When is the expected timeline for key legal disclosures or court rulings, and what indicators should we monitor for the investigation's progress?

Timeline for disclosures / rulings

• Initial filing: Once the Schall Law Firm formally files the shareholder‑rights complaint, Exelixi s is obligated to disclose the material event on Form 8‑K within four business days. Expect that filing to appear on the SEC’s EDGAR system by early‑mid September 2025 (the firm announced the investigation on Sept 4).
  
• Progress‑related updates: If the case proceeds to a “pre‑trial conference” or the company receives a subpoena, additional 8‑K filings are required within five business days of receipt. Most shareholder‑rights suits schedule a conference with the court 30‑45 days after filing, so a “conference date” is likely to be announced mid‑October 2025.
  
• Court rulings: A neutral‑‑‑statement (e.g., motion to dismiss, interlocutory order) typically surfaces 45‑60 days after the conference, putting a mid‑November 2025 window for the first substantive ruling. A final decision, if it goes to trial, would extend into early 2026; however, many cases settle before a full judgment.

Key indicators to watch

Trading implication

If an 8‑K is filed in early‑mid September, expect a 2‑4 % sell‑off on EXEL as the market prices the new litigation risk—particularly if short‑interest is already elevated. A cautious short‑position (e.g., buying protective puts) or a reduced‑size long at the current support (~$45) could be justified until one of the above triggers (conference date, motion filing, or a settlement announcement) provides clearer forward‑looking guidance. Keep the alerts above active; each new filing or court motion will reset the risk premium and may open a short‑cover rally if the case stalls or settles favorably for the company.