When are the key litigation milestones or required disclosures that could create price volatility for the stock?

Litigation‑driven dates to watch

• Form 8‑K filing – by ≈ Sept 6‑9, 2025 – Under SEC rules, Flywire must disclose a material securities‑fraud suit within four business days of the filing. The initial 8‑K will outline the allegations, the number of shares at issue and the expected timeline for the case, and it often triggers a short‑term, high‑volume reaction as investors reassess risk.
  
• Defendant’s answer / motion to dismiss – mid‑Sept 2025 – The complaint was served on Sept 3. Flywire has 21 days (or up to 35 days if it seeks to dismiss) to file an answer. Expect a price swing around the filing deadline (≈ Sept 24 – Oct 2) as the market prices the likelihood of the case proceeding to discovery.
  
• Discovery schedule & preliminary‑injunction motions – Oct – Dec 2025 – Most federal securities‑fraud actions set a court‑ordered discovery plan within the first 90 days. Any motion for a preliminary injunction (to block share‑repurchase programs, executive compensation, etc.) will be filed during this window and can produce notable volatility.
  
• Quarter‑end earnings – early Nov 2025 (Q3) and Feb 2026 (Q4) – Because the lawsuit is a “material event,” Flywire will be required to reference the pending litigation in its Form 10‑Q and Form 10‑K filings. The earnings releases are therefore secondary catalysts where any new development (settlement talks, a dismissal, or a favorable court ruling) will be amplified by the underlying earnings surprise.

Trading implication

The most immediate driver is the 8‑K (early‑September). A rapid sell‑off is typical if the disclosure is more severe than the market anticipated; a muted or defensive buy‑back could appear if the company’s response is confident. Positioning a short‑term hedge (e.g., buying out‑of‑the‑money puts or a protective collar) ahead of the 8‑K can capture that swing. After the answer deadline, watch the court docket for any motion to dismiss—if Flywire secures a dismissal, a short‑cover rally often follows; if the case moves to discovery, volatility usually re‑escalates, supporting a cautious “wait‑and‑see” stance or a modest long‑bias with tight stops. Finally, align any exposure with the upcoming Q3 earnings window, as the combination of earnings and litigation updates tends to produce the largest price moves for the stock.