When is the expected timeline for key legal milestones and possible resolution?

Expected legal‑timeline

• Complaint filing – 12 Aug 2025 – Berger Montague’s class‑action complaint is now on the public docket.
  
• Service of process & response – by ≈ 30 days after filing (Sept 2025) – The company must be served and will have roughly a month to file an answer or a motion to dismiss.
  
• Discovery phase – ≈ 6‑9 months (Oct 2025 → June 2026) – Both sides will exchange documents, take depositions and identify any “proxy‑cure” claims. This is the most time‑consuming segment of the case.
  
• Motions & possible settlement – mid‑2026 – After discovery, defendants typically file a motion for summary judgment or a motion to dismiss. Many securities‑class actions settle at this stage, often within 12‑14 months of the filing.
  
• Trial or final resolution – late 2026 or early 2027 – If the case survives motions, a bench or jury trial is scheduled, which can push the final outcome out to 18‑24 months from the filing date.
  

Trading implications

Given the typical 12‑month window to a settlement, the market will likely price in a mid‑2026 “resolution” event rather than a near‑term trial. Until then, the stock may stay under pressure (the –60 sentiment reflects the legal risk) with the alt‑immune (ALT) price likely testing the lower half of its 6‑month range.

• Short‑term (next 3‑4 weeks): Expect modest downside on the filing news; volume may rise on stop‑loss buying.
  
• Medium‑term (Oct 2025 → mid‑2026): If the company’s response is limited to a motion to dismiss and no material adverse facts emerge, the downside could be capped and the stock may stabilize around the 20‑day moving average.
  
• Actionable signal: A break below the 20‑day EMA with a concurrent rise in implied‑volatility could signal a short‑position trigger; conversely, a bounce off the 20‑day EMA coupled with a “settlement‑talk” press release in early‑2026 would be a buying opportunity, as the risk premium would be stripped away.
  

In short, the key legal milestones to watch are the company’s answer (Sept 2025) and any settlement announcement (mid‑2026). Until those dates, the stock is likely to remain on the downside, but a mid‑2026 resolution—most probably a settlement—offers the primary catalyst for a directional move.