-1.05%
0.00%
-0.72%
6/10/2015
1.41%
1.15%
0.99%
6/11/2015
11.04%
0.19%
0.69%
6/12/2015
-0.06%
-0.62%
-1.21%
6/15/2015
-0.28%
-0.40%
-0.03%
6/16/2015
-5.25%
0.50%
0.22%
77
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 80 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 82 of
120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
6/17/2015
0.00%
0.17%
0.60%
6/18/2015
-1.39%
0.93%
2.91%
6/19/2015
-0.07%
-0.49%
0.05%
6/22/2015
0.13%
0.59%
1.51%
6/23/2015
0.67%
0.13%
0.04%
6/24/2015
-2.27%
-0.74%
-1.55%
6/25/2015
-2.46%
-0.27%
-0.40%
6/26/2015
0.49%
-0.08%
-0.88%
6/29/2015
2.78%
-2.15%
-3.03%
6/30/2015
-0.95%
0.30%
2.22%
7/1/2015
2.80%
0.55%
0.25%
7/2/2015
-2.33%
-0.06%
0.04%
7/6/2015
1.77%
-0.45%
0.53%
7/7/2015
-2.21%
0.50%
0.25%
7/8/2015
-
-1.65%
-2.78%
7/9/2015
-
0.27%
1.11%
7/10/2015
1.10%
1.27%
1.53%
7/13/2015
1.27%
1.03%
1.79%
7/14/2015
-0.91%
0.47%
2.29%
7/15/2015
-1.02%
-0.25%
0.67%
7/16/2015
-
0.70%
1.34%
7/17/2015
-
-0.06%
0.52%
7/20/2015
-3.11%
-0.12%
0.07%
7/21/2015
5.28%
-0.41%
-0.62%
7/22/2015
-0.81%
-0.24%
-0.26%
7/23/2015
0.00%
-0.55%
-0.18%
7/24/2015
2.39%
-1.00%
-4.02%
7/27/2015
0.13%
-0.71%
-1.10%
7/28/2015
-1.60%
1.23%
2.38%
7/29/2015
1.29%
0.76%
-1.29%
7/30/2015
-3.01%
0.08%
0.29%
7/31/2015
2.07%
-0.08%
0.95%
8/3/2015
-4.05%
-0.37%
0.05%
8/4/2015
-
-0.17%
0.34%
8/5/2015
-
0.26%
0.71%
8/6/2015
9.89%
-0.78%
-3.95%
8/7/2015
-
-0.33%
-0.70%
8/10/2015
-
1.31%
0.76%
8/11/2015
-2.64%
-0.93%
-1.16%
8/12/2015
-4.10%
0.07%
0.73%
8/13/2015
6.33%
-0.21%
-0.95%
8/14/2015
-7.46%
0.38%
-0.56%
8/17/2015
0.85%
0.57%
2.09%
8/18/2015
-
-0.35%
-0.99%
8/19/2015
-
-0.88%
-0.66%
78
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 81 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 83 of
120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
8/20/2015
-2.52%
-2.17%
-4.04%
8/21/2015
-
-2.81%
-3.02%
8/24/2015
-
-3.86%
-4.78%
8/25/2015
3.62%
-1.03%
0.45%
8/26/2015
-2.25%
3.38%
5.09%
8/27/2015
-
2.44%
2.41%
8/28/2015
-
0.25%
0.71%
8/31/2015
0.54%
-0.73%
-3.11%
9/1/2015
0.00%
-2.82%
-2.51%
9/2/2015
-
1.64%
3.70%
9/3/2015
-
0.18%
-2.08%
9/4/2015
-
-1.38%
-0.22%
9/8/2015
-
2.37%
4.19%
9/9/2015
0.77%
-1.28%
-2.16%
9/10/2015
-
0.44%
1.85%
9/11/2015
-
0.34%
1.27%
9/14/2015
6.85%
-0.42%
-0.49%
9/15/2015
-3.17%
1.14%
1.05%
9/16/2015
3.12%
0.95%
-0.44%
9/17/2015
-
-0.07%
1.99%
9/18/2015
-
-1.53%
-1.62%
9/21/2015
-4.56%
0.33%
-4.41%
9/22/2015
0.38%
-1.36%
-1.68%
9/23/2015
-3.24%
-0.35%
-0.56%
9/24/2015
6.30%
-0.37%
-2.00%
9/25/2015
-3.70%
-0.21%
-5.05%
9/28/2015
-3.77%
-2.71%
-6.02%
9/29/2015
3.92%
-0.09%
-0.57%
9/30/2015
-3.69%
1.94%
4.48%
10/1/2015
-0.16%
0.19%
0.92%
10/2/2015
-1.52%
1.52%
3.28%
10/5/2015
-0.97%
1.88%
-0.68%
10/6/2015
-1.07%
-0.31%
-3.77%
10/7/2015
2.91%
0.98%
2.04%
10/8/2015
-2.26%
0.85%
-0.30%
10/9/2015
2.97%
0.14%
0.56%
10/12/2015
-3.84%
-0.02%
0.06%
10/13/2015
-3.75%
-0.78%
-3.22%
10/14/2015
2.08%
-0.43%
0.89%
10/15/2015
2.88%
1.47%
4.39%
10/16/2015
6.10%
0.34%
-0.10%
10/19/2015
-
-0.07%
0.57%
10/20/2015
-
-0.12%
-3.21%
10/21/2015
0.16%
-0.80%
-0.50%
10/22/2015
-
1.40%
0.57%
79
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 82 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 84 of
120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
10/23/2015
-
0.95%
2.86%
10/26/2015
-6.42%
-0.28%
0.82%
10/27/2015
-1.21%
-0.45%
2.99%
10/28/2015
0.33%
1.37%
1.33%
10/29/2015
0.09%
-0.22%
-0.77%
10/30/2015
5.60%
-0.40%
-0.92%
11/2/2015
-8.39%
1.25%
3.84%
11/3/2015
-1.68%
0.31%
0.11%
11/4/2015
-1.71%
-0.34%
-0.34%
11/5/2015
-6.70%
-0.14%
-1.86%
11/6/2015
6.62%
-0.04%
-0.37%
11/9/2015
-
-0.96%
0.07%
11/10/2015
-
0.13%
0.41%
11/11/2015
-
-0.41%
-1.42%
11/12/2015
-
-1.45%
-2.07%
11/13/2015
-
-0.98%
1.08%
11/16/2015
-
1.38%
0.32%
11/17/2015
-
-0.14%
1.35%
11/18/2015
-
1.53%
2.93%
11/19/2015
-4.55%
-0.10%
-1.53%
11/20/2015
-2.77%
0.30%
-0.07%
11/23/2015
-4.38%
-0.07%
0.74%
11/24/2015
-15.54%
0.24%
-0.13%
11/25/2015
5.78%
0.12%
1.04%
11/27/2015
-
0.08%
0.63%
11/30/2015
-
-0.39%
-1.90%
12/1/2015
-1.05%
0.95%
0.54%
12/2/2015
-0.27%
-1.07%
-0.78%
12/3/2015
4.81%
-1.43%
-3.39%
12/4/2015
4.46%
1.65%
2.95%
12/7/2015
0.61%
-0.98%
-2.16%
12/8/2015
12.12%
-0.61%
1.86%
12/9/2015
-3.14%
-0.66%
-1.62%
12/10/2015
-2.79%
0.21%
1.25%
12/11/2015
-2.53%
-1.99%
-2.83%
12/14/2015
0.12%
0.16%
0.28%
12/15/2015
-11.06%
1.13%
2.83%
12/16/2015
-0.13%
1.49%
2.31%
12/17/2015
-0.69%
-1.46%
-1.68%
12/18/2015
2.56%
-1.51%
-0.65%
12/21/2015
-0.78%
0.72%
0.76%
12/22/2015
2.08%
0.88%
0.12%
12/23/2015
-3.71%
1.37%
1.82%
12/24/2015
-
-0.08%
0.34%
12/28/2015
-
-0.33%
-0.82%
80
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 83 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 85 of
120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
12/29/2015
-1.98%
1.00%
1.82%
12/30/2015
11.86%
-0.74%
-0.67%
12/31/2015
0.00%
-0.82%
-0.71%
1/4/2016
0.84%
-1.49%
-3.19%
1/5/2016
-0.84%
0.14%
-0.19%
1/6/2016
-3.25%
-1.38%
-1.79%
1/7/2016
-0.37%
-2.40%
-4.10%
1/8/2016
-3.66%
-1.09%
-1.93%
1/11/2016
-3.01%
-0.17%
-3.41%
1/12/2016
-2.34%
0.61%
1.47%
1/13/2016
5.48%
-2.59%
-5.30%
1/14/2016
0.91%
1.55%
4.02%
1/15/2016
2.96%
-2.17%
-2.57%
1/19/2016
-
-0.24%
-2.17%
1/20/2016
-
-1.06%
2.66%
1/21/2016
-
0.57%
-2.19%
1/22/2016
-
2.25%
3.21%
1/25/2016
0.00%
-1.67%
-1.65%
1/26/2016
0.00%
1.59%
-0.43%
1/27/2016
0.00%
-1.06%
-3.17%
1/28/2016
2.22%
0.51%
-3.51%
1/29/2016
-2.17%
2.46%
1.42%
2/1/2016
-
-0.04%
0.49%
2/2/2016
-
-2.00%
-2.95%
2/3/2016
-4.91%
0.58%
1.24%
2/4/2016
1.32%
0.37%
0.28%
2/5/2016
-
-1.96%
-3.23%
2/8/2016
-
-1.70%
-3.20%
2/9/2016
-
-0.31%
0.09%
2/10/2016
-0.24%
0.03%
0.74%
2/11/2016
-
-1.20%
-2.34%
2/12/2016
-
2.01%
2.88%
2/16/2016
-
1.77%
3.02%
2/17/2016
-
1.81%
2.99%
2/18/2016
-
-0.42%
-2.63%
2/19/2016
-
-0.02%
0.91%
2/22/2016
-
1.43%
0.82%
2/23/2016
-
-1.18%
-2.40%
2/24/2016
-3.89%
0.50%
0.53%
2/25/2016
-1.33%
1.11%
0.16%
2/26/2016
2.28%
0.03%
0.79%
2/29/2016
-2.63%
-0.59%
-2.68%
3/1/2016
-
2.24%
4.30%
3/2/2016
-
0.57%
1.04%
3/3/2016
-0.74%
0.56%
-1.41%
81
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120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
3/4/2016
-
0.42%
-0.34%
3/7/2016
-
0.32%
2.43%
3/8/2016
0.00%
-1.35%
-3.58%
3/9/2016
-
0.56%
-1.15%
3/10/2016
-
-0.13%
-0.78%
3/11/2016
0.00%
1.75%
2.69%
3/14/2016
-
-0.16%
-0.16%
3/15/2016
-
-0.45%
-3.85%
3/16/2016
-
0.75%
-0.50%
3/17/2016
-
0.83%
-1.21%
3/18/2016
0.00%
0.39%
1.80%
3/21/2016
0.00%
0.05%
1.90%
3/22/2016
1.31%
-0.04%
2.61%
3/23/2016
4.87%
-0.95%
-3.39%
3/24/2016
2.82%
-0.02%
0.55%
3/28/2016
-5.61%
0.08%
-1.30%
3/29/2016
3.03%
1.11%
1.73%
3/30/2016
3.53%
0.45%
-0.53%
3/31/2016
-2.50%
-0.09%
2.20%
4/1/2016
-6.76%
0.47%
2.87%
4/4/2016
0.00%
-0.44%
0.90%
4/5/2016
0.25%
-1.00%
-0.34%
4/6/2016
-0.37%
1.11%
5.95%
4/7/2016
3.25%
-1.16%
-1.88%
4/8/2016
3.03%
0.44%
-1.05%
4/11/2016
-1.76%
-0.18%
-1.65%
4/12/2016
1.80%
1.04%
1.13%
4/13/2016
-2.94%
1.13%
1.93%
4/14/2016
0.73%
-0.04%
0.14%
4/15/2016
2.29%
-0.06%
-0.32%
4/18/2016
-4.47%
0.68%
1.51%
4/19/2016
2.83%
0.45%
-1.94%
4/20/2016
-
0.12%
0.05%
4/21/2016
-
-0.53%
2.84%
4/22/2016
-8.69%
0.18%
0.29%
4/25/2016
3.54%
-0.28%
-0.88%
4/26/2016
0.12%
0.34%
-1.50%
4/27/2016
0.00%
0.27%
-1.29%
4/28/2016
-7.29%
-0.86%
-0.90%
4/29/2016
-1.02%
-0.45%
-2.60%
5/2/2016
1.92%
0.68%
1.09%
5/3/2016
-2.52%
-1.11%
-1.92%
5/4/2016
-2.97%
-0.62%
-2.93%
5/5/2016
3.06%
-0.05%
0.37%
5/6/2016
-0.13%
0.35%
-1.34%
82
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120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
5/9/2016
0.78%
-0.02%
2.45%
5/10/2016
-3.85%
1.23%
0.92%
5/11/2016
0.00%
-0.83%
-3.08%
5/12/2016
0.00%
-0.08%
-1.68%
5/13/2016
0.00%
-0.80%
0.89%
5/16/2016
-
1.02%
3.00%
5/17/2016
-
-0.86%
-0.90%
5/18/2016
1.47%
-0.08%
1.35%
5/19/2016
-1.32%
-0.38%
-1.44%
5/20/2016
-0.13%
0.76%
2.07%
5/23/2016
-5.07%
-0.18%
0.62%
5/24/2016
-
1.31%
2.28%
5/25/2016
-
0.73%
1.15%
5/26/2016
2.76%
-0.01%
-0.60%
5/27/2016
-0.19%
0.44%
0.96%
5/31/2016
-10.95%
-0.04%
1.27%
6/1/2016
7.81%
0.24%
0.52%
6/2/2016
3.29%
0.36%
1.85%
6/3/2016
8.51%
-0.19%
-1.54%
6/6/2016
-0.86%
0.61%
1.50%
6/7/2016
-0.96%
0.21%
-2.53%
6/8/2016
0.97%
0.36%
-0.08%
6/9/2016
-0.43%
-0.28%
-1.81%
6/10/2016
-1.83%
-1.12%
-2.17%
6/13/2016
-2.58%
-0.81%
-1.24%
6/14/2016
-19.18%
-0.28%
-0.55%
6/15/2016
-7.23%
-0.05%
-0.21%
6/16/2016
-10.72%
0.19%
-0.08%
6/17/2016
-18.14%
-0.18%
-2.04%
6/20/2016
-4.17%
0.73%
0.84%
6/21/2016
-2.96%
0.23%
-1.57%
6/22/2016
-1.79%
-0.19%
0.68%
6/23/2016
0.36%
1.44%
2.21%
6/24/2016
-5.45%
-3.66%
-4.97%
6/27/2016
-10.38%
-2.03%
-3.09%
6/28/2016
5.58%
1.81%
3.80%
6/29/2016
3.05%
1.76%
2.18%
6/30/2016
8.68%
1.32%
0.60%
7/1/2016
-1.09%
0.30%
2.02%
7/5/2016
-0.55%
-0.82%
-0.97%
7/6/2016
3.51%
0.54%
2.33%
7/7/2016
1.96%
-0.07%
0.62%
7/8/2016
3.67%
1.55%
1.20%
7/11/2016
5.40%
0.42%
-0.21%
7/12/2016
-3.68%
0.79%
0.75%
83
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120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
7/13/2016
-1.99%
-0.02%
-1.72%
7/14/2016
0.85%
0.47%
0.33%
7/15/2016
0.00%
-0.08%
1.43%
7/18/2016
-2.69%
0.26%
0.34%
7/19/2016
-1.73%
-0.24%
-1.34%
7/20/2016
2.46%
0.46%
2.56%
7/21/2016
-5.49%
-0.33%
1.25%
7/22/2016
1.45%
0.45%
0.24%
7/25/2016
-9.48%
-0.32%
0.46%
7/26/2016
1.98%
0.16%
-0.70%
7/27/2016
3.10%
-0.13%
2.45%
7/28/2016
-3.38%
0.17%
0.22%
7/29/2016
0.58%
0.26%
0.64%
8/1/2016
0.58%
-0.23%
1.65%
8/2/2016
-2.31%
-0.71%
0.17%
8/3/2016
1.18%
0.44%
1.10%
8/4/2016
-0.39%
0.08%
-0.74%
8/5/2016
1.76%
0.81%
0.55%
8/8/2016
-1.92%
0.01%
-1.05%
8/9/2016
1.96%
0.11%
0.14%
8/10/2016
0.38%
-0.26%
-1.99%
8/11/2016
0.38%
0.48%
1.09%
8/12/2016
3.43%
-0.05%
0.20%
8/15/2016
1.47%
0.40%
0.97%
8/16/2016
0.18%
-0.55%
-1.48%
8/17/2016
2.72%
0.10%
-0.06%
8/18/2016
-1.94%
0.34%
0.25%
8/19/2016
0.54%
-0.18%
-0.43%
8/22/2016
-3.40%
-0.04%
2.00%
8/23/2016
0.56%
0.28%
0.06%
8/24/2016
-2.95%
-0.60%
-3.37%
8/25/2016
2.66%
-0.06%
-1.08%
8/26/2016
-1.48%
-0.18%
0.75%
8/29/2016
3.75%
0.52%
-0.49%
8/30/2016
1.63%
-0.15%
-0.26%
8/31/2016
-1.78%
-0.26%
-0.79%
9/1/2016
1.27%
0.08%
0.12%
9/2/2016
0.89%
0.59%
-0.23%
9/6/2016
-0.18%
0.34%
1.30%
9/7/2016
0.18%
0.08%
0.62%
9/8/2016
0.18%
-0.21%
0.71%
9/9/2016
6.19%
-2.50%
-3.18%
9/12/2016
3.17%
1.34%
3.08%
9/13/2016
0.16%
-1.59%
-1.66%
9/14/2016
-1.29%
-0.05%
1.18%
84
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120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
9/15/2016
0.00%
1.01%
1.50%
9/16/2016
0.16%
-0.39%
0.53%
9/19/2016
-0.98%
0.14%
-0.04%
9/20/2016
-0.25%
-0.04%
1.38%
9/21/2016
2.39%
1.19%
0.64%
9/22/2016
-0.16%
0.78%
0.81%
9/23/2016
-0.68%
-0.60%
-0.60%
9/26/2016
-0.94%
-0.82%
-1.29%
9/27/2016
5.58%
0.51%
1.11%
9/28/2016
0.00%
0.67%
-0.90%
9/29/2016
-6.38%
-0.92%
-2.99%
9/30/2016
-3.49%
0.78%
1.16%
10/3/2016
2.58%
-0.31%
-0.03%
10/4/2016
6.54%
-0.56%
-0.40%
10/5/2016
-2.20%
0.49%
0.92%
10/6/2016
-3.70%
-0.07%
-2.23%
10/7/2016
2.84%
-0.38%
-0.08%
10/10/2016
1.95%
0.56%
1.39%
10/11/2016
-2.55%
-1.26%
-3.77%
10/12/2016
-2.13%
0.09%
-2.50%
10/13/2016
3.51%
-0.33%
0.37%
10/14/2016
-0.97%
-0.03%
-1.93%
10/17/2016
-0.82%
-0.25%
-0.07%
10/18/2016
-0.82%
0.66%
1.37%
10/19/2016
-3.15%
0.30%
-0.79%
10/20/2016
4.45%
-0.17%
1.02%
10/21/2016
1.97%
-0.01%
-0.86%
10/24/2016
1.93%
0.44%
-0.45%
10/25/2016
-7.10%
-0.44%
-0.49%
10/26/2016
-13.92%
-0.28%
0.01%
10/27/2016
-7.30%
-0.40%
0.09%
10/28/2016
2.77%
-0.26%
-1.84%
10/31/2016
0.62%
0.04%
-1.59%
11/1/2016
-6.58%
-0.68%
1.10%
11/2/2016
-14.10%
-0.77%
-1.88%
11/3/2016
-10.26%
-0.39%
-2.91%
11/4/2016
-17.43%
-0.12%
1.96%
11/7/2016
10.38%
2.09%
3.68%
11/8/2016
2.19%
0.39%
0.25%
11/9/2016
-2.76%
1.21%
8.98%
11/10/2016
5.36%
0.20%
1.60%
11/11/2016
-5.09%
0.03%
-0.64%
11/14/2016
0.95%
0.24%
1.80%
11/15/2016
-0.31%
0.79%
-0.63%
11/16/2016
-3.45%
-0.15%
-1.64%
85
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Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 90 of
120

Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll, Market Index, and Peer Index Returns
Exhibit-6
11/17/2016
-5.19%
0.46%
0.65%
11/18/2016
-7.19%
-0.14%
-1.22%
11/21/2016
7.01%
0.78%
0.70%
11/22/2016
-5.86%
0.30%
-1.80%
11/23/2016
-2.20%
0.09%
0.81%
11/25/2016
13.48%
0.36%
0.32%
11/28/2016
-6.60%
-0.59%
-1.69%
11/29/2016
-5.65%
0.10%
0.14%
Source: CRSP.
86
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120

Exhibit-7
Innocoll Market Efficiency Statistics
Date
Closing
Price
Stock
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares
Market
Capitalization
7/25/2014
$9.00
-
1,506,525
$9.00
$9.01
$0.01
0.11%
-
6,500,000
$58,500,000
7/28/2014
$9.00
0.00%
165,943
$9.00
$9.01
$0.01
0.11%
-
6,500,000
$58,500,000
7/29/2014
$9.00
0.00%
81,778
$9.00
$9.01
$0.01
0.11%
-
6,500,000
$58,500,000
7/30/2014
$9.00
0.00%
84,598
$9.00
$9.01
$0.01
0.11%
-
6,500,000
$58,500,000
7/31/2014
$8.44
 -6.22%
90,402
$8.50
$8.54
$0.04
0.47%
996
6,500,000
$54,860,000
8/1/2014
$8.50
0.71%
34,668
$8.50
$8.51
$0.01
0.12%
996
6,500,000
$55,250,000
8/4/2014
$8.61
1 29%
14,370
$8.50
$8.62
$0.12
1.40%
996
6,500,000
$55,965,000
8/5/2014
$8.59
 -0.23%
15,884
$8.55
$8.60
$0.05
0.58%
996
6,500,000
$55,835,000
8/6/2014
$8.59
0.00%
24,120
$8.50
$8.60
$0.10
1.17%
996
6,500,000
$55,835,000
8/7/2014
$8.50
 -1.05%
14,264
$8.50
$8.55
$0.05
0.59%
996
6,500,000
$55,250,000
8/8/2014
$8.53
0 35%
10,201
$8.40
$8.53
$0.13
1.54%
996
6,500,000
$55,445,000
8/11/2014
$8.45
 -0.94%
2,382
$8.33
$8.37
$0.04
0.48%
996
6,500,000
$54,925,000
8/12/2014
$8.31
 -1.66%
2,201
$8.31
$8.43
$0.12
1.43%
996
6,500,000
$54,015,650
8/13/2014
$8.26
 -0.60%
12,072
$8.25
$8.46
$0.21
2.51%
996
6,500,000
$53,690,000
8/14/2014
$8.25
 -0.12%
6,909
$8.25
$8.32
$0.07
0.84%
996
6,500,000
$53,625,000
8/15/2014
$8.15
 -1.21%
6,214
$8.15
$8.29
$0.14
1.70%
3,328
6,500,000
$52,975,000
8/18/2014
$8.80
7 98%
40,858
$8.72
$8.80
$0.08
0.91%
3,328
6,500,000
$57,200,000
8/19/2014
$9.00
2 27%
103,788
$8.95
$9.00
$0.05
0.56%
3,328
6,500,000
$58,500,000
8/20/2014
$9.02
0 22%
35,845
$9.00
$9.15
$0.15
1.65%
3,328
6,686,984
$60,316,596
8/21/2014
$8.80
 -2.44%
8,642
$8.51
$8.73
$0.22
2.55%
3,328
6,686,984
$58,845,459
8/22/2014
$8.41
 -4.43%
4,974
$8.35
$8.54
$0.19
2.25%
3,328
6,686,984
$56,237,535
8/25/2014
$8.28
 -1.55%
284,330
$8.07
$8.25
$0.18
2.21%
3,328
6,686,984
$55,368,228
8/26/2014
$8.15
 -1.57%
36,797
$7.97
$8.15
$0.18
2.23%
3,328
6,686,984
$54,498,920
8/27/2014
$7.90
 -3.07%
18,472
$7.85
$7.90
$0.05
0.63%
3,328
6,686,984
$52,827,174
8/28/2014
$8.23
4 18%
12,668
$7.85
$8.23
$0.38
4.73%
3,328
6,686,984
$55,033,878
8/29/2014
$8.54
3.77%
8,163
$8.43
$8.84
$0.41
4.75%
1,180
6,686,984
$57,106,843
9/2/2014
$8.56
0 23%
14,120
$8.21
$8.56
$0.35
4.17%
1,180
6,686,984
$57,240,583
9/3/2014
$8.16
 -4.67%
10,638
$8.16
$8.42
$0.26
3.14%
1,180
6,686,984
$54,565,789
9/4/2014
$8.25
1 10%
315
$8.26
$8.46
$0.20
2.39%
1,180
6,686,984
$55,167,618
9/5/2014
$8.36
1 33%
19,967
$8.23
$8.44
$0.21
2.52%
1,180
6,686,984
$55,903,186
9/8/2014
$8.52
1 91%
10,332
$8.50
$8.68
$0.18
2.10%
1,180
6,686,984
$56,973,104
9/9/2014
$8.33
 -2.23%
17,055
$8.33
$8.56
$0.23
2.72%
1,180
6,686,984
$55,702,577
9/10/2014
$8.10
 -2.76%
6,135
$8.08
$8.24
$0.16
1.96%
1,180
6,686,984
$54,164,570
9/11/2014
$8.35
3.09%
2,487
$8.29
$8.48
$0.19
2.27%
1,180
6,686,984
$55,836,316
9/12/2014
$8.44
1.08%
1,128
$8.10
$8.43
$0.33
3.99%
1,180
6,686,984
$56,438,145
9/15/2014
$8.32
 -1.42%
7,068
$8.11
$8.32
$0.21
2.56%
2,302
6,686,984
$55,635,707
9/16/2014
$8.34
0 24%
4,537
$8.21
$8.34
$0.13
1.57%
2,302
6,686,984
$55,769,447
9/17/2014
$8.20
 -1.68%
3,367
$8.10
$8.39
$0.29
3.52%
2,302
6,686,984
$54,833,269
9/18/2014
$7.87
 -4.02%
10,251
$7.49
$7.89
$0.40
5.20%
2,302
6,686,984
$52,626,564
9/19/2014
$6.75
 -14 23%
4,646
$6.75
$6.97
$0.22
3.21%
2,302
6,686,984
$45,137,142
9/22/2014
$6.98
3.41%
7,534
$6.98
$7.25
$0.27
3.79%
2,302
6,686,984
$46,675,148
9/23/2014
$6.75
 -3.30%
13,296
$6.76
$6.79
$0.03
0.44%
2,302
6,686,984
$45,137,142
9/24/2014
$6.50
 -3.70%
7,735
$6.51
$6.96
$0.45
6.68%
2,302
6,686,984
$43,465,396
9/25/2014
$6.60
1 54%
9,928
$6.50
$6.59
$0.09
1.38%
2,302
6,686,984
$44,133,426
9/26/2014
$6.50
 -1.51%
8,300
$6.50
$6.87
$0.37
5.53%
2,302
6,686,984
$43,465,396
9/29/2014
$6.90
6 15%
3,100
$6.50
$6.60
$0.10
1.53%
2,302
6,686,984
$46,140,190
9/30/2014
$6.60
 -4.35%
6,384
$6.60
$6.73
$0.13
1.95%
951
6,686,984
$44,134,094
10/1/2014
$6.79
2.88%
2,010
$6.50
$6.70
$0.20
3.03%
951
6,686,984
$45,404,621
10/2/2014
$6.46
 -4.92%
2,540
$6.30
$6.39
$0.09
1.42%
951
6,686,984
$43,171,169
10/3/2014
$6.35
 -1.64%
780
$6.20
$6.49
$0.29
4.57%
951
6,686,984
$42,462,348
10/6/2014
$5.49
 -13 54%
11,228
$5.30
$5.49
$0.19
3.52%
951
6,686,984
$36,710,873
10/7/2014
$5.48
 -0.18%
9,908
$5.36
$5.64
$0.28
5.09%
951
6,686,984
$36,644,672
10/8/2014
$5.62
2 55%
16,639
$5.41
$5.65
$0.24
4.34%
951
6,686,984
$37,580,850
10/9/2014
$5.49
 -2.33%
10,463
$5.47
$5.59
$0.12
2.17%
951
6,686,984
$36,704,855
10/10/2014
$5.34
 -2.71%
3,598
$5.18
$5.35
$0.17
3.23%
951
6,686,984
$35,708,495
10/13/2014
$5.27
-
 -
$5.15
$5.39
$0.24
4.55%
951
6,686,984
$35,240,406
10/14/2014
$4.45
 -16.67%
20,791
$4.45
$4.60
$0.15
3.31%
951
6,686,984
$29,757,079
10/15/2014
$4.81
8.09%
29,057
$4.71
$5.00
$0.29
5.97%
981
6,686,984
$32,164,393
10/16/2014
$4.98
3 52%
21,594
$4.55
$5.00
$0.45
9.42%
981
6,686,984
$33,297,837
10/17/2014
$5.31
6.64%
79,112
$5.04
$5.28
$0.24
4.65%
981
6,686,984
$35,507,885
10/20/2014
$5.30
 -0.19%
30,256
$5.01
$5.29
$0.28
5.44%
981
6,686,984
$35,441,015
10/21/2014
$5.71
7.74%
18,994
$5.69
$6.00
$0.31
5.30%
981
6,686,984
$38,182,679
87
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 90 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 92 of
120

Exhibit-7
Innocoll Market Efficiency Statistics
Date
Closing
Price
Stock
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares
Market
Capitalization
10/22/2014
$6.86
20.14%
28,565
$6.85
$7.45
$0.60
8.39%
981
6,686,984
$45,872,710
10/23/2014
$6.54
 -4.66%
30,056
$6.59
$6.98
$0.39
5.75%
981
6,686,984
$43,732,875
10/24/2014
$6.93
5 96%
3,908
$6.54
$6.94
$0.40
5.93%
981
6,686,984
$46,340,799
10/27/2014
$6.68
 -3.61%
16,262
$6.41
$6.68
$0.27
4.13%
981
6,686,984
$44,669,053
10/28/2014
$6.61
 -1.12%
7,050
$6.51
$6.61
$0.10
1.52%
981
6,686,984
$44,167,529
10/29/2014
$6.50
 -1.59%
2,002
$5.89
$6.25
$0.36
5.93%
981
6,686,984
$43,465,396
10/30/2014
$6.82
4 92%
10,158
$6.82
$6.99
$0.17
2.46%
981
6,686,984
$45,605,231
10/31/2014
$7.38
8 21%
15,540
$7.26
$7.70
$0.44
5.88%
9,881
6,686,984
$49,349,942
11/3/2014
$7.41
-
 -
$7.25
$7.57
$0.32
4.32%
9,881
6,686,984
$49,550,551
11/4/2014
$7.00
 -5.15%
1,055
$6.95
$7.65
$0.70
9.59%
9,881
6,686,984
$46,808,888
11/5/2014
$6.78
 -3.14%
4,135
$6.78
$6.87
$0.09
1.32%
9,881
6,686,984
$45,337,752
11/6/2014
$6.80
0 29%
2,950
$6.23
$6.80
$0.57
8.75%
9,881
6,686,984
$45,471,491
11/7/2014
$7.72
13.53%
6,100
$6.89
$7.75
$0.86
11.75%
9,881
6,686,984
$51,623,516
11/10/2014
$7.74
0 26%
3,800
$7.08
$7.75
$0.67
9.04%
9,881
6,686,984
$51,757,256
11/11/2014
$7.50
-
 -
$7.25
$7.75
$0.50
6.67%
9,881
6,686,984
$50,152,380
11/12/2014
$7.51
-
 -
$7.26
$7.75
$0.49
6.53%
9,881
6,686,984
$50,185,815
11/13/2014
$7.76
0 26%
2,900
$7.76
$9.46
$1.70
19.74%
9,881
6,686,984
$51,890,996
11/14/2014
$8.00
3.09%
9,644
$7.86
$8.04
$0 18
2.26%
3,428
6,686,984
$53,495,872
11/17/2014
$8.19
2 38%
1,146
$7.25
$8.25
$1.00
12.90%
3,428
6,686,984
$54,766,399
11/18/2014
$8.10
 -1.10%
4,300
$7.25
$8.10
$0.85
11.07%
3,428
6,686,984
$54,164,570
11/19/2014
$8.91
10.00%
373
$7.25
$9.00
$1.75
21.54%
3,428
6,686,984
$59,581,027
11/20/2014
$8.28
 -7.07%
5,617
$8.01
$8.31
$0 30
3.68%
3,428
6,686,984
$55,368,228
11/21/2014
$8.66
4 59%
15,002
$8.37
$8.70
$0 33
3.87%
3,428
6,686,984
$57,909,281
11/24/2014
$8.09
 -6.58%
9,570
$7.06
$8.10
$1.04
13.72%
3,428
6,686,984
$54,097,701
11/25/2014
$7.29
 -9.89%
900
$7.26
$7.99
$0.73
9.57%
3,428
6,686,984
$48,748,113
11/26/2014
$8.32
14.13%
1,680
$7.86
$8.88
$1.02
12.19%
3,428
6,686,984
$55,635,707
11/28/2014
$7.50
 -9.86%
5,048
$7.31
$7.50
$0 19
2.57%
2,085
6,686,984
$50,152,380
12/1/2014
$7.90
5 33%
5,787
$7.51
$7.99
$0.48
6.19%
2,085
6,686,984
$52,827,174
12/2/2014
$7.54
 -4.56%
7,084
$7.40
$8.00
$0.60
7.79%
2,085
6,686,984
$50,419,859
12/3/2014
$7.30
 -3.18%
2,506
$7.26
$7.78
$0 52
6.91%
2,085
6,686,984
$48,814,983
12/4/2014
$7.50
2.74%
2,900
$7.20
$8.00
$0.80
10.53%
2,085
6,686,984
$50,152,380
12/5/2014
$7.03
 -6.28%
4,210
$7.01
$7.29
$0 28
3.92%
2,085
6,686,984
$47,002,811
12/8/2014
$7.47
6 27%
3,700
$7.10
$7.49
$0 39
5.35%
2,085
6,686,984
$49,951,770
12/9/2014
$8.24
10.31%
5,128
$8.00
$8.24
$0 24
2.96%
2,085
6,686,984
$55,100,748
12/10/2014
$8.24
0.00%
2,000
$8.04
$8.79
$0.75
8.91%
2,085
6,686,984
$55,100,079
12/11/2014
$8.73
5 95%
4,199
$8.10
$8.80
$0.70
8.28%
2,085
6,686,984
$58,377,370
12/12/2014
$8.12
 -6.99%
372
$7.32
$8.50
$1 18
14.92%
2,085
6,686,984
$54,298,310
12/15/2014
$8.00
 -1.48%
1,128
$7.49
$8.00
$0 51
6.58%
2,521
6,686,984
$53,495,872
12/16/2014
$7.82
 -2.25%
1,720
$7.60
$8.00
$0.40
5.13%
2,521
6,686,984
$52,292,215
12/17/2014
$7.45
 -4.73%
2,013
$7.07
$7.67
$0.60
8.14%
2,521
6,686,984
$49,818,031
12/18/2014
$6.90
 -7.38%
1,920
$6.50
$7.00
$0 50
7.41%
2,521
6,686,984
$46,140,190
12/19/2014
$6.90
0.00%
7,213
$6.90
$6.99
$0.09
1.30%
2,521
6,686,984
$46,140,190
12/22/2014
$6.95
0.72%
5,000
$6.96
$6.99
$0.03
0.43%
2,521
6,686,984
$46,474,539
12/23/2014
$6.40
 -7.91%
6,877
$6.41
$6.78
$0 37
5.61%
2,521
6,686,984
$42,797,366
12/24/2014
$6.61
3 28%
4,365
$6.61
$6.99
$0 38
5.59%
2,521
6,686,984
$44,201,633
12/26/2014
$6.96
5 29%
6,600
$6.62
$6.99
$0 37
5.44%
2,521
6,686,984
$46,541,409
12/29/2014
$6.40
 -8.05%
2,585
$6.40
$6.94
$0 54
8.10%
2,521
6,686,984
$42,796,698
12/30/2014
$5.98
 -6.56%
15,367
$5.96
$6.03
$0.07
1.17%
2,521
6,686,984
$39,988,164
12/31/2014
$5.94
 -0.75%
22,005
$5.78
$5.89
$0 11
1.89%
753
6,686,984
$39,687,250
1/2/2015
$6.00
1 10%
1,400
$4.84
$6.30
$1.46
26.21%
753
6,686,984
$40,121,904
1/5/2015
$6.10
1.67%
3,400
$6.05
$7.00
$0 95
14.56%
753
6,686,984
$40,790,602
1/6/2015
$7.51
-
340
$6.12
$8.90
$2.78
37.02%
753
6,686,984
$50,219,250
1/7/2015
$6.25
2.46%
16,583
$6.26
$6.46
$0 20
3.14%
753
6,686,984
$41,793,650
1/8/2015
$6.72
7 56%
271
$6.34
$6.78
$0.44
6.71%
753
6,686,984
$44,953,250
1/9/2015
$6.62
 -1.52%
10,623
$6.50
$6.62
$0 12
1.83%
753
6,686,984
$44,267,834
1/12/2015
$6.98
5.44%
3,981
$6.70
$6.98
$0 28
4.09%
753
6,686,984
$46,675,148
1/13/2015
$8.33
19.37%
15,428
$7.97
$8.45
$0.48
5.85%
753
6,686,984
$55,715,951
1/14/2015
$8.18
 -1.82%
6,627
$7.97
$8.50
$0 53
6.44%
753
6,686,984
$54,699,529
1/15/2015
$8.06
 -1.47%
17,914
$7.70
$8.13
$0.43
5.43%
4,720
6,686,984
$53,897,091
1/16/2015
$7.73
 -4.09%
11,914
$6.51
$7.75
$1 24
17.39%
4,720
6,686,984
$51,690,386
1/20/2015
$7.50
 -2.98%
2,810
$7.15
$7.50
$0 35
4.78%
4,720
6,686,984
$50,152,380
1/21/2015
$7.49
 -0.13%
9,719
$6.50
$7.50
$1.00
14.29%
4,720
6,686,984
$50,085,510
88
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 91 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 93 of
120

Exhibit-7
Innocoll Market Efficiency Statistics
Date
Closing
Price
Stock
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares
Market
Capitalization
1/22/2015
$7.50
0 13%
4,958
$7.22
$7.56
$0.34
4.60%
4,720
6,686,984
$50,152,380
1/23/2015
$7.50
0.00%
2,002
$7.50
$7.75
$0.25
3.28%
4,720
6,686,984
$50,152,380
1/26/2015
$7.30
 -2.67%
18,935
$7.30
$7.54
$0.24
3.23%
4,720
6,686,984
$48,814,983
1/27/2015
$8.25
13.01%
1,714
$8.00
$8.50
$0.50
6.06%
4,720
6,686,984
$55,167,618
1/28/2015
$8.25
0.00%
900
$7.26
$8.50
$1.24
15.74%
4,720
6,686,984
$55,167,618
1/29/2015
$8.08
 -2.06%
635
$8.00
$8.69
$0.69
8.27%
4,720
6,686,984
$54,030,831
1/30/2015
$7.96
 -1.49%
16,179
$6.84
$8.35
$1.51
19.88%
6,834
6,686,984
$53,228,393
2/2/2015
$8.00
0 50%
8,747
$7.66
$8.39
$0.73
9.10%
6,834
6,686,984
$53,495,872
2/3/2015
$8.30
3.75%
4,240
$8.00
$8.49
$0.49
5.94%
6,834
6,686,984
$55,501,967
2/4/2015
$8.14
 -1.93%
3,172
$8.00
$8.14
$0.14
1.73%
6,834
6,686,984
$54,431,381
2/5/2015
$8.23
1 11%
976
$8.20
$8.48
$0.28
3.36%
6,834
6,686,984
$55,033,878
2/6/2015
$8.31
0 97%
950
$8.00
$8.42
$0.42
5.12%
6,834
6,686,984
$55,565,494
2/9/2015
$8.58
3 26%
482
$8.26
$8.49
$0.23
2.75%
6,834
6,686,984
$57,374,323
2/10/2015
$8.48
 -1.17%
769
$8.40
$8.59
$0.19
2.24%
6,834
6,686,984
$56,705,624
2/11/2015
$8.50
0 24%
300
$8.24
$8.55
$0.31
3.69%
6,834
6,686,984
$56,839,364
2/12/2015
$8.50
0.00%
1,144
$8.40
$8.59
$0.19
2.24%
6,834
6,686,984
$56,839,364
2/13/2015
$8.50
0.00%
9,560
$8.01
$8.47
$0.46
5.58%
5,928
6,686,984
$56,839,364
2/17/2015
$7.76
 -8.71%
630
$7.74
$8.30
$0.56
6.98%
5,928
6,686,984
$51,890,996
2/18/2015
$7.75
 -0.13%
237
$7.76
$8.50
$0.74
9.10%
5,928
6,686,984
$51,824,126
2/19/2015
$7.30
 -5.81%
586
$7.26
$8.70
$1.44
18.05%
5,928
6,686,984
$48,814,983
2/20/2015
$8.01
9.73%
1,773
$8.00
$8.70
$0.70
8.38%
5,928
6,686,984
$53,562,742
2/23/2015
$8.20
2 37%
390
$7.30
$8.39
$1.09
13.89%
5,928
6,686,984
$54,833,269
2/24/2015
$8.29
1 10%
3,314
$7.66
$8.38
$0.72
8.98%
5,928
6,686,984
$55,435,097
2/25/2015
$8.30
0 15%
870
$8.01
$8.29
$0.28
3.44%
5,928
6,686,984
$55,518,016
2/26/2015
$8.08
 -2.68%
4,584
$8.00
$8.20
$0.20
2.47%
5,928
6,686,984
$54,030,831
2/27/2015
$8.20
1.49%
900
$8.00
$8.15
$0.15
1.86%
4,659
6,686,984
$54,833,269
3/2/2015
$8.00
 -2.44%
22,538
$6.50
$7.90
$1.40
19.44%
4,659
6,686,984
$53,495,872
3/3/2015
$8.00
0.00%
500
$6.51
$7.90
$1.39
19.29%
4,659
6,686,984
$53,495,872
3/4/2015
$7.51
 -6.12%
8,492
$7.50
$7.99
$0.49
6.33%
4,659
6,686,984
$50,219,250
3/5/2015
$8.40
11.85%
228
$7.51
$8.25
$0.74
9.39%
4,659
6,686,984
$56,170,666
3/6/2015
$8.34
 -0.71%
3,349
$7.52
$8.40
$0.88
11.06%
4,659
6,686,984
$55,769,447
3/9/2015
$7.68
 -7.90%
300
$7.51
$8.00
$0.49
6.32%
4,659
6,686,984
$51,366,068
3/10/2015
$7.93
-
 -
$7.50
$8.35
$0.85
10.73%
4,659
6,686,984
$52,994,348
3/11/2015
$8.25
7.42%
843
$7.71
$8.20
$0.49
6.16%
4,659
6,686,984
$55,167,618
3/12/2015
$7.88
 -4.48%
786
$7.54
$8.40
$0.86
10.79%
4,659
6,686,984
$52,693,434
3/13/2015
$7.96
-
 -
$7.51
$8.40
$0.89
11.19%
3,731
6,686,984
$53,194,958
3/16/2015
$8.13
3 17%
1,000
$7.57
$8.10
$0.53
6.76%
3,731
6,686,984
$54,365,180
3/17/2015
$8.09
-
2
$7.78
$8.40
$0.62
7.66%
3,731
6,686,984
$54,097,701
3/18/2015
$7.53
 -7.38%
1,797
$7.51
$8.00
$0.49
6.32%
3,731
6,686,984
$50,352,990
3/19/2015
$8.00
6 24%
621
$7.52
$8.40
$0.88
11.06%
3,731
6,686,984
$53,495,872
3/20/2015
$8.46
5.74%
5,212
$8.39
$8.96
$0.57
6.57%
3,731
6,686,984
$56,568,541
3/23/2015
$8.20
 -3.07%
5,054
$8.13
$8.20
$0.07
0.86%
3,731
6,686,984
$54,833,269
3/24/2015
$8.10
 -1.22%
803
$8.00
$8.10
$0.10
1.24%
3,731
6,686,984
$54,164,570
3/25/2015
$8.05
-
80
$8.00
$8.10
$0.10
1.24%
3,731
6,686,984
$53,830,221
3/26/2015
$8.00
 -1.23%
2,988
$7.51
$7.95
$0.44
5.69%
3,731
6,686,984
$53,495,872
3/27/2015
$7.51
 -6.12%
598
$7.51
$8.40
$0.89
11.19%
3,731
6,686,984
$50,219,250
3/30/2015
$7.78
-
 -
$7.55
$8.00
$0.45
5.79%
3,731
6,686,984
$51,991,301
3/31/2015
$7.95
-
 -
$7.50
$8.40
$0.90
11.32%
1,633
6,686,984
$53,161,523
4/1/2015
$7.90
5 19%
9,180
$7.53
$8.40
$0.87
10.92%
1,633
6,686,984
$52,827,174
4/2/2015
$7.62
 -3.54%
4,573
$7.09
$7.49
$0.40
5.49%
1,633
6,686,984
$50,954,818
4/6/2015
$7.42
 -2.62%
13,702
$7.33
$7.49
$0.16
2.16%
1,633
6,686,984
$49,617,421
4/7/2015
$7.82
5 39%
21,181
$7.52
$8.35
$0.83
10.46%
1,633
6,686,984
$52,292,215
4/8/2015
$7.58
 -3.07%
4,886
$7.58
$7.80
$0.22
2.86%
1,633
6,686,984
$50,687,339
4/9/2015
$7.34
 -3.17%
10,622
$7.16
$7.41
$0.25
3.43%
1,633
6,686,984
$49,082,463
4/10/2015
$7.30
 -0.54%
33,401
$7.11
$7.33
$0.22
3.05%
1,633
6,686,984
$48,814,983
4/13/2015
$7.05
 -3.42%
2,409
$7.07
$7.38
$0.31
4.29%
1,633
6,686,984
$47,143,237
4/14/2015
$7.30
3 58%
200
$7.06
$7.40
$0.34
4.70%
1,633
6,686,984
$48,831,032
4/15/2015
$7.29
 -0.17%
7,340
$7.25
$7.37
$0.12
1.64%
5,571
6,686,984
$48,748,113
4/16/2015
$7.24
 -0.69%
3,713
$7.21
$7.29
$0.08
1.10%
5,571
6,686,984
$48,413,764
4/17/2015
$7.37
1.80%
2,437
$7.20
$7.37
$0.17
2.33%
5,571
6,686,984
$49,283,072
4/20/2015
$8.28
12.35%
24,500
$8.01
$8.15
$0.14
1.73%
5,571
6,686,984
$55,368,228
4/21/2015
$8.25
 -0.36%
78,237
$8.25
$8.30
$0.05
0.60%
5,571
6,686,984
$55,167,618
89
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 92 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 94 of
120

Exhibit-7
Innocoll Market Efficiency Statistics
Date
Closing
Price
Stock
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares
Market
Capitalization
4/22/2015
$8.16
 -1.09%
46,107
$8.16
$8.40
$0.24
2.90%
5,571
6,686,984
$54,565,789
4/23/2015
$8.62
5.64%
61,740
$8.66
$8.75
$0.09
1.03%
5,571
6,686,984
$57,641,802
4/24/2015
$9.90
14.85%
202,025
$9.90
$10.00
$0.10
1.01%
5,571
10,331,502
$102,281,870
4/27/2015
$9.98
0.77%
23,862
$9.85
$9.99
$0.14
1.41%
5,571
10,331,502
$103,067,064
4/28/2015
$9.82
 -1.56%
12,613
$9.82
$10.00
$0.18
1.82%
5,571
10,331,502
$101,455,350
4/29/2015
$10.03
2 14%
38,292
$10.00
$10.25
$0.25
2.47%
5,571
10,331,502
$103,624,965
4/30/2015
$10.25
2 19%
23,177
$10.00
$10.25
$0.25
2.47%
3,136
10,331,502
$105,897,896
5/1/2015
$10.11
 -1.37%
18,066
$10.10
$10.25
$0.15
1.47%
3,136
10,331,502
$104,451,485
5/4/2015
$10.25
1 38%
10,898
$9.99
$10.25
$0.26
2.57%
3,136
10,331,502
$105,897,896
5/5/2015
$10.11
 -1.37%
4,054
$10.10
$10.25
$0.15
1.47%
3,136
10,331,502
$104,451,485
5/6/2015
$10.07
 -0.40%
1,611
$10.05
$10.25
$0.20
1.97%
3,136
10,331,502
$104,038,225
5/7/2015
$9.83
 -2.38%
17,254
$9.83
$10.21
$0.38
3.79%
3,136
10,331,502
$101,558,665
5/8/2015
$9.97
1.42%
71,219
$9.93
$10.21
$0.28
2.78%
3,136
10,331,502
$103,005,075
5/11/2015
$10.24
2.66%
7,128
$10.10
$10.25
$0.15
1.47%
3,136
10,331,502
$105,742,923
5/12/2015
$10.07
 -1.61%
17,219
$10.05
$10.25
$0.20
1.97%
3,136
10,331,502
$104,038,225
5/13/2015
$10.17
0 98%
1,508
$10.05
$10.19
$0.14
1.38%
3,136
10,331,502
$105,061,044
5/14/2015
$10.21
0.40%
7,400
$10.20
$10.23
$0.03
0.29%
3,136
10,331,502
$105,484,635
5/15/2015
$10.20
 -0.10%
4,605
$10.20
$10.30
$0.10
0.98%
1,243
10,331,502
$105,381,320
5/18/2015
$10.21
0 10%
13,786
$10.20
$10.24
$0.04
0.39%
1,243
10,331,502
$105,484,635
5/19/2015
$10.40
1.86%
4,950
$10.40
$10.43
$0.03
0.29%
1,243
10,331,502
$107,447,621
5/20/2015
$10.40
0.00%
800
$10.40
$10.49
$0.09
0.86%
1,243
10,331,502
$107,448,654
5/21/2015
$10.40
0.00%
10,087
$10.40
$10.73
$0.33
3.12%
1,243
10,331,502
$107,447,621
5/22/2015
$10.71
2 98%
4,691
$10.63
$11.04
$0.41
3.78%
1,243
10,331,502
$110,650,386
5/26/2015
$10.95
2 24%
4,460
$10.79
$10.96
$0.17
1.56%
1,243
10,331,502
$113,129,947
5/27/2015
$10.95
0.00%
938
$10.95
$11.13
$0.18
1.63%
1,243
10,331,502
$113,130,980
5/28/2015
$11.31
3 29%
138
$10.95
$11.32
$0.37
3.32%
1,243
10,331,502
$116,849,288
5/29/2015
$11.74
3.80%
8,211
$11.37
$11.72
$0.35
3.03%
2,241
10,331,502
$121,291,833
6/1/2015
$12.07
2.81%
14,725
$12.07
$12.46
$0.39
3.18%
2,241
10,331,502
$124,704,329
6/2/2015
$12.47
3 31%
7,068
$12.03
$12.46
$0.43
3.51%
2,241
10,331,502
$128,833,830
6/3/2015
$12.49
0 16%
6,335
$12.27
$12.49
$0.22
1.78%
2,241
10,331,502
$129,040,460
6/4/2015
$12.50
0.08%
5,710
$12.11
$12.50
$0.39
3.17%
2,241
10,331,502
$129,143,775
6/5/2015
$14.80
18.40%
8,125
$13.76
$14.75
$0.99
6.94%
2,241
10,331,502
$152,906,230
6/8/2015
$14.35
 -3.04%
12,733
$14.35
$14.39
$0.04
0.28%
2,241
10,331,502
$148,257,054
6/9/2015
$14.20
 -1.05%
2,898
$14.20
$14.49
$0.29
2.02%
2,241
10,331,502
$146,707,328
6/10/2015
$14.40
1.41%
2,431
$14.36
$16.14
$1.78
11.67%
2,241
10,331,502
$148,773,629
6/11/2015
$15.99
11.04%
3,249
$14.81
$15.25
$0.44
2.93%
2,241
10,331,502
$165,200,717
6/12/2015
$15.98
 -0.06%
1,987
$14.74
$16.20
$1.46
9.44%
2,241
10,331,502
$165,107,733
6/15/2015
$15.94
 -0.28%
502
$14.66
$16.00
$1.34
8.74%
5,025
10,331,502
$164,652,114
6/16/2015
$15.10
 -5.25%
8,516
$14.62
$15.06
$0.44
2.96%
5,025
10,331,502
$156,005,680
6/17/2015
$15.10
0.00%
7,705
$14.50
$15.09
$0.59
3.99%
5,025
10,331,502
$156,005,680
6/18/2015
$14.89
 -1.39%
4,729
$14.54
$14.89
$0.35
2.38%
5,025
10,331,502
$153,836,065
6/19/2015
$14.88
 -0.07%
2,990
$14.61
$14.89
$0.28
1.90%
5,025
10,331,502
$153,732,750
6/22/2015
$14.90
0 13%
4,676
$14.51
$14.90
$0.39
2.65%
5,025
10,331,502
$153,939,380
6/23/2015
$15.00
0.67%
6,069
$14.33
$15.00
$0.67
4.57%
5,025
10,331,502
$154,972,530
6/24/2015
$14.66
 -2.27%
4,783
$14.27
$15.00
$0.73
4.99%
5,025
10,331,502
$151,459,819
6/25/2015
$14.30
 -2.46%
8,695
$13.98
$14.72
$0.74
5.16%
5,025
10,331,502
$147,740,479
6/26/2015
$14.37
0.49%
8,295
$13.98
$15.25
$1.27
8.69%
5,025
10,331,502
$148,463,684
6/29/2015
$14.77
2.78%
4,516
$14.15
$14.99
$0.84
5.77%
5,025
10,331,502
$152,596,285
6/30/2015
$14.63
 -0.95%
10,443
$14.31
$15.24
$0.93
6.29%
3,298
10,331,502
$151,149,874
7/1/2015
$15.04
2.80%
11,864
$14.50
$15.21
$0.71
4.78%
3,298
10,331,502
$155,384,757
7/2/2015
$14.69
 -2.33%
2,705
$14.26
$14.99
$0.73
4.99%
3,298
10,331,502
$151,768,731
7/6/2015
$14.95
1.77%
3,031
$14.26
$14.99
$0.73
4.99%
3,298
10,331,502
$154,455,955
7/7/2015
$14.62
 -2.21%
1,781
$14.26
$14.98
$0.72
4.92%
3,298
10,331,502
$151,046,559
7/8/2015
$14.63
-
37
$14.26
$15.00
$0.74
5.06%
3,298
10,331,502
$151,149,874
7/9/2015
$14.54
 -0.55%
2,392
$14.50
$15.00
$0.50
3.39%
3,298
10,331,502
$150,220,039
7/10/2015
$14.70
1 10%
3,256
$14.72
$14.99
$0.27
1.82%
3,298
10,331,502
$151,873,079
7/13/2015
$14.89
1 27%
5,695
$14.76
$14.85
$0.09
0.61%
3,298
10,331,502
$153,794,739
7/14/2015
$14.75
 -0.91%
5,167
$14.26
$14.76
$0.50
3.45%
3,298
10,331,502
$152,389,655
7/15/2015
$14.60
 -1.02%
1,510
$14.59
$14.79
$0.20
1.36%
3,331
10,331,502
$150,839,929
7/16/2015
$14.80
-
21
$14.60
$15.00
$0.40
2.70%
3,331
10,331,502
$152,906,230
7/17/2015
$14.46
 -0.96%
3,013
$13.78
$14.55
$0.77
5.44%
3,331
10,331,502
$149,393,519
7/20/2015
$14.01
 -3.11%
513
$14.00
$14.75
$0.75
5.22%
3,331
10,331,502
$144,744,343
90
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 93 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 95 of
120

Exhibit-7
Innocoll Market Efficiency Statistics
Date
Closing
Price
Stock
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares
Market
Capitalization
7/21/2015
$14.75
5 28%
5,950
$14.74
$14.75
$0.01
0.07%
3,331
10,331,502
$152,389,655
7/22/2015
$14.63
 -0.81%
668
$14.11
$14.55
$0.44
3.07%
3,331
10,331,502
$151,149,874
7/23/2015
$14.63
0.00%
1,333
$14.63
$14.65
$0.02
0.14%
3,331
10,331,502
$151,149,874
7/24/2015
$14.98
2 39%
710
$14.41
$14.99
$0.58
3.95%
3,331
10,331,502
$154,765,900
7/27/2015
$15.00
0 13%
2,722
$14.11
$15.00
$0.89
6.11%
3,331
10,331,502
$154,962,198
7/28/2015
$14.76
 -1.60%
363
$14.03
$15.00
$0.97
6.68%
3,331
10,331,502
$152,482,638
7/29/2015
$14.95
1 29%
105
$14.66
$14.99
$0.33
2.23%
3,331
10,331,502
$154,455,955
7/30/2015
$14.50
 -3.01%
15,159
$13.76
$14.86
$1.10
7.69%
3,331
10,331,502
$149,806,779
7/31/2015
$14.80
2.07%
6,865
$14.66
$14.79
$0.13
0.88%
3,758
10,331,502
$152,906,230
8/3/2015
$14.20
 -4.05%
8,823
$13.51
$14.24
$0.73
5.26%
3,758
10,331,502
$146,707,328
8/4/2015
$14.18
-
89
$13.45
$14.90
$1.45
10.23%
3,758
10,331,502
$146,449,041
8/5/2015
$13.48
 -5.07%
3,121
$13.49
$14.00
$0.51
3.71%
3,758
10,331,502
$139,233,520
8/6/2015
$14.81
9.89%
946
$13.83
$15.00
$1.17
8.12%
3,758
10,331,502
$153,009,545
8/7/2015
$13.90
-
8
$13.45
$14.35
$0.90
6.47%
3,758
10,331,502
$143,607,878
8/10/2015
$14.04
 -5.20%
2,112
$14.00
$14.55
$0.55
3.85%
3,758
10,331,502
$145,054,288
8/11/2015
$13.67
 -2.64%
9,145
$13.66
$13.99
$0.33
2.39%
3,758
10,331,502
$141,231,632
8/12/2015
$13.11
 -4.10%
4,791
$13.04
$13.45
$0.41
3.10%
3,758
10,331,502
$135,445,991
8/13/2015
$13.94
6 33%
317
$12.90
$13.50
$0.60
4.55%
3,758
10,331,502
$144,021,138
8/14/2015
$12.90
 -7.46%
5,703
$12.90
$13.50
$0.60
4.55%
5,257
10,331,502
$133,277,409
8/17/2015
$13.01
0.85%
2,950
$13.01
$13.19
$0.18
1.37%
5,257
10,331,502
$134,412,841
8/18/2015
$13.45
-
4
$13.00
$13.90
$0.90
6.69%
5,257
10,331,502
$138,958,702
8/19/2015
$13.50
3.77%
4,995
$12.37
$13.65
$1.28
9.84%
5,257
10,331,502
$139,475,277
8/20/2015
$13.16
 -2.52%
2,338
$13.16
$13.25
$0.09
0.68%
5,257
10,331,502
$135,962,566
8/21/2015
$11.69
-
 -
$10.50
$12.88
$2.38
20.36%
5,257
10,331,502
$120,775,258
8/24/2015
$12.44
 -5.47%
1,740
$12.40
$13.88
$1.48
11.26%
5,257
10,331,502
$128,523,885
8/25/2015
$12.89
3.62%
3,471
$12.45
$13.00
$0.55
4.32%
5,257
10,331,502
$133,173,061
8/26/2015
$12.60
 -2.25%
2,951
$11.59
$12.94
$1.35
11.01%
5,257
10,331,502
$130,176,925
8/27/2015
$12.27
-
30
$11.53
$13.00
$1.47
11.99%
5,257
10,331,502
$126,715,872
8/28/2015
$12.93
2.62%
3,650
$12.14
$13.00
$0.86
6.84%
5,257
10,331,502
$133,586,321
8/31/2015
$13.00
0 54%
3,688
$12.72
$12.99
$0.27
2.10%
123
10,331,502
$134,309,526
9/1/2015
$13.00
0.00%
3,778
$11.51
$12.99
$1.48
12.08%
123
10,331,502
$134,309,526
9/2/2015
$12.31
-
 -
$11.61
$13.00
$1.39
11.30%
123
10,331,502
$127,129,132
9/3/2015
$12.01
 -7.62%
146
$11.61
$13.00
$1.39
11.30%
123
10,331,502
$124,081,339
9/4/2015
$12.33
-
 -
$11.50
$13.15
$1.65
13.39%
123
10,331,502
$127,335,762
9/8/2015
$13.00
8 24%
32,801
$11.51
$13.44
$1.93
15.47%
123
10,331,502
$134,309,526
9/9/2015
$13.10
0.77%
4,653
$13.02
$13.10
$0.08
0.61%
123
10,331,502
$135,342,676
9/10/2015
$13.64
-
18
$12.04
$15.23
$3.19
23.40%
123
10,331,502
$140,870,030
9/11/2015
$13.00
 -0.76%
5,752
$12.61
$13.90
$1.29
9.73%
123
10,331,502
$134,309,526
9/14/2015
$13.89
6.85%
861
$12.00
$13.89
$1.89
14.60%
123
10,331,502
$143,503,530
9/15/2015
$13.45
 -3.17%
1,346
$12.00
$13.81
$1.81
14.03%
1,104
10,331,502
$138,958,702
9/16/2015
$13.87
3 12%
586
$13.00
$13.90
$0.90
6.69%
1,104
10,331,502
$143,297,933
9/17/2015
$13.45
-
10
$13.00
$13.90
$0.90
6.69%
1,104
10,331,502
$138,958,702
9/18/2015
$13.70
 -1.23%
2,606
$13.00
$13.90
$0.90
6.69%
1,104
10,331,502
$141,541,577
9/21/2015
$13.08
 -4.56%
702
$13.01
$13.49
$0.48
3.62%
1,104
10,331,502
$135,084,389
9/22/2015
$13.13
0 38%
1,908
$13.01
$13.24
$0.23
1.75%
1,104
10,331,502
$135,600,964
9/23/2015
$12.70
 -3.24%
1,037
$12.06
$13.25
$1.19
9.40%
1,104
10,331,502
$131,210,075
9/24/2015
$13.50
6 30%
11,068
$11.64
$13.90
$2.26
17.70%
1,104
10,331,502
$139,475,277
9/25/2015
$13.00
 -3.70%
4,074
$11.50
$13.00
$1.50
12.24%
1,104
10,331,502
$134,309,526
9/28/2015
$12.51
 -3.77%
5,013
$11.50
$13.00
$1.50
12.24%
1,104
10,331,502
$129,247,090
9/29/2015
$13.00
3 92%
1,209
$12.00
$13.00
$1.00
8.00%
1,104
10,331,502
$134,309,526
9/30/2015
$12.52
 -3.69%
37,826
$12.04
$13.00
$0.96
7.67%
1,544
12,083,761
$151,288,688
10/1/2015
$12.50
 -0.16%
6,216
$12.00
$13.00
$1.00
8.00%
1,544
12,083,761
$151,047,013
10/2/2015
$12.31
 -1.52%
2,609
$12.00
$12.50
$0.50
4.08%
1,544
12,083,761
$148,751,098
10/5/2015
$12.19
 -0.97%
404
$12.05
$13.00
$0.95
7.58%
1,544
12,083,761
$147,301,047
10/6/2015
$12.06
 -1.07%
513
$12.05
$13.00
$0.95
7.58%
1,544
12,083,761
$145,718,074
10/7/2015
$12.41
2 91%
642
$12.06
$13.05
$0.99
7.89%
1,544
12,083,761
$149,959,474
10/8/2015
$12.13
 -2.26%
1,631
$12.06
$12.50
$0.44
3.58%
1,544
12,083,761
$146,576,021
10/9/2015
$12.49
2 97%
303
$12.05
$13.90
$1.85
14.26%
1,544
12,083,761
$150,927,383
10/12/2015
$12.01
 -3.84%
7,146
$12.00
$13.90
$1.90
14.67%
1,544
12,083,761
$145,125,970
10/13/2015
$11.56
 -3.75%
3,689
$11.50
$11.88
$0.38
3.25%
1,544
12,083,761
$139,688,277
10/14/2015
$11.80
2.08%
528
$11.52
$13.89
$2.37
18.65%
1,544
12,083,761
$142,588,380
10/15/2015
$12.14
2.88%
2,410
$12.00
$12.62
$0.62
5.04%
1,190
12,083,761
$146,696,859
91
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 94 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 96 of
120

Exhibit-7
Innocoll Market Efficiency Statistics
Date
Closing
Price
Stock
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares
Market
Capitalization
10/16/2015
$12.88
6 10%
3,044
$12.11
$12.88
$0.77
6.16%
1,190
12,083,761
$155,638,842
10/19/2015
$12.50
-
14
$12.00
$13.00
$1.00
8.00%
1,190
12,083,761
$151,047,013
10/20/2015
$12.54
 -2.64%
13,484
$12.00
$13.08
$1.08
8.61%
1,190
12,083,761
$151,530,363
10/21/2015
$12.56
0 16%
3,168
$12.00
$13.00
$1.00
8.00%
1,190
12,083,761
$151,765,996
10/22/2015
$13.35
-
135
$12.80
$13.90
$1.10
8.24%
1,190
12,083,761
$161,318,209
10/23/2015
$13.25
5.49%
1,707
$11.53
$13.25
$1.72
13.88%
1,190
12,083,761
$160,109,833
10/26/2015
$12.40
 -6.42%
20,282
$12.00
$12.40
$0.40
3.28%
1,190
12,083,761
$149,838,636
10/27/2015
$12.25
 -1.21%
3,508
$12.11
$12.40
$0.29
2.37%
1,190
12,083,761
$148,026,072
10/28/2015
$12.29
0 33%
4,480
$11.50
$12.29
$0.79
6.64%
1,190
12,083,761
$148,509,423
10/29/2015
$12.30
0.09%
914
$12.10
$13.00
$0.90
7.17%
1,190
12,083,761
$148,638,719
10/30/2015
$12.99
5.60%
412
$12.25
$12.99
$0.74
5.86%
1,832
12,083,761
$156,966,847
11/2/2015
$11.90
 -8.39%
21,060
$11.52
$12.25
$0.73
6.14%
1,832
12,083,761
$143,796,756
11/3/2015
$11.70
 -1.68%
2,873
$11.17
$12.00
$0.83
7.16%
1,832
12,083,761
$141,380,004
11/4/2015
$11.50
 -1.71%
2,456
$10.85
$11.50
$0.65
5.82%
1,832
12,083,761
$138,963,252
11/5/2015
$10.73
 -6.70%
150
$10.74
$12.34
$1.60
13.86%
1,832
12,083,761
$129,658,756
11/6/2015
$11.44
6.62%
115
$10.50
$12.01
$1.51
13.42%
1,832
12,083,761
$138,238,226
11/9/2015
$11.10
-
63
$10.50
$11.70
$1.20
10.81%
1,832
12,083,761
$134,129,747
11/10/2015
$11.30
 -1.22%
116
$10.50
$11.30
$0.80
7.34%
1,832
12,083,761
$136,545,291
11/11/2015
$10.90
-
2
$10.50
$11.30
$0.80
7.34%
1,832
12,083,761
$131,712,995
11/12/2015
$9.90
 -12 39%
1,778
$8.50
$9.98
$1.48
16.02%
1,832
12,083,761
$119,629,234
11/13/2015
$9.24
-
6
$8.50
$9.98
$1.48
16.02%
312
12,083,761
$111,653,952
11/16/2015
$9.51
 -3.94%
1,082
$9.50
$9.98
$0.48
4.93%
312
12,083,761
$114,916,567
11/17/2015
$9.89
-
 -
$8.78
$10.99
$2.21
22.36%
312
12,083,761
$119,447,977
11/18/2015
$9.46
 -0.53%
5,557
$9.05
$9.50
$0.45
4.85%
312
12,083,761
$114,312,379
11/19/2015
$9.03
 -4.55%
7,271
$8.01
$8.70
$0.69
8.26%
312
12,083,761
$109,116,362
11/20/2015
$8.78
 -2.77%
1,204
$8.21
$8.78
$0.57
6.71%
312
12,083,761
$106,095,422
11/23/2015
$8.40
 -4.39%
3,432
$8.15
$8.48
$0.33
3.97%
312
12,083,761
$101,443,174
11/24/2015
$7.09
 -15 55%
18,371
$6.65
$7.09
$0.44
6.40%
312
12,083,761
$85,673,865
11/25/2015
$7.50
5.78%
5,409
$7.50
$7.70
$0.20
2.63%
312
12,083,761
$90,628,208
11/27/2015
$7.45
-
30
$7.20
$7.70
$0.50
6.71%
312
12,083,761
$90,024,019
11/30/2015
$7.59
1 20%
66,334
$7.20
$7.99
$0.79
10.40%
183
12,083,761
$91,715,746
12/1/2015
$7.51
 -1.05%
48,208
$7.50
$8.65
$1.15
14.24%
183
12,083,761
$90,749,045
12/2/2015
$7.49
 -0.27%
4,559
$7.29
$7.50
$0.21
2.84%
183
12,083,761
$90,507,370
12/3/2015
$7.85
4.81%
130
$7.04
$7.85
$0.81
10.88%
183
12,083,761
$94,857,524
12/4/2015
$8.20
4.46%
246
$7.50
$8.20
$0.70
8.92%
183
12,083,761
$99,086,840
12/7/2015
$8.25
0.61%
4,032
$7.71
$8.47
$0.76
9.39%
183
12,083,761
$99,691,028
12/8/2015
$9.25
12.12%
2,427
$8.50
$9.25
$0.75
8.45%
183
12,083,761
$111,774,789
12/9/2015
$8.96
 -3.14%
2,754
$8.25
$8.96
$0.71
8.25%
183
12,083,761
$108,270,499
12/10/2015
$8.71
 -2.79%
17,751
$8.70
$9.00
$0.30
3.39%
183
12,083,761
$105,249,558
12/11/2015
$8.49
 -2.53%
4,841
$7.57
$8.50
$0.93
11.57%
183
12,083,761
$102,591,131
12/14/2015
$8.50
0 12%
15,942
$7.28
$8.50
$1.22
15.46%
183
12,083,761
$102,711,969
12/15/2015
$7.56
 -11.06%
4,534
$7.51
$8.00
$0.49
6.32%
1,445
12,083,761
$91,353,233
12/16/2015
$7.55
 -0.13%
3,251
$7.55
$8.50
$0.95
11.84%
1,445
12,083,761
$91,232,396
12/17/2015
$7.50
 -0.69%
3,036
$7.27
$7.50
$0.23
3.11%
1,445
12,083,761
$90,604,040
12/18/2015
$7.69
2 56%
2,301
$7.25
$8.25
$1.00
12.90%
1,445
12,083,761
$92,924,122
12/21/2015
$7.63
 -0.78%
159
$7.50
$8.35
$0.85
10.73%
1,445
12,083,761
$92,199,096
12/22/2015
$7.79
2.08%
5,006
$7.75
$7.94
$0.19
2.42%
1,445
12,083,761
$94,120,414
12/23/2015
$7.50
 -3.71%
4,272
$7.49
$7.50
$0.01
0.13%
1,445
12,083,761
$90,628,208
12/24/2015
$7.51
-
16
$7.25
$7.76
$0.51
6.80%
1,445
12,083,761
$90,688,626
12/28/2015
$7.57
0 93%
3,148
$7.55
$7.56
$0.01
0.13%
1,445
12,083,761
$91,474,071
12/29/2015
$7.42
 -1.98%
3,822
$7.25
$7.69
$0.44
5.89%
1,445
12,083,761
$89,661,507
12/30/2015
$8.30
11.86%
11,305
$8.00
$8.50
$0.50
6.06%
1,445
12,083,761
$100,295,216
12/31/2015
$8.30
0.00%
22,705
$7.52
$8.49
$0.97
12.12%
639
12,083,761
$100,295,216
1/4/2016
$8.37
0.84%
8,303
$7.25
$8.30
$1.05
13.50%
639
12,083,761
$101,141,080
1/5/2016
$8.30
 -0.84%
3,403
$7.25
$8.50
$1.25
15.87%
639
12,083,761
$100,295,216
1/6/2016
$8.03
 -3.25%
601
$7.25
$8.30
$1.05
13.50%
639
12,083,761
$97,032,601
1/7/2016
$8.00
 -0.37%
4,164
$7.25
$8.00
$0.75
9.84%
639
12,083,761
$96,670,088
1/8/2016
$7.71
 -3.66%
10,125
$7.32
$7.75
$0.43
5.71%
639
12,083,761
$93,129,546
1/11/2016
$7.48
 -3.01%
6,179
$7.25
$7.30
$0.05
0.69%
639
12,083,761
$90,326,113
1/12/2016
$7.30
 -2.34%
7,742
$7.25
$8.00
$0.75
9.84%
639
12,083,761
$88,211,455
1/13/2016
$7.70
5.48%
5,377
$7.25
$8.32
$1.07
13.74%
639
12,083,761
$93,044,960
1/14/2016
$7.77
0 91%
3,183
$7.31
$8.32
$1.01
12.92%
639
12,083,761
$93,890,823
92
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 95 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 97 of
120

Exhibit-7
Innocoll Market Efficiency Statistics
Date
Closing
Price
Stock
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares
Market
Capitalization
1/15/2016
$8.00
2 96%
3,893
$6.67
$8.00
$1.33
18.13%
459
12,083,761
$96,670,088
1/19/2016
$7.75
-
1
$7.50
$8.00
$0.50
6.45%
459
12,083,761
$93,649,148
1/20/2016
$7.96
 -0.50%
1,401
$7.50
$8.00
$0.50
6.45%
459
12,083,761
$96,186,738
1/21/2016
$7.88
-
 -
$7.25
$8.50
$1.25
15.87%
459
12,083,761
$95,159,618
1/22/2016
$9.00
13.07%
4,749
$8.02
$9.00
$0.98
11.52%
459
12,083,761
$108,753,849
1/25/2016
$9.00
0.00%
166
$8.00
$9.00
$1.00
11.76%
459
12,083,761
$108,753,849
1/26/2016
$9.00
0.00%
4,377
$8.00
$9.00
$1.00
11.76%
459
12,083,761
$108,753,849
1/27/2016
$9.00
0.00%
4,913
$8.57
$9.00
$0.43
4.89%
459
12,083,761
$108,753,849
1/28/2016
$9.20
2 22%
2,945
$8.51
$9.00
$0.49
5.60%
459
12,083,761
$111,170,601
1/29/2016
$9.00
 -2.17%
2,382
$8.00
$9.00
$1.00
11.76%
4,049
12,083,761
$108,753,849
2/1/2016
$8.25
-
 -
$7.50
$9.00
$1.50
18.18%
4,049
12,083,761
$99,691,028
2/2/2016
$8.55
 -5.00%
500
$7.42
$8.81
$1.39
17.13%
4,049
12,083,761
$103,316,157
2/3/2016
$8.13
 -4.91%
4,078
$7.47
$8.95
$1.48
18.03%
4,049
12,083,761
$98,240,977
2/4/2016
$8.24
1 32%
437
$7.25
$9.00
$1.75
21.54%
4,049
12,083,761
$99,539,981
2/5/2016
$8.25
-
 -
$7.50
$9.00
$1 50
18.18%
4,049
12,083,761
$99,691,028
2/8/2016
$8.25
-
 -
$7.50
$9.00
$1 50
18.18%
4,049
12,083,761
$99,691,028
2/9/2016
$8.22
 -0.24%
1,373
$7.50
$8.22
$0.72
9.16%
4,049
12,083,761
$99,328,515
2/10/2016
$8.20
 -0.24%
1,184
$7.50
$8.20
$0.70
8.92%
4,049
12,083,761
$99,085,632
2/11/2016
$7.96
-
21
$7.25
$8.67
$1.42
17.84%
4,049
12,083,761
$96,186,738
2/12/2016
$8.99
9.63%
1,826
$7.01
$9.00
$1 99
24.86%
1,316
12,083,761
$108,633,011
2/16/2016
$6.20
-
93
$3.50
$8.90
$5.40
87.10%
1,316
12,083,761
$74,919,318
2/17/2016
$8.59
 -4.45%
1,909
$6.75
$8.95
$2 20
28.03%
1,316
12,083,761
$103,799,507
2/18/2016
$7.56
-
 -
$6.61
$8.50
$1.89
25.02%
1,316
12,083,761
$91,292,814
2/19/2016
$8.60
0 12%
1,513
$7.51
$9.00
$1.49
18.05%
1,316
12,083,761
$103,920,345
2/22/2016
$8.06
-
28
$7.12
$9.00
$1.88
23.33%
1,316
12,083,761
$97,395,114
2/23/2016
$9.00
4.65%
405
$6.78
$9.00
$2 22
28.14%
1,316
12,083,761
$108,753,849
2/24/2016
$8.65
 -3.89%
19,328
$8.11
$8.50
$0 39
4.70%
1,316
12,083,761
$104,524,533
2/25/2016
$8.54
 -1.33%
7,147
$7.58
$8.74
$1 16
14.22%
1,316
12,083,761
$103,134,900
2/26/2016
$8.73
2 28%
666
$8.16
$8.61
$0.45
5.37%
1,316
12,083,761
$105,491,234
2/29/2016
$8.50
 -2.63%
5,518
$7.02
$8.50
$1.48
19.07%
676
12,083,761
$102,711,969
3/1/2016
$8.25
-
2
$8.00
$8.50
$0 50
6.06%
676
12,083,761
$99,691,028
3/2/2016
$8.15
 -4.12%
1,270
$7.67
$8.50
$0.83
10.27%
676
12,083,761
$98,482,652
3/3/2016
$8.09
 -0.74%
1,955
$7.07
$8.50
$1.43
18.37%
676
12,083,761
$97,757,626
3/4/2016
$7.17
-
 -
$5.84
$8.50
$2.66
37.10%
676
12,083,761
$86,640,566
3/7/2016
$8.10
0 12%
213
$8.10
$8.50
$0.40
4.82%
676
12,083,761
$97,878,464
3/8/2016
$8.10
0.00%
351
$7.76
$8.46
$0.70
8.63%
676
12,083,761
$97,878,464
3/9/2016
$7.98
-
 -
$7.20
$8.75
$1 55
19.44%
676
12,083,761
$96,367,994
3/10/2016
$8.03
 -0.86%
10,014
$7.21
$8.00
$0.79
10.39%
676
12,083,761
$97,032,601
3/11/2016
$8.03
0.00%
4,001
$7.20
$8.00
$0.80
10.53%
676
12,083,761
$97,032,601
3/14/2016
$7.72
-
 -
$7.43
$8.00
$0 57
7.39%
676
12,083,761
$93,226,216
3/15/2016
$8.05
0.25%
535
$6.06
$8.00
$1 94
27.60%
952
12,083,761
$97,274,276
3/16/2016
$7.21
-
5
$6.01
$8.40
$2 39
33.17%
952
24,346,782
$175,418,564
3/17/2016
$8.00
 -0.62%
103
$7.40
$8.00
$0.60
7.79%
952
24,346,782
$194,774,256
3/18/2016
$8.00
0.00%
3,969
$7.43
$8.00
$0 57
7.39%
952
24,346,782
$194,774,256
3/21/2016
$8.00
0.00%
2,292
$7.60
$8.00
$0.40
5.13%
952
24,346,782
$194,774,256
3/22/2016
$8.11
1.31%
3,960
$7.91
$8.30
$0 39
4.81%
952
24,346,782
$197,330,668
3/23/2016
$8.50
4.87%
1,572
$7.71
$8.50
$0.79
9.75%
952
24,346,782
$206,947,647
3/24/2016
$8.74
2.82%
2,418
$7.70
$8.80
$1 10
13.33%
952
24,346,782
$212,790,875
3/28/2016
$8.25
 -5.61%
21,897
$7.80
$8.50
$0.70
8.59%
952
24,346,782
$200,860,952
3/29/2016
$8.50
3.03%
8,790
$8.02
$8.50
$0.48
5.81%
952
24,346,782
$206,947,647
3/30/2016
$8.80
3.53%
9,928
$8.40
$8.69
$0 29
3.39%
952
24,346,782
$214,251,682
3/31/2016
$8.58
 -2.50%
8,444
$8.40
$9.50
$1 10
12.29%
1,211
24,346,782
$208,895,390
4/1/2016
$8.00
 -6.76%
11,759
$7.59
$8.00
$0.41
5.26%
1,211
24,346,782
$194,774,256
4/4/2016
$8.00
0.00%
3,365
$7.33
$8.00
$0.67
8.74%
1,211
24,346,782
$194,774,256
4/5/2016
$8.02
0.25%
17,281
$7.32
$8.20
$0.88
11.34%
1,211
24,346,782
$195,261,192
4/6/2016
$7.99
 -0.37%
4,655
$6.53
$7.99
$1.46
20.11%
1,211
24,346,782
$194,530,788
4/7/2016
$8.25
3.25%
4,474
$7.47
$8.71
$1 24
15.33%
1,211
24,346,782
$200,860,952
4/8/2016
$8.50
3.03%
4,293
$7.72
$9.62
$1 90
21.91%
1,211
24,346,782
$206,947,647
4/11/2016
$8.35
 -1.76%
4,738
$8.35
$8.50
$0 15
1.78%
1,211
24,346,782
$203,298,064
4/12/2016
$8.50
1.80%
6,017
$8.35
$8.50
$0 15
1.78%
1,211
24,346,782
$206,947,647
4/13/2016
$8.25
 -2.94%
7,140
$7.50
$9.10
$1.60
19.28%
1,211
24,346,782
$200,860,952
4/14/2016
$8.31
0.73%
1,323
$7.27
$13.18
$5 91
57.80%
1,211
24,346,782
$202,321,758
93
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 96 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 98 of
120

Exhibit-7
Innocoll Market Efficiency Statistics
Date
Closing
Price
Stock
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares
Market
Capitalization
4/15/2016
$8.50
2 29%
2,565
$8.00
$8.50
$0.50
6.06%
1,404
24,346,782
$206,945,212
4/18/2016
$8.12
 -4.47%
4,162
$7.32
$9.18
$1.86
22.55%
1,404
24,346,782
$197,695,870
4/19/2016
$8.35
2.83%
6,389
$8.08
$9.80
$1.72
19.24%
1,404
24,346,782
$203,295,630
4/20/2016
$11.16
-
39
$8.55
$13.76
$5.21
46.71%
1,404
24,346,782
$271,588,353
4/21/2016
$8.98
7 54%
7,014
$7.50
$8.98
$1.48
17.96%
1,404
24,346,782
$218,634,102
4/22/2016
$8.20
 -8.69%
2,096
$7.30
$8.20
$0.90
11.61%
1,404
24,346,782
$199,643,612
4/25/2016
$8.49
3 54%
10,510
$8.34
$8.50
$0.16
1.90%
1,404
24,346,782
$206,704,179
4/26/2016
$8.50
0 12%
10,374
$8.25
$9.10
$0.85
9.80%
1,404
24,346,782
$206,945,212
4/27/2016
$8.50
0.00%
1,665
$7.95
$8.98
$1.03
12.17%
1,404
24,346,782
$206,947,647
4/28/2016
$7.88
 -7.29%
15,228
$7.50
$7.90
$0.40
5.19%
1,404
24,346,782
$191,852,642
4/29/2016
$7.80
 -1.02%
5,310
$7.80
$8.00
$0.20
2.53%
1,070
24,346,782
$189,904,900
5/2/2016
$7.95
1 92%
2,039
$7.43
$8.00
$0.57
7.39%
1,070
24,346,782
$193,556,917
5/3/2016
$7.75
 -2.52%
3,362
$7.30
$7.80
$0.50
6.62%
1,070
24,346,782
$188,687,561
5/4/2016
$7.52
 -2.97%
12,799
$7.44
$8.00
$0.56
7.25%
1,070
24,346,782
$183,087,801
5/5/2016
$7.75
3.06%
2,018
$7.60
$7.75
$0.15
1.95%
1,070
24,346,782
$188,687,561
5/6/2016
$7.74
 -0.13%
2,598
$7.69
$7.75
$0.06
0.78%
1,070
24,346,782
$188,444,093
5/9/2016
$7.80
0.78%
5,802
$6.50
$8.00
$1.50
20.69%
1,070
24,346,782
$189,904,900
5/10/2016
$7.50
 -3.85%
11,731
$6.50
$7.97
$1.47
20.32%
1,070
24,346,782
$182,600,865
5/11/2016
$7.50
0.00%
4,407
$6.50
$8.56
$2.06
27.36%
1,070
24,346,782
$182,600,865
5/12/2016
$7.50
0.00%
3,098
$7.01
$7.55
$0.54
7.42%
1,070
24,346,782
$182,600,865
5/13/2016
$7.50
0.00%
5,742
$7.00
$7.69
$0.69
9.39%
2,203
24,346,782
$182,600,865
5/16/2016
$7.18
-
 -
$6.60
$7.75
$1.15
16.03%
2,203
24,346,782
$174,688,161
5/17/2016
$7.49
 -0.13%
100
$6.50
$7.75
$1.25
17.54%
2,203
24,346,782
$182,357,397
5/18/2016
$7.60
1.47%
7,480
$6.50
$7.60
$1.10
15.60%
2,203
24,346,782
$185,035,543
5/19/2016
$7.50
 -1.32%
2,172
$6.50
$7.50
$1.00
14.29%
2,203
24,346,782
$182,600,865
5/20/2016
$7.49
 -0.13%
123
$6.50
$9.50
$3.00
37.50%
2,203
24,346,782
$182,357,397
5/23/2016
$7.11
 -5.07%
2,157
$7.00
$7.55
$0.55
7.56%
2,203
24,346,782
$173,105,620
5/24/2016
$8.45
-
 -
$7.00
$9.90
$2.90
34.32%
2,203
24,346,782
$205,730,308
5/25/2016
$10.51
47.82%
138,582
$10.55
$10.70
$0.15
1.41%
2,203
24,346,782
$255,884,679
5/26/2016
$10.80
2.76%
50,636
$10.52
$10.80
$0.28
2.63%
2,203
24,346,782
$262,945,246
5/27/2016
$10.78
 -0.19%
11,714
$10.54
$10.80
$0.26
2.44%
2,203
24,346,782
$262,458,310
5/31/2016
$9.60
 -10 95%
51,289
$9.30
$9.90
$0.60
6.25%
17,669
24,346,782
$233,729,107
6/1/2016
$10.35
7.81%
24,406
$10.35
$10.54
$0.19
1.82%
17,669
24,346,782
$251,989,194
6/2/2016
$10.69
3 28%
13,294
$10.61
$10.70
$0.09
0.84%
17,669
24,346,782
$260,267,100
6/3/2016
$11.60
8 51%
66,709
$11.25
$12.00
$0.75
6.45%
17,669
24,346,782
$282,422,671
6/6/2016
$11.50
 -0.86%
16,105
$11.00
$11.50
$0.50
4.44%
17,669
24,346,782
$279,987,993
6/7/2016
$11.39
 -0.96%
16,094
$11.37
$11.38
$0.01
0.09%
17,669
24,346,782
$277,309,847
6/8/2016
$11.50
0 97%
16,765
$11.30
$11.50
$0.20
1.75%
17,669
24,346,782
$279,987,993
6/9/2016
$11.45
 -0.43%
10,885
$11.25
$11.45
$0.20
1.76%
17,669
24,346,782
$278,770,654
6/10/2016
$11.24
 -1.83%
29,244
$11.00
$11.47
$0.47
4.18%
17,669
24,346,782
$273,657,830
6/13/2016
$10.95
 -2.58%
6,226
$10.95
$11.42
$0.47
4.20%
17,669
24,346,782
$266,597,263
6/14/2016
$8.85
 -19 18%
81,417
$8.81
$8.90
$0.09
1.02%
17,669
24,346,782
$215,469,021
6/15/2016
$8.21
 -7.23%
25,286
$8.07
$8.21
$0.14
1.72%
15,893
24,346,782
$199,887,080
6/16/2016
$7.33
 -10.72%
36,922
$7.32
$7.33
$0.01
0.14%
15,893
24,346,782
$178,461,912
6/17/2016
$6.00
 -18 14%
1,940,435
$6.00
$6.01
$0.01
0.17%
15,893
24,346,782
$146,080,692
6/20/2016
$5.75
 -4.17%
447,289
$5.63
$5.70
$0.07
1.24%
15,893
30,095,931
$173,051,603
6/21/2016
$5.58
 -2.96%
317,955
$5.58
$5.65
$0.07
1.25%
15,893
30,095,931
$167,935,295
6/22/2016
$5.48
 -1.79%
273,308
$5.50
$5.60
$0.10
1.80%
15,893
30,095,931
$164,925,702
6/23/2016
$5.50
0 37%
147,484
$5.50
$5.52
$0.02
0.36%
15,893
30,095,931
$165,527,621
6/24/2016
$5.20
 -5.45%
154,805
$5.19
$5.21
$0.02
0.38%
15,893
30,095,931
$156,498,841
6/27/2016
$4.66
 -10 38%
110,153
$4.63
$4.66
$0.03
0.65%
15,893
30,095,931
$140,247,038
6/28/2016
$4.92
5 58%
37,457
$4.90
$4.92
$0.02
0.41%
15,893
30,095,931
$148,071,981
6/29/2016
$5.07
3.05%
70,529
$5.01
$5.07
$0.06
1.19%
15,893
30,095,931
$152,586,370
6/30/2016
$5.51
8.68%
236,225
$5.52
$5.56
$0.04
0.72%
18,144
29,689,857
$163,591,112
7/1/2016
$5.45
 -1.09%
85,782
$5.45
$5.51
$0.06
1.09%
18,144
29,689,857
$161,809,721
7/5/2016
$5.42
 -0.55%
25,873
$5.32
$5.41
$0.09
1.68%
18,144
29,689,857
$160,919,025
7/6/2016
$5.61
3 51%
157,573
$5.59
$5.61
$0.02
0.36%
18,144
29,689,857
$166,560,098
7/7/2016
$5.72
1 96%
57,980
$5.71
$5.79
$0.08
1.39%
18,144
29,689,857
$169,825,982
7/8/2016
$5.93
3.67%
151,399
$5.89
$5.94
$0.05
0.85%
18,144
29,689,857
$176,060,852
7/11/2016
$6.25
5.40%
214,863
$6.21
$6.25
$0.04
0.64%
18,144
29,689,857
$185,561,606
7/12/2016
$6.02
 -3.68%
107,283
$6.03
$6.10
$0.07
1.15%
18,144
29,689,857
$178,732,939
7/13/2016
$5.90
 -1.99%
68,480
$5.88
$5.93
$0.05
0.85%
18,144
29,689,857
$175,170,156
94
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 97 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 99 of
120

Exhibit-7
Innocoll Market Efficiency Statistics
Date
Closing
Price
Stock
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares
Market
Capitalization
7/14/2016
$5.95
0.85%
75,037
$5.95
$5.98
$0.03
0.50%
18,144
29,689,857
$176,654,649
7/15/2016
$5.95
0.00%
8,452
$5.95
$6.00
$0.05
0.84%
47,214
29,689,857
$176,654,649
7/18/2016
$5.79
 -2.69%
67,486
$5.79
$5.84
$0.05
0.86%
47,214
29,689,857
$171,904,272
7/19/2016
$5.69
 -1.73%
37,556
$5.69
$5.76
$0.07
1.22%
47,214
29,689,857
$168,935,286
7/20/2016
$5.83
2.46%
27,495
$5.84
$5.91
$0.07
1.19%
47,214
29,689,857
$173,091,866
7/21/2016
$5.51
 -5.49%
43,996
$5.51
$5.53
$0.02
0.36%
47,214
29,689,857
$163,591,112
7/22/2016
$5.59
1.45%
102,002
$5.47
$5.59
$0.12
2.17%
47,214
29,689,857
$165,966,301
7/25/2016
$5.06
 -9.48%
258,496
$5.06
$5.08
$0.02
0.39%
47,214
29,689,857
$150,230,676
7/26/2016
$5.16
1 98%
93,788
$5.16
$5.17
$0.01
0.19%
47,214
29,689,857
$153,199,662
7/27/2016
$5.32
3 10%
46,622
$5.24
$5.29
$0.05
0.95%
47,214
29,689,857
$157,950,039
7/28/2016
$5.14
 -3.38%
29,742
$5.11
$5.15
$0.04
0.78%
47,214
29,689,857
$152,605,865
7/29/2016
$5.17
0 58%
23,931
$5.25
$5.27
$0.02
0.38%
57,217
29,689,857
$153,496,561
8/1/2016
$5.20
0 58%
64,694
$5.20
$5.25
$0.05
0.96%
57,217
29,689,857
$154,387,256
8/2/2016
$5.08
 -2.31%
33,850
$5.08
$5.18
$0.10
1.95%
57,217
29,689,857
$150,824,474
8/3/2016
$5.14
1 18%
10,555
$5.14
$5.19
$0.05
0.97%
57,217
29,689,857
$152,605,865
8/4/2016
$5.12
 -0.39%
74,038
$5.12
$5.16
$0.04
0.78%
57,217
29,689,857
$152,012,068
8/5/2016
$5.21
1.76%
14,826
$5.21
$5.27
$0.06
1.15%
57,217
29,689,857
$154,684,155
8/8/2016
$5.11
 -1.92%
19,542
$5.21
$5.25
$0.04
0.76%
57,217
29,689,857
$151,715,169
8/9/2016
$5.21
1 96%
15,661
$5.21
$5.25
$0.04
0.76%
57,217
29,689,857
$154,684,155
8/10/2016
$5.23
0 38%
54,659
$5.24
$5.30
$0.06
1.14%
57,217
29,689,857
$155,277,952
8/11/2016
$5.25
0 38%
37,156
$5.25
$5.31
$0.06
1.14%
57,217
29,689,857
$155,871,749
8/12/2016
$5.43
3.43%
47,001
$5.32
$5.43
$0.11
2.05%
57,217
29,689,857
$161,215,924
8/15/2016
$5.51
1.47%
53,886
$5.60
$5.70
$0.10
1.77%
54,405
29,689,857
$163,591,112
8/16/2016
$5.52
0 18%
70,181
$5.51
$5.68
$0.17
3.04%
54,405
29,689,857
$163,888,011
8/17/2016
$5.67
2.72%
18,799
$5.56
$5.67
$0.11
1.96%
54,405
29,689,857
$168,341,489
8/18/2016
$5.56
 -1.94%
41,327
$5.56
$5.64
$0.08
1.43%
54,405
29,689,857
$165,075,605
8/19/2016
$5.59
0 54%
22,524
$5.51
$5.59
$0.08
1.44%
54,405
29,689,857
$165,966,301
8/22/2016
$5.40
 -3.40%
4,671
$5.35
$5.43
$0.08
1.48%
54,405
29,689,857
$160,325,228
8/23/2016
$5.43
0 56%
7,240
$5.40
$5.43
$0.03
0.55%
54,405
29,689,857
$161,215,924
8/24/2016
$5.27
 -2.95%
23,164
$5.13
$5.41
$0.28
5.31%
54,405
29,689,857
$156,465,546
8/25/2016
$5.41
2.66%
23,475
$5.25
$5.34
$0.09
1.70%
54,405
29,689,857
$160,622,126
8/26/2016
$5.33
 -1.48%
4,217
$5.29
$5.38
$0.09
1.69%
54,405
29,689,857
$158,246,938
8/29/2016
$5.53
3.75%
24,482
$5.46
$5.53
$0.07
1.27%
54,405
29,689,857
$164,184,909
8/30/2016
$5.62
1.63%
13,821
$5.44
$5.64
$0.20
3.61%
54,405
29,689,857
$166,856,996
8/31/2016
$5.52
 -1.78%
22,943
$5.37
$5.54
$0.17
3.12%
66,576
29,689,857
$163,888,011
9/1/2016
$5.59
1 27%
11,735
$5.54
$5.64
$0.10
1.79%
66,576
29,689,857
$165,966,301
9/2/2016
$5.64
0.89%
5,278
$5.64
$5.65
$0.01
0.18%
66,576
29,689,857
$167,450,793
9/6/2016
$5.63
 -0.18%
10,795
$5.58
$5.64
$0.06
1.07%
66,576
29,689,857
$167,153,895
9/7/2016
$5.64
0 18%
24,779
$5.63
$5.65
$0.02
0.35%
66,576
29,689,857
$167,450,793
9/8/2016
$5.65
0 18%
10,067
$5.60
$5.65
$0.05
0.89%
66,576
29,689,857
$167,747,692
9/9/2016
$6.00
6 19%
35,470
$5.95
$6.00
$0.05
0.84%
66,576
29,689,857
$178,139,142
9/12/2016
$6.19
3 17%
33,820
$6.14
$6.23
$0.09
1.46%
66,576
29,689,857
$183,780,215
9/13/2016
$6.20
0 16%
12,965
$6.17
$6.20
$0.03
0.49%
66,576
29,689,857
$184,077,113
9/14/2016
$6.12
 -1.29%
14,457
$6.11
$6.24
$0.13
2.11%
66,576
29,689,857
$181,701,925
9/15/2016
$6.12
0.00%
11,089
$6.12
$6.17
$0.05
0.81%
54,819
29,689,857
$181,701,925
9/16/2016
$6.13
0 16%
7,867
$6.06
$6.14
$0.08
1.31%
54,819
29,689,857
$181,998,823
9/19/2016
$6.07
 -0.98%
17,950
$6.05
$6.24
$0.19
3.09%
54,819
29,689,857
$180,217,432
9/20/2016
$6.06
 -0.25%
10,361
$6.05
$6.07
$0.02
0.33%
54,819
29,689,857
$179,772,084
9/21/2016
$6.20
2 39%
19,532
$6.10
$6.20
$0.10
1.63%
54,819
29,689,857
$184,077,113
9/22/2016
$6.19
 -0.16%
20,111
$6.04
$6.20
$0.16
2.61%
54,819
29,689,857
$183,780,215
9/23/2016
$6.15
 -0.68%
20,114
$6.09
$6.25
$0.16
2.59%
54,819
29,689,857
$182,533,241
9/26/2016
$6.09
 -0.94%
11,649
$6.09
$6.25
$0.16
2.59%
54,819
29,689,857
$180,811,229
9/27/2016
$6.43
5 58%
29,660
$6.33
$6.44
$0.11
1.72%
54,819
29,689,857
$190,905,781
9/28/2016
$6.43
0.00%
13,768
$6.35
$6.44
$0.09
1.41%
54,819
29,689,857
$190,905,781
9/29/2016
$6.02
 -6.38%
41,425
$6.02
$6.09
$0.07
1.16%
54,819
29,689,857
$178,732,939
9/30/2016
$5.81
 -3.49%
48,672
$5.81
$5.88
$0.07
1.20%
48,759
29,731,551
$172,740,311
10/3/2016
$5.96
2 58%
40,618
$5.97
$5.99
$0.02
0.33%
48,759
29,731,551
$177,200,044
10/4/2016
$6.35
6 54%
56,949
$6.31
$6.40
$0.09
1.42%
48,759
29,731,551
$188,795,349
10/5/2016
$6.21
 -2.20%
83,345
$6.21
$6.23
$0.02
0.32%
48,759
29,731,551
$184,632,932
10/6/2016
$5.98
 -3.70%
72,905
$5.98
$6.06
$0.08
1.33%
48,759
29,731,551
$177,794,675
10/7/2016
$6.15
2.84%
95,464
$6.15
$6.17
$0.02
0.32%
48,759
29,731,551
$182,849,039
10/10/2016
$6.27
1 95%
87,665
$6.27
$6.30
$0.03
0.48%
48,759
29,731,551
$186,416,825
95
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 98 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 100
of 120

Exhibit-7
Innocoll Market Efficiency Statistics
Date
Closing
Price
Stock
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares
Market
Capitalization
10/11/2016
$6.11
 -2.55%
42,837
$6.11
$6.15
$0.04
0.65%
48,759
29,731,551
$181,659,777
10/12/2016
$5.98
 -2.13%
38,086
$5.98
$6.17
$0.19
3.13%
48,759
29,731,551
$177,794,675
10/13/2016
$6.19
3 51%
65,406
$6.16
$6.19
$0.03
0.49%
48,759
29,731,551
$184,038,301
10/14/2016
$6.13
 -0.97%
15,494
$6.13
$6.17
$0.04
0.65%
77,083
29,731,551
$182,257,381
10/17/2016
$6.08
 -0.82%
107,946
$6.08
$6.14
$0.06
0.98%
77,083
29,731,551
$180,767,830
10/18/2016
$6.03
 -0.82%
150,859
$6.01
$6.12
$0.11
1.81%
77,083
29,731,551
$179,281,253
10/19/2016
$5.84
 -3.15%
58,558
$5.84
$5.93
$0.09
1.53%
77,083
29,731,551
$173,632,258
10/20/2016
$6.10
4.45%
53,748
$6.09
$6.12
$0.03
0.49%
77,083
29,731,551
$181,362,461
10/21/2016
$6.22
1 97%
325,667
$6.20
$6.24
$0.04
0.64%
77,083
29,731,551
$184,930,247
10/24/2016
$6.34
1 93%
29,120
$6.25
$6.35
$0.10
1.59%
77,083
29,731,551
$188,498,033
10/25/2016
$5.89
 -7.10%
104,739
$5.84
$5.89
$0.05
0.85%
77,083
29,731,551
$175,118,835
10/26/2016
$5.07
 -13 92%
236,900
$5.07
$5.14
$0.07
1.37%
77,083
29,731,551
$150,738,964
10/27/2016
$4.70
 -7.30%
179,898
$4.68
$4.70
$0.02
0.43%
77,083
29,731,551
$139,738,290
10/28/2016
$4.83
2.77%
114,968
$4.77
$4.83
$0.06
1.25%
77,083
29,731,551
$143,603,391
10/31/2016
$4.86
0.62%
185,289
$4.85
$4.87
$0.02
0.41%
124,669
29,731,551
$144,495,338
11/1/2016
$4.54
 -6.58%
182,809
$4.53
$4.59
$0.06
1.32%
124,669
29,731,551
$134,981,242
11/2/2016
$3.90
 -14 10%
177,477
$3.86
$3.89
$0.03
0.77%
124,669
29,731,551
$115,953,049
11/3/2016
$3.50
 -10 26%
144,755
$3.49
$3.50
$0.01
0.29%
124,669
29,731,551
$104,060,429
11/4/2016
$2.89
 -17.43%
407,659
$2.89
$2.91
$0.02
0.69%
124,669
29,731,551
$85,924,182
11/7/2016
$3.19
10.38%
93,172
$3.11
$3.20
$0.09
2.85%
124,669
29,731,551
$94,843,648
11/8/2016
$3.26
2 19%
107,566
$3.21
$3.25
$0.04
1.24%
124,669
29,731,551
$96,924,856
11/9/2016
$3.17
 -2.76%
39,035
$3.14
$3.17
$0.03
0.95%
124,669
29,731,551
$94,249,017
11/10/2016
$3.34
5 36%
54,265
$3.26
$3.35
$0.09
2.72%
124,669
29,731,551
$99,303,380
11/11/2016
$3.17
 -5.09%
57,309
$3.17
$3.19
$0.02
0.63%
124,669
29,731,551
$94,249,017
11/14/2016
$3.20
0 95%
76,116
$3.10
$3.18
$0.08
2.55%
124,669
29,731,551
$95,140,963
11/15/2016
$3.19
 -0.31%
48,643
$3.13
$3.19
$0.06
1.90%
126,322
29,731,551
$94,843,648
11/16/2016
$3.08
 -3.45%
27,633
$3.08
$3.17
$0.09
2.88%
126,322
29,731,551
$91,573,177
11/17/2016
$2.92
 -5.19%
74,002
$2.91
$2.99
$0.08
2.71%
126,322
29,731,551
$86,816,129
11/18/2016
$2.71
 -7.19%
70,053
$2.71
$2.80
$0.09
3.27%
126,322
29,731,551
$80,572,503
11/21/2016
$2.90
7.01%
47,322
$2.90
$2.93
$0.03
1.03%
126,322
29,731,551
$86,221,498
11/22/2016
$2.73
 -5.86%
72,962
$2.72
$2.80
$0.08
2.90%
126,322
29,731,551
$81,167,134
11/23/2016
$2.67
 -2.20%
60,323
$2.67
$2.77
$0.10
3.68%
126,322
29,731,551
$79,383,241
11/25/2016
$3.03
13.48%
12,454
$2.69
$3.04
$0.35
12.22%
126,322
29,731,551
$90,086,600
11/28/2016
$2.83
 -6.60%
26,081
$2.83
$2.93
$0.10
3.47%
126,322
29,731,551
$84,140,289
11/29/2016
$2.67
 -5.65%
37,847
$2.69
$2.90
$0.21
7.51%
126,322
29,731,551
$79,383,241
11/30/2016
$2.85
6.74%
48,950
$2.85
$2.89
$0.04
1.39%
99,987
29,731,551
$84,734,920
12/1/2016
$2.66
 -6.67%
85,240
$2.67
$2.74
$0.07
2.59%
99,987
29,731,551
$79,085,926
12/2/2016
$2.65
 -0.38%
43,916
$2.65
$2.66
$0.01
0.38%
99,987
29,731,551
$78,788,610
12/5/2016
$2.53
 -4.53%
80,362
$2.53
$2.55
$0.02
0.79%
99,987
29,731,551
$75,220,824
12/6/2016
$2.61
3 16%
33,730
$2.60
$2.63
$0.03
1.15%
99,987
29,731,551
$77,599,348
12/7/2016
$2.50
 -4.21%
47,512
$2.51
$2.54
$0.03
1.19%
99,987
29,731,551
$74,328,878
12/8/2016
$2.32
 -7.20%
22,793
$2.31
$2.45
$0.14
5.88%
99,987
29,731,551
$68,977,198
12/9/2016
$2.47
6.47%
54,213
$2.46
$2.50
$0.04
1.61%
99,987
29,731,551
$73,436,931
12/12/2016
$2.33
 -5.67%
49,171
$2.33
$2.37
$0.04
1.70%
99,987
29,731,551
$69,274,514
12/13/2016
$2.26
 -3.00%
50,432
$2.18
$2.27
$0.09
4.04%
99,987
29,731,551
$67,193,305
12/14/2016
$2.10
 -7.08%
94,384
$2.10
$2.28
$0.18
8.22%
99,987
29,731,551
$62,436,257
12/15/2016
$2.05
 -2.38%
134,260
$2.05
$2.17
$0.12
5.69%
82,606
29,731,551
$60,949,680
12/16/2016
$2.21
7.80%
165,875
$2.19
$2.23
$0.04
1.81%
82,606
29,731,551
$65,706,728
12/19/2016
$2.14
 -3.17%
51,190
$2.14
$2.18
$0.04
1.85%
82,606
29,731,551
$63,625,519
12/20/2016
$2.10
 -1.87%
74,270
$2.11
$2.16
$0.05
2.34%
82,606
29,731,551
$62,436,257
12/21/2016
$2.03
 -3.33%
98,352
$2.03
$2.04
$0.01
0.49%
82,606
29,731,551
$60,355,049
12/22/2016
$1.84
 -9.36%
138,952
$1.80
$1.81
$0.01
0.55%
82,606
29,731,551
$54,703,081
12/23/2016
$1.86
1.09%
91,785
$1.83
$1.91
$0.08
4.28%
82,606
29,731,551
$55,300,685
96
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 99 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 101
of 120

Exhibit-7
Innocoll Market Efficiency Statistics
Date
Closing
Price
Stock
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares
Market
Capitalization
12/27/2016
$1.99
6 99%
72,418
$1.95
$1.98
$0.03
1.53%
82,606
29,731,551
$59,165,786
12/28/2016
$1.80
 -9.55%
81,586
$1.79
$1.80
$0.01
0.56%
82,606
29,731,551
$53,516,792
12/29/2016
$1.77
 -1.67%
259,633
$1.66
$1.77
$0.11
6.41%
82,606
29,731,551
$52,624,845
12/30/2016
$0.69
 -61.02%
7,840,029
$0.67
$0.68
$0.01
1.41%
83,640
29,731,551
$20,514,770
Total Volume
18,470,436
Average
$8.39
-0.15%
30,082
$8.05
$8.60
$0.56
6.39%
17,410
15,310,714
$114,450,503
Median
$8.05
-0.13%
5,795
$7.50
$8.31
$0.36
4.11%
3,136
12,083,761
$105,487,934
High
$15.99
47.82%
1,940,435
$14.81
$16.20
$5.91
87.10%
126,322
30,095,931
$282,422,671
Low
$1.77
-19.18%
 - -
$1.66
$1.77
$0.01
0.07%
123
6,500,000
$29,757,079
Notes and Sources:
Source: Bloomberg and CRSP
[1] Market Capitalization is computed as product of prices and shares outstanding
97
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 100 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 102
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
7/28/2014
0.00%
-0.05%
-0.94%
0.03%
-0.03%
-0.01
7/29/2014
0.00%
-0.37%
1.08%
0.71%
-0.71%
-0.15
7/30/2014
0.00%
0.05%
1.03%
0.49%
-0.49%
-0.10
7/31/2014
-6.22%
-1.94%
-2.57%
0.52%
-6.74%
-1.39
8/1/2014
0.71%
-0.35%
-0.16%
0.37%
0.34%
0.07
8/4/2014
1.29%
0.71%
0.73%
0.09%
1.20%
0.25
8/5/2014
-0.23%
-0.89%
-0.20%
0.62%
-0.85%
-0.18
8/6/2014
0.00%
0.03%
0.07%
0.25%
-0.25%
-0.05
8/7/2014
-1.05%
-0.49%
-1.40%
0.12%
-1.17%
-0.24
8/8/2014
0.35%
1.03%
1.34%
0.10%
0.25%
0.05
8/11/2014
-0.94%
0.48%
0.53%
0.16%
-1.10%
-0.23
8/12/2014
-1.66%
-0.22%
-0.39%
0.26%
-1.92%
-0.39
8/13/2014
-0.60%
0.66%
2.07%
0.46%
-1.06%
-0.22
8/14/2014
-0.12%
0.42%
1.50%
0.43%
-0.55%
-0.11
8/15/2014
-1.21%
0.03%
0.91%
0.47%
-1.68%
-0.35
8/18/2014
7.98%
0.85%
1.03%
0.10%
7.88%
1.62
8/19/2014
2.27%
0.47%
0.52%
0.16%
2.11%
0.43
8/20/2014
0.22%
0.20%
-0.27%
0.08%
0.14%
0.03
8/21/2014
-2.44%
0.25%
-0.89%
-0.10%
-2.34%
-0.48
8/22/2014
-4.43%
-0.14%
0.66%
0.49%
-4.92%
-1.01
8/25/2014
-1.55%
0.46%
2.41%
0.65%
-2.20%
-0.45
8/26/2014
-1.57%
0.22%
1.26%
0.47%
-2.04%
-0.42
8/27/2014
-3.07%
0.06%
-0.29%
0.14%
-3.21%
-0.66
8/28/2014
4.18%
-0.18%
-0.45%
0.22%
3.96%
0.81
8/29/2014
3.77%
0.38%
0.97%
0.32%
3.45%
0.71
9/2/2014
0.23%
0.00%
-0.16%
0.21%
0.02%
0.00
9/3/2014
-4.67%
-0.06%
-0.21%
0.22%
-4.89%
-1.01
9/4/2014
1.10%
-0.24%
-1.66%
-0.06%
1.16%
0.24
9/5/2014
1.33%
0.44%
-0.09%
0.01%
1.32%
0.27
9/8/2014
1.91%
-0.28%
0.85%
0.60%
1.31%
0.27
9/9/2014
-2.23%
-0.63%
-1.31%
0.21%
-2.44%
-0.50
9/10/2014
-2.76%
0.33%
1.93%
0.59%
-3.35%
-0.69
9/11/2014
3.09%
0.13%
-0.44%
0.07%
3.02%
0.62
9/12/2014
1.08%
-0.66%
-1.27%
0.24%
0.84%
0.17
9/15/2014
-1.42%
-0.29%
-1.53%
-0.01%
-1.41%
-0.29
9/16/2014
0.24%
0.70%
1.92%
0.41%
-0.17%
-0.03
9/17/2014
-1.68%
0.08%
0.72%
0.40%
-2.08%
-0.43
9/18/2014
-4.02%
0.45%
0.81%
0.24%
-4.26%
-0.88
9/19/2014
-14.23%
-0.24%
0.08%
0.38%
-14.61%
-3.01 *
9/22/2014
3.41%
-1.01%
-1.01%
0.47%
2.94%
0.60
9/23/2014
-3.30%
-0.60%
-0.29%
0.46%
-3.76%
-0.77
9/24/2014
-3.70%
0.71%
2.86%
0.65%
-4.35%
-0.89
9/25/2014
1.54%
-1.56%
-2.07%
0.46%
1.08%
0.22
98
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 101 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 103
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
9/26/2014
-1.51%
0.84%
1.00%
0.10%
-1.61%
-0.33
9/29/2014
6.15%
-0.24%
-0.10%
0.34%
5.81%
1.20
9/30/2014
-4.35%
-0.41%
-1.02%
0.18%
-4.53%
-0.93
10/1/2014
2.88%
-1.29%
-1.37%
0.52%
2.36%
0.49
10/2/2014
-4.92%
0.08%
-0.28%
0.14%
-5.06%
-1.04
10/3/2014
-1.64%
0.91%
2.37%
0.42%
-2.06%
-0.42
10/6/2014
-13.54%
-0.16%
-1.22%
0.01%
-13.55%
-2.79 *
10/7/2014
-0.18%
-1.50%
-1.92%
0.47%
-0.65%
-0.13
10/8/2014
2.55%
1.59%
2.90%
0.23%
2.32%
0.48
10/9/2014
-2.33%
-2.12%
-2.44%
0.64%
-2.97%
-0.61
10/10/2014
-2.71%
-1.33%
-1.96%
0.39%
-3.10%
-0.64
10/13/2014
-
-
-
-
-
-
10/14/2014
-16.67%
-1.32%
-2.63%
0.21%
-16.87%
-3.47 *
10/15/2014
8.09%
-0.45%
0.41%
0.57%
7.52%
1.55
10/16/2014
3.52%
0.38%
1.76%
0.52%
3.00%
0.62
10/17/2014
6.64%
1.08%
1.64%
0.15%
6.49%
1.33
10/20/2014
-0.19%
0.93%
1.64%
0.23%
-0.42%
-0.09
10/21/2014
7.74%
1.92%
3.21%
0.15%
7.59%
1.56
10/22/2014
20.14%
-0.89%
-0.78%
0.48%
19.66%
4.04 *
10/23/2014
-4.66%
1.23%
2.69%
0.35%
-5.01%
-1.03
10/24/2014
5.96%
0.60%
1.82%
0.43%
5.53%
1.14
10/27/2014
-3.61%
-0.22%
0.53%
0.49%
-4.10%
-0.84
10/28/2014
-1.12%
1.37%
1.29%
-0.08%
-1.04%
-0.21
10/29/2014
-1.59%
-0.22%
-1.06%
0.08%
-1.67%
-0.34
10/30/2014
4.92%
0.50%
2.02%
0.53%
4.39%
0.90
10/31/2014
8.21%
1.15%
-0.04%
-0.32%
8.53%
1.75
11/3/2014
-
-
-
-
-
-
11/4/2014
-5.15%
-0.53%
-1.07%
0.23%
-5.38%
-1.11
11/5/2014
-3.14%
0.49%
-1.61%
-0.40%
-2.74%
-0.56
11/6/2014
0.29%
0.38%
1.61%
0.48%
-0.19%
-0.04
11/7/2014
13.53%
0.20%
-1.05%
-0.12%
13.65%
2.81 *
11/10/2014
0.26%
0.27%
1.72%
0.56%
-0.30%
-0.06
11/11/2014
-
-
-
-
-
-
11/12/2014
-
-
-
-
-
-
11/13/2014
0.26%
0.08%
-0.32%
0.13%
0.13%
0.03
11/14/2014
3.09%
0.13%
-2.04%
-0.34%
3.43%
0.71
11/17/2014
2.38%
-0.02%
0.27%
0.33%
2.05%
0.42
11/18/2014
-1.10%
0.55%
2.11%
0.53%
-1.63%
-0.34
11/19/2014
10.00%
-0.24%
-0.31%
0.28%
9.72%
2.00 *
11/20/2014
-7.07%
0.33%
-0.08%
0.07%
-7.14%
-1.47
11/21/2014
4.59%
0.53%
0.28%
0.07%
4.52%
0.93
11/24/2014
-6.58%
0.32%
1.75%
0.55%
-7.13%
-1.47
11/25/2014
-9.89%
-0.04%
-0.11%
0.24%
-10.13%
-2.08 *
99
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 102 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 104
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
11/26/2014
14.13%
0.28%
1.32%
0.46%
13.67%
2.81 *
11/28/2014
-9.86%
-0.61%
0.14%
0.58%
-10.44%
-2.15 *
12/1/2014
5.33%
-0.90%
-1.15%
0.38%
4.95%
1.02
12/2/2014
-4.56%
0.59%
2.12%
0.51%
-5.07%
-1.04
12/3/2014
-3.18%
0.52%
0.48%
0.12%
-3.30%
-0.68
12/4/2014
2.74%
-0.21%
-0.64%
0.19%
2.55%
0.53
12/5/2014
-6.28%
0.15%
0.73%
0.37%
-6.65%
-1.37
12/8/2014
6.27%
-0.95%
1.54%
1.10%
5.17%
1.06
12/9/2014
10.31%
0.17%
0.50%
0.30%
10.01%
2.06 *
12/10/2014
0.00%
-1.74%
-2.10%
0.55%
-0.55%
-0.11
12/11/2014
5.95%
0.41%
0.51%
0.18%
5.77%
1.19
12/12/2014
-6.99%
-1.52%
-1.19%
0.68%
-7.67%
-1.58
12/15/2014
-1.48%
-0.77%
-2.78%
-0.10%
-1.38%
-0.28
12/16/2014
-2.25%
-0.59%
-1.25%
0.21%
-2.46%
-0.51
12/17/2014
-4.73%
2.18%
3.25%
0.04%
-4.77%
-0.98
12/18/2014
-7.38%
2.16%
3.32%
0.07%
-7.45%
-1.53
12/19/2014
0.00%
0.46%
1.03%
0.29%
-0.29%
-0.06
12/22/2014
0.72%
0.33%
-2.41%
-0.53%
1.25%
0.26
12/23/2014
-7.91%
0.22%
-4.55%
-1.03%
-6.88%
-1.41
12/24/2014
3.28%
0.06%
1.62%
0.64%
2.64%
0.54
12/26/2014
5.29%
0.37%
2.25%
0.65%
4.64%
0.95
12/29/2014
-8.05%
0.12%
0.53%
0.33%
-8.38%
-1.72
12/30/2014
-6.56%
-0.43%
-1.23%
0.14%
-6.70%
-1.38
12/31/2014
-0.75%
-0.88%
-0.22%
0.62%
-1.37%
-0.28
1/2/2015
1.10%
-0.02%
0.83%
0.47%
0.63%
0.13
1/5/2015
1.67%
-1.83%
-0.14%
1.10%
0.57%
0.12
1/6/2015
-
-
-
-
-
-
1/7/2015
2.46%
0.14%
1.88%
0.67%
1.79%
0.37
1/8/2015
7.56%
1.69%
0.90%
-0.33%
7.89%
1.62
1/9/2015
-1.52%
-0.75%
-0.34%
0.53%
-2.05%
-0.42
1/12/2015
5.44%
-0.78%
0.51%
0.76%
4.68%
0.96
1/13/2015
19.37%
-0.23%
0.05%
0.37%
19.00%
3.91 *
1/14/2015
-1.82%
-0.52%
0.12%
0.53%
-2.35%
-0.48
1/15/2015
-1.47%
-0.92%
-2.45%
0.06%
-1.53%
-0.31
1/16/2015
-4.09%
1.38%
3.27%
0.43%
-4.52%
-0.93
1/20/2015
-2.98%
0.03%
1.61%
0.65%
-3.63%
-0.75
1/21/2015
-0.13%
0.45%
-1.24%
-0.29%
0.16%
0.03
1/22/2015
0.13%
1.47%
0.67%
-0.29%
0.42%
0.09
1/23/2015
0.00%
-0.42%
0.51%
0.58%
-0.58%
-0.12
1/26/2015
-2.67%
0.44%
1.59%
0.45%
-3.12%
-0.64
1/27/2015
13.01%
-1.00%
-0.56%
0.59%
12.42%
2.56 *
1/28/2015
0.00%
-1.41%
-2.09%
0.39%
-0.39%
-0.08
1/29/2015
-2.06%
0.85%
1.13%
0.13%
-2.19%
-0.45
100
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 103 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 105
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
1/30/2015
-1.49%
-1.22%
-0.36%
0.74%
-2.23%
-0.46
2/2/2015
0.50%
1.22%
-0.58%
-0.49%
0.99%
0.20
2/3/2015
3.75%
1.50%
-0.49%
-0.60%
4.35%
0.90
2/4/2015
-1.93%
-0.44%
-1.75%
0.01%
-1.94%
-0.40
2/5/2015
1.11%
1.15%
2.38%
0.31%
0.80%
0.17
2/6/2015
0.97%
-0.36%
-1.22%
0.11%
0.86%
0.18
2/9/2015
3.26%
-0.41%
-0.83%
0.23%
3.03%
0.62
2/10/2015
-1.17%
0.86%
1.55%
0.23%
-1.40%
-0.29
2/11/2015
0.24%
-0.04%
-0.27%
0.20%
0.04%
0.01
2/12/2015
0.00%
1.04%
0.98%
0.00%
0.00%
0.00
2/13/2015
0.00%
0.47%
0.92%
0.26%
-0.26%
-0.05
2/17/2015
-8.71%
0.17%
0.94%
0.41%
-9.12%
-1.88
2/18/2015
-0.13%
0.01%
0.83%
0.46%
-0.59%
-0.12
2/19/2015
-5.81%
-0.10%
0.78%
0.50%
-6.31%
-1.30
2/20/2015
9.73%
0.57%
1.30%
0.31%
9.42%
1.94
2/23/2015
2.37%
-0.06%
0.53%
0.42%
1.95%
0.40
2/24/2015
1.10%
0.23%
-0.79%
-0.07%
1.17%
0.24
2/25/2015
0.15%
0.07%
1.26%
0.54%
-0.39%
-0.08
2/26/2015
-2.68%
-0.15%
0.40%
0.43%
-3.11%
-0.64
2/27/2015
1.49%
-0.26%
-1.00%
0.12%
1.37%
0.28
3/2/2015
-2.44%
0.55%
0.78%
0.19%
-2.63%
-0.54
3/3/2015
0.00%
-0.41%
-0.55%
0.30%
-0.30%
-0.06
3/4/2015
-6.12%
-0.38%
0.63%
0.59%
-6.71%
-1.38
3/5/2015
11.85%
0.16%
2.22%
0.74%
11.11%
2.28 *
3/6/2015
-0.71%
-1.39%
-1.53%
0.52%
-1.23%
-0.25
3/9/2015
-7.90%
0.29%
0.16%
0.15%
-8.05%
-1.66
3/10/2015
-
-
-
-
-
-
3/11/2015
7.42%
-1.57%
-0.12%
0.98%
6.45%
1.33
3/12/2015
-4.48%
1.20%
0.66%
-0.16%
-4.32%
-0.89
3/13/2015
-
-
-
-
-
-
3/16/2015
3.17%
0.62%
2.55%
0.61%
2.56%
0.53
3/17/2015
-
-
-
-
-
-
3/18/2015
-7.38%
1.03%
1.31%
0.09%
-7.47%
-1.54
3/19/2015
6.24%
-0.45%
1.87%
0.95%
5.29%
1.09
3/20/2015
5.74%
0.94%
0.49%
-0.08%
5.82%
1.20
3/23/2015
-3.07%
-0.10%
-2.24%
-0.28%
-2.79%
-0.57
3/24/2015
-1.22%
-0.46%
-0.70%
0.29%
-1.51%
-0.31
3/25/2015
-
-
-
-
-
-
3/26/2015
-1.23%
-1.69%
-4.23%
-0.03%
-1.21%
-0.25
3/27/2015
-6.12%
0.25%
1.91%
0.62%
-6.74%
-1.39
3/30/2015
-
-
-
-
-
-
3/31/2015
-
-
-
-
-
-
4/1/2015
5.19%
0.16%
-2.01%
-0.35%
5.54%
1.14
101
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 104 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 106
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
4/2/2015
-3.54%
0.40%
-0.25%
-0.01%
-3.53%
-0.73
4/6/2015
-2.62%
0.66%
-0.20%
-0.12%
-2.50%
-0.51
4/7/2015
5.39%
-0.21%
0.89%
0.58%
4.81%
0.99
4/8/2015
-3.07%
0.36%
2.87%
0.82%
-3.89%
-0.80
4/9/2015
-3.17%
0.34%
0.43%
0.20%
-3.37%
-0.69
4/10/2015
-0.54%
0.46%
1.14%
0.32%
-0.86%
-0.18
4/13/2015
-3.42%
-0.37%
0.22%
0.49%
-3.91%
-0.80
4/14/2015
3.58%
0.19%
-0.23%
0.10%
3.48%
0.72
4/15/2015
-0.17%
0.62%
0.90%
0.18%
-0.35%
-0.07
4/16/2015
-0.69%
-0.04%
0.30%
0.35%
-1.04%
-0.21
4/17/2015
1.80%
-1.13%
-1.42%
0.43%
1.37%
0.28
4/20/2015
12.35%
0.81%
0.45%
-0.02%
12.37%
2.55 *
4/21/2015
-0.36%
-0.10%
1.87%
0.78%
-1.14%
-0.23
4/22/2015
-1.09%
0.41%
-0.29%
-0.03%
-1.06%
-0.22
4/23/2015
5.64%
0.35%
1.12%
0.37%
5.27%
1.08
4/24/2015
14.85%
0.12%
-1.07%
-0.08%
14.93%
3.07 *
4/27/2015
0.77%
-0.48%
-4.11%
-0.58%
1.35%
0.28
4/28/2015
-1.56%
0.25%
-1.16%
-0.17%
-1.39%
-0.29
4/29/2015
2.14%
-0.39%
-0.01%
0.44%
1.70%
0.35
4/30/2015
2.19%
-1.07%
-3.05%
-0.02%
2.21%
0.45
5/1/2015
-1.37%
0.93%
2.86%
0.54%
-1.91%
-0.39
5/4/2015
1.38%
0.30%
0.42%
0.21%
1.17%
0.24
5/5/2015
-1.37%
-1.16%
-2.04%
0.28%
-1.65%
-0.34
5/6/2015
-0.40%
-0.34%
0.86%
0.63%
-1.03%
-0.21
5/7/2015
-2.38%
0.34%
0.89%
0.32%
-2.70%
-0.55
5/8/2015
1.42%
1.21%
2.29%
0.26%
1.16%
0.24
5/11/2015
2.66%
-0.40%
0.06%
0.46%
2.20%
0.45
5/12/2015
-1.61%
-0.22%
-0.14%
0.32%
-1.93%
-0.40
5/13/2015
0.98%
0.02%
-0.18%
0.19%
0.79%
0.16
5/14/2015
0.40%
0.97%
1.27%
0.11%
0.29%
0.06
5/15/2015
-0.10%
0.11%
0.12%
0.23%
-0.33%
-0.07
5/18/2015
0.10%
0.33%
1.23%
0.41%
-0.31%
-0.06
5/19/2015
1.86%
-0.14%
0.12%
0.35%
1.51%
0.31
5/20/2015
0.00%
-0.03%
0.81%
0.48%
-0.48%
-0.10
5/21/2015
0.00%
0.25%
0.03%
0.14%
-0.14%
-0.03
5/22/2015
2.98%
-0.22%
0.21%
0.41%
2.57%
0.53
5/26/2015
2.24%
-1.05%
-1.06%
0.48%
1.76%
0.36
5/27/2015
0.00%
0.87%
1.74%
0.28%
-0.28%
-0.06
5/28/2015
3.29%
-0.12%
-0.46%
0.19%
3.10%
0.64
5/29/2015
3.80%
-0.58%
0.00%
0.53%
3.27%
0.67
6/1/2015
2.81%
0.15%
-0.06%
0.16%
2.65%
0.55
6/2/2015
3.31%
0.04%
-0.42%
0.12%
3.19%
0.66
6/3/2015
0.16%
0.26%
0.47%
0.24%
-0.08%
-0.02
102
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 105 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 107
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
6/4/2015
0.08%
-0.89%
-0.61%
0.52%
-0.44%
-0.09
6/5/2015
18.40%
0.00%
1.16%
0.55%
17.85%
3.67 *
6/8/2015
-3.04%
-0.65%
-0.64%
0.40%
-3.44%
-0.71
6/9/2015
-1.05%
0.00%
-0.72%
0.07%
-1.12%
-0.23
6/10/2015
1.41%
1.15%
0.99%
-0.05%
1.46%
0.30
6/11/2015
11.04%
0.19%
0.69%
0.34%
10.70%
2.20 *
6/12/2015
-0.06%
-0.62%
-1.21%
0.24%
-0.30%
-0.06
6/15/2015
-0.28%
-0.40%
-0.03%
0.44%
-0.72%
-0.15
6/16/2015
-5.25%
0.50%
0.22%
0.07%
-5.32%
-1.09
6/17/2015
0.00%
0.17%
0.60%
0.32%
-0.32%
-0.07
6/18/2015
-1.39%
0.93%
2.91%
0.55%
-1.94%
-0.40
6/19/2015
-0.07%
-0.49%
0.05%
0.50%
-0.57%
-0.12
6/22/2015
0.13%
0.59%
1.51%
0.36%
-0.23%
-0.05
6/23/2015
0.67%
0.13%
0.04%
0.20%
0.47%
0.10
6/24/2015
-2.27%
-0.74%
-1.55%
0.21%
-2.48%
-0.51
6/25/2015
-2.46%
-0.27%
-0.40%
0.27%
-2.73%
-0.56
6/26/2015
0.49%
-0.08%
-0.88%
0.06%
0.43%
0.09
6/29/2015
2.78%
-2.15%
-3.03%
0.50%
2.28%
0.47
6/30/2015
-0.95%
0.30%
2.22%
0.68%
-1.63%
-0.34
7/1/2015
2.80%
0.55%
0.25%
0.05%
2.75%
0.57
7/2/2015
-2.33%
-0.06%
0.04%
0.29%
-2.62%
-0.54
7/6/2015
1.77%
-0.45%
0.53%
0.60%
1.17%
0.24
7/7/2015
-2.21%
0.50%
0.25%
0.07%
-2.28%
-0.47
7/8/2015
-
-
-
-
-
-
7/9/2015
-0.55%
-1.38%
-1.70%
0.48%
-1.02%
-0.21
7/10/2015
1.10%
1.27%
1.53%
0.03%
1.07%
0.22
7/13/2015
1.27%
1.03%
1.79%
0.22%
1.05%
0.22
7/14/2015
-0.91%
0.47%
2.29%
0.61%
-1.52%
-0.31
7/15/2015
-1.02%
-0.25%
0.67%
0.54%
-1.56%
-0.32
7/16/2015
-
-
-
-
-
-
7/17/2015
-0.96%
0.63%
1.87%
0.43%
-1.39%
-0.28
7/20/2015
-3.11%
-0.12%
0.07%
0.33%
-3.44%
-0.71
7/21/2015
5.28%
-0.41%
-0.62%
0.29%
4.99%
1.03
7/22/2015
-0.81%
-0.24%
-0.26%
0.30%
-1.11%
-0.23
7/23/2015
0.00%
-0.55%
-0.18%
0.46%
-0.46%
-0.10
7/24/2015
2.39%
-1.00%
-4.02%
-0.31%
2.70%
0.55
7/27/2015
0.13%
-0.71%
-1.10%
0.31%
-0.18%
-0.04
7/28/2015
-1.60%
1.23%
2.38%
0.27%
-1.87%
-0.39
7/29/2015
1.29%
0.76%
-1.29%
-0.45%
1.74%
0.36
7/30/2015
-3.01%
0.08%
0.29%
0.29%
-3.30%
-0.68
7/31/2015
2.07%
-0.08%
0.95%
0.53%
1.54%
0.32
8/3/2015
-4.05%
-0.37%
0.05%
0.44%
-4.49%
-0.92
8/4/2015
-
-
-
-
-
-
103
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 106 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 108
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
8/5/2015
-5.07%
0.08%
1.05%
0.48%
-5.55%
-1.14
8/6/2015
9.89%
-0.78%
-3.95%
-0.39%
10.28%
2.12 *
8/7/2015
-
-
-
-
-
-
8/10/2015
-5.20%
0.98%
0.05%
-0.21%
-4.99%
-1.03
8/11/2015
-2.64%
-0.93%
-1.16%
0.40%
-3.04%
-0.62
8/12/2015
-4.10%
0.07%
0.73%
0.40%
-4.50%
-0.93
8/13/2015
6.33%
-0.21%
-0.95%
0.10%
6.23%
1.28
8/14/2015
-7.46%
0.38%
-0.56%
-0.08%
-7.38%
-1.52
8/17/2015
0.85%
0.57%
2.09%
0.51%
0.34%
0.07
8/18/2015
-
-
-
-
-
-
8/19/2015
3.77%
-1.23%
-1.64%
0.42%
3.35%
0.69
8/20/2015
-2.52%
-2.17%
-4.04%
0.25%
-2.77%
-0.57
8/21/2015
-
-
-
-
-
-
8/24/2015
-5.47%
-6.56%
-7.65%
1.43%
-6.90%
-1.42
8/25/2015
3.62%
-1.03%
0.45%
0.86%
2.76%
0.57
8/26/2015
-2.25%
3.38%
5.09%
-0.06%
-2.19%
-0.45
8/27/2015
-
-
-
-
-
-
8/28/2015
2.62%
2.70%
3.13%
-0.24%
2.86%
0.59
8/31/2015
0.54%
-0.73%
-3.11%
-0.20%
0.74%
0.15
9/1/2015
0.00%
-2.82%
-2.51%
0.96%
-0.96%
-0.20
9/2/2015
-
-
-
-
-
-
9/3/2015
-7.62%
1.83%
1.54%
-0.23%
-7.38%
-1.52
9/4/2015
-
-
-
-
-
-
9/8/2015
8.24%
0.96%
3.96%
0.81%
7.43%
1.53
9/9/2015
0.77%
-1.28%
-2.16%
0.31%
0.46%
0.10
9/10/2015
-
-
-
-
-
-
9/11/2015
-0.76%
0.78%
3.14%
0.68%
-1.45%
-0.30
9/14/2015
6.85%
-0.42%
-0.49%
0.33%
6.52%
1.34
9/15/2015
-3.17%
1.14%
1.05%
-0.03%
-3.14%
-0.65
9/16/2015
3.12%
0.95%
-0.44%
-0.32%
3.44%
0.71
9/17/2015
-
-
-
-
-
-
9/18/2015
-1.23%
-1.60%
0.34%
1.11%
-2.33%
-0.48
9/21/2015
-4.56%
0.33%
-4.41%
-1.05%
-3.51%
-0.72
9/22/2015
0.38%
-1.36%
-1.68%
0.47%
-0.09%
-0.02
9/23/2015
-3.24%
-0.35%
-0.56%
0.27%
-3.51%
-0.72
9/24/2015
6.30%
-0.37%
-2.00%
-0.09%
6.39%
1.31
9/25/2015
-3.70%
-0.21%
-5.05%
-0.95%
-2.75%
-0.57
9/28/2015
-3.77%
-2.71%
-6.02%
0.00%
-3.77%
-0.78
9/29/2015
3.92%
-0.09%
-0.57%
0.14%
3.78%
0.78
9/30/2015
-3.69%
1.94%
4.48%
0.47%
-4.16%
-0.86
10/1/2015
-0.16%
0.19%
0.92%
0.39%
-0.55%
-0.11
10/2/2015
-1.52%
1.52%
3.28%
0.36%
-1.88%
-0.39
10/5/2015
-0.97%
1.88%
-0.68%
-0.83%
-0.14%
-0.03
104
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 107 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 109
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
10/6/2015
-1.07%
-0.31%
-3.77%
-0.58%
-0.49%
-0.10
10/7/2015
2.91%
0.98%
2.04%
0.30%
2.61%
0.54
10/8/2015
-2.26%
0.85%
-0.30%
-0.24%
-2.02%
-0.42
10/9/2015
2.97%
0.14%
0.56%
0.33%
2.64%
0.54
10/12/2015
-3.84%
-0.02%
0.06%
0.28%
-4.12%
-0.85
10/13/2015
-3.75%
-0.78%
-3.22%
-0.21%
-3.54%
-0.73
10/14/2015
2.08%
-0.43%
0.89%
0.69%
1.39%
0.29
10/15/2015
2.88%
1.47%
4.39%
0.67%
2.21%
0.45
10/16/2015
6.10%
0.34%
-0.10%
0.06%
6.04%
1.24
10/19/2015
-
-
-
-
-
-
10/20/2015
-2.64%
-0.18%
-2.66%
-0.35%
-2.29%
-0.47
10/21/2015
0.16%
-0.80%
-0.50%
0.51%
-0.35%
-0.07
10/22/2015
-
-
-
-
-
-
10/23/2015
5.49%
2.36%
3.45%
0.00%
5.49%
1.13
10/26/2015
-6.42%
-0.28%
0.82%
0.60%
-7.02%
-1.44
10/27/2015
-1.21%
-0.45%
2.99%
1.24%
-2.45%
-0.50
10/28/2015
0.33%
1.37%
1.33%
-0.06%
0.39%
0.08
10/29/2015
0.09%
-0.22%
-0.77%
0.16%
-0.07%
-0.01
10/30/2015
5.60%
-0.40%
-0.92%
0.21%
5.39%
1.11
11/2/2015
-8.39%
1.25%
3.84%
0.64%
-9.03%
-1.86
11/3/2015
-1.68%
0.31%
0.11%
0.13%
-1.81%
-0.37
11/4/2015
-1.71%
-0.34%
-0.34%
0.32%
-2.03%
-0.42
11/5/2015
-6.70%
-0.14%
-1.86%
-0.16%
-6.54%
-1.34
11/6/2015
6.62%
-0.04%
-0.37%
0.17%
6.45%
1.33
11/9/2015
-
-
-
-
-
-
11/10/2015
-1.22%
-0.83%
0.47%
0.77%
-2.00%
-0.41
11/11/2015
-
-
-
-
-
-
11/12/2015
-12.39%
-1.86%
-3.46%
0.25%
-12.64%
-2.60 *
11/13/2015
-
-
-
-
-
-
11/16/2015
-3.94%
0.38%
1.41%
0.43%
-4.37%
-0.90
11/17/2015
-
-
-
-
-
-
11/18/2015
-0.53%
1.39%
4.31%
0.69%
-1.22%
-0.25
11/19/2015
-4.55%
-0.10%
-1.53%
-0.10%
-4.45%
-0.92
11/20/2015
-2.77%
0.30%
-0.07%
0.08%
-2.85%
-0.59
11/23/2015
-4.39%
-0.07%
0.74%
0.47%
-4.86%
-1.00
11/24/2015
-15.55%
0.24%
-0.13%
0.10%
-15.65%
-3.22 *
11/25/2015
5.78%
0.12%
1.04%
0.46%
5.32%
1.09
11/27/2015
-
-
-
-
-
-
11/30/2015
1.20%
-0.31%
-1.28%
0.07%
1.13%
0.23
12/1/2015
-1.05%
0.95%
0.54%
-0.07%
-0.98%
-0.20
12/2/2015
-0.27%
-1.07%
-0.78%
0.56%
-0.83%
-0.17
12/3/2015
4.81%
-1.43%
-3.39%
0.06%
4.75%
0.98
12/4/2015
4.46%
1.65%
2.95%
0.22%
4.24%
0.87
105
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 108 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 110
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
12/7/2015
0.61%
-0.98%
-2.16%
0.16%
0.45%
0.09
12/8/2015
12.12%
-0.61%
1.86%
1.02%
11.10%
2.28 *
12/9/2015
-3.14%
-0.66%
-1.62%
-1.38%
-1.76%
-0.38
12/10/2015
-2.79%
0.21%
1.25%
-0.69%
-2.10%
-0.45
12/11/2015
-2.53%
-1.99%
-2.83%
-2.41%
-0.12%
-0.03
12/14/2015
0.12%
0.16%
0.28%
-0.73%
0.85%
0.18
12/15/2015
-11.06%
1.13%
2.83%
0.03%
-11.09%
-2.40 *
12/16/2015
-0.13%
1.49%
2.31%
0.31%
-0.44%
-0.09
12/17/2015
-0.69%
-1.46%
-1.68%
-2.00%
1.31%
0.28
12/18/2015
2.56%
-1.51%
-0.65%
-2.03%
4.59%
0.99
12/21/2015
-0.78%
0.72%
0.76%
-0.30%
-0.48%
-0.10
12/22/2015
2.08%
0.88%
0.12%
-0.17%
2.25%
0.49
12/23/2015
-3.71%
1.37%
1.82%
0.21%
-3.92%
-0.85
12/24/2015
-
-
-
-
-
-
12/28/2015
0.93%
-0.42%
-0.48%
-1.18%
2.12%
0.46
12/29/2015
-1.98%
1.00%
1.82%
-0.07%
-1.91%
-0.41
12/30/2015
11.86%
-0.74%
-0.67%
-1.43%
13.29%
2.87 *
12/31/2015
0.00%
-0.82%
-0.71%
-1.50%
1.50%
0.32
1/4/2016
0.84%
-1.49%
-3.19%
-2.03%
2.87%
0.62
1/5/2016
-0.84%
0.14%
-0.19%
-0.75%
-0.09%
-0.02
1/6/2016
-3.25%
-1.38%
-1.79%
-1.94%
-1.31%
-0.28
1/7/2016
-0.37%
-2.40%
-4.10%
-2.74%
2.37%
0.51
1/8/2016
-3.66%
-1.09%
-1.93%
-1.72%
-1.94%
-0.42
1/11/2016
-3.01%
-0.17%
-3.41%
-1.01%
-2.00%
-0.43
1/12/2016
-2.34%
0.61%
1.47%
-0.38%
-1.96%
-0.42
1/13/2016
5.48%
-2.59%
-5.30%
-2.89%
8.37%
1.81
1/14/2016
0.91%
1.55%
4.02%
0.36%
0.55%
0.12
1/15/2016
2.96%
-2.17%
-2.57%
-2.55%
5.51%
1.19
1/19/2016
-
-
-
-
-
-
1/20/2016
-0.50%
-1.30%
0.44%
-1.86%
1.36%
0.29
1/21/2016
-
-
-
-
-
-
1/22/2016
13.07%
2.83%
0.95%
1.34%
11.73%
2.53 *
1/25/2016
0.00%
-1.67%
-1.65%
-2.16%
2.16%
0.47
1/26/2016
0.00%
1.59%
-0.43%
0.37%
-0.37%
-0.08
1/27/2016
0.00%
-1.06%
-3.17%
-1.69%
1.69%
0.37
1/28/2016
2.22%
0.51%
-3.51%
-0.49%
2.71%
0.58
1/29/2016
-2.17%
2.46%
1.42%
1.05%
-3.22%
-0.70
2/1/2016
-
-
-
-
-
-
2/2/2016
-5.00%
-2.04%
-2.48%
-2.45%
-2.55%
-0.55
2/3/2016
-4.91%
0.58%
1.24%
-0.41%
-4.50%
-0.97
2/4/2016
1.32%
0.37%
0.28%
-0.57%
1.89%
0.41
2/5/2016
-
-
-
-
-
-
2/8/2016
-
-
-
-
-
-
106
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 109 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 111
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
2/9/2016
-0.24%
-3.92%
-6.24%
-3.93%
3.69%
0.80
2/10/2016
-0.24%
0.03%
0.74%
-0.83%
0.59%
0.13
2/11/2016
-
-
-
-
-
-
2/12/2016
9.63%
0.79%
0.47%
-0.24%
9.88%
2.13 *
2/16/2016
-
-
-
-
-
-
2/17/2016
-4.45%
3.61%
6.10%
1.97%
-6.42%
-1.39
2/18/2016
-
-
-
-
-
-
2/19/2016
0.12%
-0.44%
-1.75%
-1.21%
1.33%
0.29
2/22/2016
-
-
-
-
-
-
2/23/2016
4.65%
0.24%
-1.60%
-0.68%
5.34%
1.15
2/24/2016
-3.89%
0.50%
0.53%
-0.47%
-3.42%
-0.74
2/25/2016
-1.33%
1.11%
0.16%
0.00%
-1.33%
-0.29
2/26/2016
2.28%
0.03%
0.79%
-0.83%
3.11%
0.67
2/29/2016
-2.63%
-0.59%
-2.68%
-1.33%
-1.30%
-0.28
3/1/2016
-
-
-
-
-
-
3/2/2016
-4.12%
2.82%
5.38%
1.36%
-5.48%
-1.18
3/3/2016
-0.74%
0.56%
-1.41%
-0.43%
-0.31%
-0.07
3/4/2016
-
-
-
-
-
-
3/7/2016
0.12%
0.74%
2.08%
-0.27%
0.40%
0.09
3/8/2016
0.00%
-1.35%
-3.58%
-1.93%
1.93%
0.42
3/9/2016
-
-
-
-
-
-
3/10/2016
-0.86%
0.43%
-1.93%
-0.54%
-0.33%
-0.07
3/11/2016
0.00%
1.75%
2.69%
0.51%
-0.51%
-0.11
3/14/2016
-
-
-
-
-
-
3/15/2016
0.25%
-0.60%
-4.00%
-1.35%
1.60%
0.35
3/16/2016
-
-
-
-
-
-
3/17/2016
-0.62%
1.58%
-1.71%
0.36%
-0.98%
-0.21
3/18/2016
0.00%
0.39%
1.80%
-0.55%
0.55%
0.12
3/21/2016
0.00%
0.05%
1.90%
-0.81%
0.81%
0.17
3/22/2016
1.31%
-0.04%
2.61%
-0.87%
2.18%
0.47
3/23/2016
4.87%
-0.95%
-3.39%
-1.61%
6.48%
1.40
3/24/2016
2.82%
-0.01%
0.55%
-0.87%
3.69%
0.80
3/28/2016
-5.61%
0.08%
-1.30%
-0.80%
-4.81%
-1.04
3/29/2016
3.03%
1.11%
1.73%
0.01%
3.02%
0.65
3/30/2016
3.53%
0.45%
-0.53%
-0.51%
4.04%
0.87
3/31/2016
-2.50%
-0.09%
2.20%
-0.91%
-1.59%
-0.34
4/1/2016
-6.76%
0.47%
2.87%
-0.48%
-6.28%
-1.36
4/4/2016
0.00%
-0.44%
0.90%
-1.19%
1.19%
0.26
4/5/2016
0.25%
-1.00%
-0.34%
-1.64%
1.89%
0.41
4/6/2016
-0.37%
1.11%
5.95%
0.03%
-0.40%
-0.09
4/7/2016
3.25%
-1.16%
-1.88%
-1.77%
5.02%
1.08
4/8/2016
3.03%
0.44%
-1.05%
-0.53%
3.56%
0.77
4/11/2016
-1.76%
-0.18%
-1.65%
-1.01%
-0.75%
-0.16
107
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 110 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 112
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
4/12/2016
1.80%
1.04%
1.13%
-0.05%
1.85%
0.40
4/13/2016
-2.94%
1.13%
1.93%
0.03%
-2.97%
-0.64
4/14/2016
0.73%
-0.04%
0.14%
-0.89%
1.62%
0.35
4/15/2016
2.29%
-0.06%
-0.32%
-0.90%
3.19%
0.69
4/18/2016
-4.47%
0.68%
1.51%
-0.33%
-4.14%
-0.90
4/19/2016
2.83%
0.45%
-1.94%
-0.52%
3.35%
0.72
4/20/2016
-
-
-
-
-
-
4/21/2016
7.54%
-0.40%
2.90%
-1.16%
8.70%
1.88
4/22/2016
-8.69%
0.18%
0.29%
-0.72%
-7.97%
-1.72
4/25/2016
3.54%
-0.28%
-0.88%
-1.08%
4.62%
1.00
4/26/2016
0.12%
0.34%
-1.50%
-0.61%
0.73%
0.16
4/27/2016
0.00%
0.27%
-1.29%
-0.66%
0.66%
0.14
4/28/2016
-7.29%
-0.86%
-0.90%
-1.53%
-5.76%
-1.24
4/29/2016
-1.02%
-0.45%
-2.60%
-1.22%
0.20%
0.04
5/2/2016
1.92%
0.68%
1.09%
-0.33%
2.25%
0.49
5/3/2016
-2.52%
-1.11%
-1.92%
-1.73%
-0.79%
-0.17
5/4/2016
-2.97%
-0.62%
-2.93%
-1.35%
-1.62%
-0.35
5/5/2016
3.06%
-0.05%
0.37%
-0.90%
3.96%
0.85
5/6/2016
-0.13%
0.35%
-1.34%
-0.59%
0.46%
0.10
5/9/2016
0.78%
-0.02%
2.45%
-0.86%
1.64%
0.35
5/10/2016
-3.85%
1.23%
0.92%
0.10%
-3.95%
-0.85
5/11/2016
0.00%
-0.83%
-3.08%
-1.52%
1.52%
0.33
5/12/2016
0.00%
-0.08%
-1.68%
-0.93%
0.93%
0.20
5/13/2016
0.00%
-0.80%
0.89%
-1.47%
1.47%
0.32
5/16/2016
-
-
-
-
-
-
5/17/2016
-0.13%
0.15%
2.07%
-0.73%
0.60%
0.13
5/18/2016
1.47%
-0.08%
1.35%
-0.92%
2.39%
0.52
5/19/2016
-1.32%
-0.38%
-1.44%
-1.16%
-0.16%
-0.03
5/20/2016
-0.13%
0.76%
2.07%
-0.26%
0.13%
0.03
5/23/2016
-5.07%
-0.18%
0.62%
-0.99%
-4.08%
-0.88
5/24/2016
-
-
-
-
-
-
5/25/2016
47.82%
2.06%
3.46%
0.75%
47.07%
10.17 *
5/26/2016
2.76%
-0.01%
-0.60%
-0.87%
3.63%
0.78
5/27/2016
-0.19%
0.44%
0.96%
-0.51%
0.32%
0.07
5/31/2016
-10.95%
-0.03%
1.27%
-0.88%
-10.07%
-2.18 *
6/1/2016
7.81%
0.24%
0.52%
-0.67%
8.48%
1.83
6/2/2016
3.28%
0.36%
1.85%
-0.57%
3.85%
0.83
6/3/2016
8.51%
-0.19%
-1.54%
-1.02%
9.53%
2.06 *
6/6/2016
-0.86%
0.61%
1.50%
-0.37%
-0.49%
-0.10
6/7/2016
-0.96%
0.21%
-2.53%
-0.71%
-0.25%
-0.05
6/8/2016
0.97%
0.36%
-0.08%
-0.58%
1.55%
0.34
6/9/2016
-0.43%
-0.28%
-1.81%
-1.09%
0.66%
0.14
6/10/2016
-1.83%
-1.12%
-2.17%
-1.74%
-0.09%
-0.02
108
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 111 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 113
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
6/13/2016
-2.58%
-0.81%
-1.24%
-1.50%
-1.08%
-0.23
6/14/2016
-19.18%
-0.28%
-0.55%
-1.08%
-18.10%
-3.91 *
6/15/2016
-7.23%
-0.05%
-0.21%
-0.90%
-6.33%
-1.37
6/16/2016
-10.72%
0.19%
-0.08%
-0.71%
-10.01%
-2.16 *
6/17/2016
-18.14%
-0.18%
-2.04%
-1.01%
-17.13%
-3.70 *
6/20/2016
-4.17%
0.73%
0.84%
-0.29%
-3.88%
-0.84
6/21/2016
-2.96%
0.23%
-1.57%
-0.69%
-2.27%
-0.49
6/22/2016
-1.79%
-0.19%
0.68%
-1.00%
-0.79%
-0.17
6/23/2016
0.37%
1.44%
2.21%
0.27%
0.10%
0.02
6/24/2016
-5.45%
-3.66%
-4.97%
-3.72%
-1.73%
-0.37
6/27/2016
-10.38%
-2.03%
-3.09%
-2.45%
-7.93%
-1.71
6/28/2016
5.58%
1.81%
3.80%
0.56%
5.02%
1.08
6/29/2016
3.05%
1.76%
2.18%
0.52%
2.53%
0.55
6/30/2016
8.68%
1.32%
0.60%
0.17%
8.51%
1.84
7/1/2016
-1.09%
0.30%
2.02%
-0.61%
-0.48%
-0.10
7/5/2016
-0.55%
-0.82%
-0.97%
-1.50%
0.95%
0.21
7/6/2016
3.51%
0.54%
2.33%
-0.42%
3.93%
0.85
7/7/2016
1.96%
-0.07%
0.62%
-0.91%
2.87%
0.62
7/8/2016
3.67%
1.55%
1.20%
0.35%
3.32%
0.72
7/11/2016
5.40%
0.42%
-0.21%
-0.53%
5.93%
1.28
7/12/2016
-3.68%
0.79%
0.75%
-0.24%
-3.44%
-0.74
7/13/2016
-1.99%
-0.02%
-1.72%
-0.89%
-1.10%
-0.24
7/14/2016
0.85%
0.47%
0.33%
-0.49%
1.34%
0.29
7/15/2016
0.00%
-0.08%
1.43%
-0.91%
0.91%
0.20
7/18/2016
-2.69%
0.26%
0.34%
-0.66%
-2.03%
-0.44
7/19/2016
-1.73%
-0.24%
-1.34%
-1.05%
-0.68%
-0.15
7/20/2016
2.46%
0.46%
2.56%
-0.49%
2.95%
0.64
7/21/2016
-5.49%
-0.33%
1.25%
-1.11%
-4.38%
-0.95
7/22/2016
1.45%
0.45%
0.24%
-0.51%
1.96%
0.42
7/25/2016
-9.48%
-0.32%
0.46%
-1.10%
-8.38%
-1.81
7/26/2016
1.98%
0.16%
-0.70%
-0.74%
2.72%
0.59
7/27/2016
3.10%
-0.13%
2.45%
-0.94%
4.04%
0.87
7/28/2016
-3.38%
0.17%
0.22%
-0.73%
-2.65%
-0.57
7/29/2016
0.58%
0.26%
0.64%
-0.65%
1.23%
0.27
8/1/2016
0.58%
-0.23%
1.65%
-1.02%
1.60%
0.35
8/2/2016
-2.31%
-0.71%
0.17%
-1.41%
-0.90%
-0.19
8/3/2016
1.18%
0.44%
1.10%
-0.51%
1.69%
0.37
8/4/2016
-0.39%
0.08%
-0.74%
-0.80%
0.41%
0.09
8/5/2016
1.76%
0.81%
0.55%
-0.23%
1.99%
0.43
8/8/2016
-1.92%
0.01%
-1.05%
-0.86%
-1.06%
-0.23
8/9/2016
1.96%
0.11%
0.14%
-0.78%
2.74%
0.59
8/10/2016
0.38%
-0.26%
-1.99%
-1.07%
1.45%
0.31
8/11/2016
0.38%
0.48%
1.09%
-0.48%
0.86%
0.19
109
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 112 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 114
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
8/12/2016
3.43%
-0.05%
0.20%
-0.90%
4.33%
0.93
8/15/2016
1.47%
0.40%
0.97%
-0.54%
2.01%
0.43
8/16/2016
0.18%
-0.55%
-1.48%
-1.29%
1.47%
0.32
8/17/2016
2.72%
0.10%
-0.06%
-0.78%
3.50%
0.76
8/18/2016
-1.94%
0.34%
0.25%
-0.60%
-1.34%
-0.29
8/19/2016
0.54%
-0.18%
-0.43%
-1.00%
1.54%
0.33
8/22/2016
-3.40%
-0.04%
2.00%
-0.88%
-2.52%
-0.54
8/23/2016
0.56%
0.28%
0.06%
-0.64%
1.20%
0.26
8/24/2016
-2.95%
-0.60%
-3.37%
-1.35%
-1.60%
-0.35
8/25/2016
2.66%
-0.06%
-1.08%
-0.92%
3.58%
0.77
8/26/2016
-1.48%
-0.18%
0.75%
-1.00%
-0.48%
-0.10
8/29/2016
3.75%
0.52%
-0.49%
-0.46%
4.21%
0.91
8/30/2016
1.63%
-0.15%
-0.26%
-0.98%
2.61%
0.56
8/31/2016
-1.78%
-0.26%
-0.79%
-1.06%
-0.72%
-0.15
9/1/2016
1.27%
0.08%
0.12%
-0.80%
2.07%
0.45
9/2/2016
0.89%
0.59%
-0.23%
-0.40%
1.29%
0.28
9/6/2016
-0.18%
0.34%
1.30%
-0.59%
0.41%
0.09
9/7/2016
0.18%
0.08%
0.62%
-0.79%
0.97%
0.21
9/8/2016
0.18%
-0.21%
0.71%
-1.01%
1.19%
0.26
9/9/2016
6.19%
-2.50%
-3.18%
-2.82%
9.01%
1.95
9/12/2016
3.17%
1.34%
3.08%
0.19%
2.98%
0.64
9/13/2016
0.16%
-1.59%
-1.66%
-2.10%
2.26%
0.49
9/14/2016
-1.29%
-0.05%
1.18%
-0.89%
-0.40%
-0.09
9/15/2016
0.00%
1.01%
1.50%
-0.07%
0.07%
0.01
9/16/2016
0.16%
-0.39%
0.53%
-1.16%
1.32%
0.28
9/19/2016
-0.98%
0.14%
-0.04%
-0.75%
-0.23%
-0.05
9/20/2016
-0.25%
-0.04%
1.38%
-0.88%
0.63%
0.14
9/21/2016
2.39%
1.19%
0.64%
0.06%
2.33%
0.50
9/22/2016
-0.16%
0.78%
0.81%
-0.25%
0.09%
0.02
9/23/2016
-0.68%
-0.60%
-0.60%
-1.32%
0.64%
0.14
9/26/2016
-0.94%
-0.82%
-1.29%
-1.50%
0.56%
0.12
9/27/2016
5.58%
0.51%
1.11%
-0.46%
6.04%
1.30
9/28/2016
0.00%
0.67%
-0.90%
-0.34%
0.34%
0.07
9/29/2016
-6.38%
-0.92%
-2.99%
-1.59%
-4.79%
-1.03
9/30/2016
-3.49%
0.78%
1.16%
-0.25%
-3.24%
-0.70
10/3/2016
2.58%
-0.31%
-0.03%
-1.10%
3.68%
0.79
10/4/2016
6.54%
-0.56%
-0.40%
-1.30%
7.84%
1.69
10/5/2016
-2.20%
0.49%
0.92%
-0.47%
-1.73%
-0.37
10/6/2016
-3.70%
-0.07%
-2.23%
-0.93%
-2.77%
-0.60
10/7/2016
2.84%
-0.38%
-0.08%
-1.16%
4.00%
0.86
10/10/2016
1.95%
0.56%
1.39%
-0.42%
2.37%
0.51
10/11/2016
-2.55%
-1.26%
-3.77%
-1.86%
-0.69%
-0.15
10/12/2016
-2.13%
0.09%
-2.50%
-0.80%
-1.33%
-0.29
110
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 113 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 115
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
10/13/2016
3.51%
-0.33%
0.37%
-1.11%
4.62%
1.00
10/14/2016
-0.97%
-0.03%
-1.93%
-0.90%
-0.07%
-0.02
10/17/2016
-0.82%
-0.25%
-0.07%
-1.05%
0.23%
0.05
10/18/2016
-0.82%
0.66%
1.37%
-0.34%
-0.48%
-0.10
10/19/2016
-3.15%
0.30%
-0.79%
-0.63%
-2.52%
-0.54
10/20/2016
4.45%
-0.17%
1.02%
-0.98%
5.43%
1.17
10/21/2016
1.97%
-0.01%
-0.86%
-0.87%
2.84%
0.61
10/24/2016
1.93%
0.44%
-0.45%
-0.52%
2.45%
0.53
10/25/2016
-7.10%
-0.44%
-0.49%
-1.20%
-5.90%
-1.27
10/26/2016
-13.92%
-0.28%
0.01%
-1.08%
-12.84%
-2.77 *
10/27/2016
-7.30%
-0.40%
0.09%
-1.17%
-6.13%
-1.32
10/28/2016
2.77%
-0.26%
-1.84%
-1.07%
3.84%
0.83
10/31/2016
0.62%
0.04%
-1.59%
-0.83%
1.45%
0.31
11/1/2016
-6.58%
-0.68%
1.10%
-1.38%
-5.20%
-1.12
11/2/2016
-14.10%
-0.77%
-1.88%
-1.47%
-12.63%
-2.73 *
11/3/2016
-10.26%
-0.39%
-2.91%
-1.18%
-9.08%
-1.96 *
11/4/2016
-17.43%
-0.12%
1.96%
-0.94%
-16.49%
-3.56 *
11/7/2016
10.38%
2.09%
3.68%
0.78%
9.60%
2.07 *
11/8/2016
2.19%
0.39%
0.25%
-0.56%
2.75%
0.59
11/9/2016
-2.76%
1.21%
8.98%
0.13%
-2.89%
-0.62
11/10/2016
5.36%
0.20%
1.60%
-0.70%
6.06%
1.31
11/11/2016
-5.09%
0.03%
-0.64%
-0.84%
-4.25%
-0.92
11/14/2016
0.95%
0.24%
1.80%
-0.66%
1.61%
0.35
11/15/2016
-0.31%
0.79%
-0.63%
-0.25%
-0.06%
-0.01
11/16/2016
-3.45%
-0.15%
-1.64%
-0.99%
-2.46%
-0.53
11/17/2016
-5.19%
0.46%
0.65%
-0.50%
-4.69%
-1.01
11/18/2016
-7.19%
-0.14%
-1.22%
-0.97%
-6.22%
-1.34
11/21/2016
7.01%
0.78%
0.70%
-0.25%
7.26%
1.57
11/22/2016
-5.86%
0.30%
-1.80%
-0.63%
-5.23%
-1.13
11/23/2016
-2.20%
0.09%
0.81%
-0.78%
-1.42%
-0.31
11/25/2016
13.48%
0.36%
0.32%
-0.57%
14.05%
3.04 *
11/28/2016
-6.60%
-0.59%
-1.69%
-1.33%
-5.27%
-1.14
11/29/2016
-5.65%
0.10%
0.14%
-0.78%
-4.87%
-1.05
11/30/2016
6.74%
-0.16%
-2.32%
-0.99%
7.73%
1.67
12/1/2016
-6.67%
-0.42%
-1.65%
-1.20%
-5.47%
-1.18
12/2/2016
-0.38%
0.07%
0.45%
-0.80%
0.42%
0.09
12/5/2016
-4.53%
0.73%
0.56%
-0.29%
-4.24%
-0.92
12/6/2016
3.16%
0.47%
0.87%
-0.49%
3.65%
0.79
12/7/2016
-4.21%
1.24%
-2.91%
0.09%
-4.30%
-0.93
12/8/2016
-7.20%
0.37%
0.74%
-0.57%
-6.63%
-1.43
12/9/2016
6.47%
0.39%
0.39%
-0.55%
7.02%
1.52
12/12/2016
-5.67%
-0.24%
-0.69%
-1.05%
-4.62%
-1.00
12/13/2016
-3.00%
0.58%
0.58%
-0.41%
-2.59%
-0.56
111
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 114 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 116
of 120

Exhibit-8
Innocoll Common Stock Event Study Results
July 28, 2014 through December 30, 2016
Date
Innocoll
Return
Market Index
Return
Peer Index
Return
Innocoll
Explained
Return
Innocoll
Residual
Return
t -statistic[1]
12/14/2016
-7.08%
-0.96%
0.13%
-1.60%
-5.48%
-1.18
12/15/2016
-2.38%
0.36%
0.96%
-0.58%
-1.80%
-0.39
12/16/2016
7.80%
-0.11%
0.00%
-0.95%
8.75%
1.89
12/19/2016
-3.17%
0.21%
-1.19%
-0.70%
-2.47%
-0.53
12/20/2016
-1.87%
0.43%
0.77%
-0.52%
-1.35%
-0.29
12/21/2016
-3.33%
-0.25%
-1.22%
-1.06%
-2.27%
-0.49
12/22/2016
-9.36%
-0.27%
-0.36%
-1.07%
-8.29%
-1.79
12/23/2016
1.09%
0.19%
2.24%
-0.70%
1.79%
0.39
12/27/2016
6.99%
0.25%
-0.40%
-0.67%
7.66%
1.65
12/28/2016
-9.55%
-0.80%
-1.26%
-1.48%
-8.07%
-1.74
12/29/2016
-1.67%
0.06%
-0.36%
-0.82%
-0.85%
-0.18
12/30/2016
-61.02%
-0.40%
-0.73%
-1.18%
-59.84%
-12.93 *
Note:
[1] t -statistics marked with a "*" are significant at the 95% confidence level.
112
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 115 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 117
of 120

\
Effective Trading Date
Event Classification
Information Content
Significant?
11/13/2014
Earnings Results
"Innocoll AG Announces Third Quarter 2014 Financial and Operating Results,
GlobeNewswire ," Company press release, November 13, 2014, 8:00 AM.
3/19/2015
Earnings Results
"Innocoll AG Announces Fourth Quarter and Full Year 2014 Financial and
Operating Results," GlobeNewswire , Company press release, March 19, 2015,
7:00 AM.
4/1/2015
Clinical Trial
"Pivotal Pharmacokinetic Study of Innocoll's XaraColl(R) Supports Use of 300 mg
Dose for Phase 3 Clinical Studies in Post-Operative Pain," GlobeNewswire
Company press release, April 1, 2015, 7:00 AM.
4/10/2015
Public Offering
Innocoll Holdings PLC, Form F-1, filed April 10, 2015.
4/20/2015
Public Offering
Innocoll Holdings PLC, Form F-1A, filed April 20, 2015.
Yes
4/22/2015
Public Offering
Innocoll Holdings PLC, Form F-1A, filed April 22, 2015.
4/23/2015
Public Offering
Innocoll Holdings PLC, Form F-1A, filed April 23, 2015.
4/24/2015
Public Offering
"Innocoll AG Announces Pricing of Follow-On Offering," GlobeNewswire
Company press release, April 24, 2015, 8:00 AM.
Yes
4/27/2015
Public Offering
Innocoll Holdings PLC, Form 424B4, filed April 27, 2015.
5/14/2015
Earnings Results
"Innocoll AG Announces First Quarter Financial and Operating Results,"
GlobeNewswire , Company press release, May 14, 2015, 7:00 AM.
5/15/2015
Clinical Trial
"Press Release: Innocoll AG Announces First Patient Dosed in the Cogenzia
COACT-1 Phase 3 Study for the Treatment of Diabetic Foot Infection," Dow
Jones Institutional News , Company press release, May 15, 2015, 7:00 AM.
6/15/2015
Clinical Trial
"Innocoll AG Announces First Patient Dosed in the Cogenzia COACT-2 Phase 3
Study for the Treatment of Diabetic Foot Infection," GlobeNewswire , Company
press release, June 15, 2015, 7:00 AM.
6/30/2015
Clinical Trial
"Innocoll
AG
Announces
Qualified
Infectious
Disease
Product
(QIDP)
Designation for Cogenzia for the Adjunctive Treatment of Moderate and Severe
Diabetic Foot Infection," GlobeNewswire , Company press release, July 30, 2014,
7:00 AM.
8/14/2015
Earnings Results
"Innocoll AG Announces Second Quarter 2015 Financial and Operating Results
and Updates Late-Stage Product Portfolio Progress," GlobeNewswire , Company
press release, August 14, 2015, 8:00 AM.
9/16/2015
Clinical Trial
"Innocoll AG Announces First Patient Dosed in the XaraColl MATRIX-2 Phase 3
Study for the Treatment of Postoperative Pain," GlobeNewswire , Company press
release, September 16, 2015, 8:00 AM,
9/29/2015
Public Offering
Innocoll Holdings PLC, Form F-3, filed September 29, 2015.
10/8/2015
Public Offering
Innocoll Holdings PLC, Form F-3A, filed October 8, 2015.
3/17/2016
Earnings Results
"Innocoll Holdings plc Announces Fourth Quarter and Full-Year 2015 Financial
and Operating Results and Provides Corporate Update," GlobeNewswire
Company press release, March 17, 2016, 8:00 AM.
5/25/2016
Clinical Trial
"Innocoll
Announces
XARACOLL(R)
(bupivacaine-collagen
bioresorbable
implant) Meets Primary Endpoint in Both Pivotal Phase 3 Trials in Postoperative
Pain Relief," GlobeNewswire , Company press release, May 25, 2016, 7:30 AM.
Yes
6/1/2016
Earnings Results
"Innocoll Holdings plc Announces First Quarter 2016 Financial and Operating
Results and Provides Corporate Update," GlobeNewswire , Company press release,
May 31, 2016, 4:04 PM.
6/13/2016
Public Offering
Innocoll Holdings PLC, Form 424B5, filed June 13, 2016.
6/14/2016
Public Offering
"Innocoll Holdings plc Announces Proposed Public Offering of Ordinary Shares,"
GlobeNewswire , Company press release, June 13, 2016, 4:15 PM.
Yes
6/17/2016
Public Offering
"Innocoll Holdings plc Announces Pricing of Public Offering of Ordinary Shares,"
GlobeNewswire , Company press release, June 16, 2016, 10:00 PM.
Yes
6/23/2016
Clinical Trial
"Innocoll Holdings plc Announces the Completion of Enrollment in Two Pivotal
Phase 3 Clinical Trials of COGENZIA for the Treatment of Diabetic Foot
Infections," GlobeNewswire , Company press release, June 23, 2016, 9:00 AM.
8/17/2016
Earnings Results
"Innocoll Holdings plc Announces Second Quarter 2016 Financial and Operating
Results and Provides Corporate Update," GlobeNewswire , Company press release,
August 17, 2016, 8:00 AM.
Exhibit-9
News Day Events
113
Case 2:17-cv-00341-GEKP   Document 81-1   Filed 08/31/20   Page 116 of 118
Case 1:21-md-02989-CMA   Document 566-10   Entered on FLSD Docket 06/07/2023   Page 118
of 120

\
Effective Trading Date
Event Classification
Information Content
Significant?
Exhibit-9
News Day Events
11/4/2016
Clinical Trial
"Innocoll Announces Top-Line Data From Phase 3 Trials With COGENZIA and
NDA Submission for XARACOLL," GlobeNewswire , Company press release,
November 3, 2016, 4:31 PM.
Yes
11/22/2016
Earnings Results
"Innocoll Holdings plc Announces Third Quarter 2016 Financial and Operating
Results and Provides Corporate Update," GlobeNewswire , Company press release,
November 22, 2016, 8:00 AM.
12/30/2016
Corrective Disclosure
"Innocoll Receives Refusal to File Letter from U.S. FDA for XARACOLL®
(bupivacaine
HCl
collagen-matrix
implants)
New
Drug
Application,"
GlobeNewswire , Company press release, December 29, 2016, 5:00 PM.
Yes
Sources:
Edgar and Factiva
114
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of 120

Dependent Variable
Value
t -statistic
Coefficient on Innocoll Previous Day Returns
-0.003
-0.066
Observations
488
Standard Error
0.048
R-squared
0.000
Adj R-Squared
-0.002
Value
t -statistic
Coefficient on Innocoll Previous Day Returns
-0.021
-0.465
Observations
488
Standard Error
0.048
R-squared
0.000
Adj R-Squared
-0.002
Notes and Sources:
[1] Source: Price and volume data from CRSP.
Daily Abnormal Returns
Exhibit-10
Results of Tests for Autocorrelation in Daily Innocoll Stock Returns
July 28, 2014 - December 29, 2016
Daily Returns
115
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of 120

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