What is the timeline for the lawsuit (e.g., discovery, trial dates) and how might that timeline influence market movements?

TL;DR – What we know (and what we can reasonably infer) about the lawsuit’s calendar and its possible market impact

Bottom line: The press release does not disclose a detailed docket (specific discovery cut‑offs, motion deadlines, or a trial date). However, given standard federal securities‑fraud litigation practice and the fact that the complaint was just filed in early August 2025, we can expect the above‑outlined timeline.

How the Timeline May Influence LAZR’s Market Movements

1. Immediate Reaction (Post‑Release, Aug 9 2025)

• Volatility spike: The announcement that a securities‑fraud class action is pending typically creates immediate, short‑term selling pressure. Investors worry about potential damages, legal fees, and reputational harm.
• Liquidity squeeze: Some institutional investors may temporarily pull back or reduce exposure while they assess the legal exposure, tightening the supply of shares and amplifying price swings.

2. Early‑Stage Motions (Sept – Oct 2025)

• Dismissal motion filings: If the defendant (or a co‑defendant) files a motion to dismiss the complaint, the market will watch the judge’s ruling closely. A dismissal (or partial dismissal) often results in a price bounce, as the perceived legal headwind is reduced.
• Class‑certification motions: If the plaintiffs move to certify the class, a favorable ruling (class certified) can push the stock down, because a certified class increases exposure to a potentially large damages pool.

 3. Discovery Phase (Sept 2025 – May 2026)

• Document production leaks: Even before the official “discovery deadline,” parties sometimes release or leak “key exhibits” (e.g., internal emails, analyst briefings, product‑roadmap changes). Positive or negative revelations can cause mid‑sized swings (5‑15% moves) on a day‑to‑day basis.
• Deposition testimony: If a senior executive sits for a deposition and makes a statement that appears to admit misrepresentation—or, conversely, offers a plausible defense—it can move the stock sharply in the direction of the perceived credibility of that testimony.

4. Motions Practice (Jan – Jun 2026)

• Summary‑judgment outcomes: A summary‑judgment dismissal (defendant wins) would be a major catalyst for a sharp rally (often double‑digit percentage gains) because it eliminates most of the litigation risk.
• Opposite outcome: If the judge denies summary‑judgment and allows the case to proceed, the market usually prices in a higher risk premium, potentially depressing the share price further and widening bid‑ask spreads.

5. Pre‑Trial (Late 2026)

• Pre‑trial rulings: The court’s decisions on evidentiary matters (e.g., whether certain internal documents are admissible) can be a “mini‑trial” for the market, prompting price adjustments based on anticipated trial dynamics.
• Jury‑selection news: If the case goes to a jury, updates on jury composition (e.g., demographics, professional backgrounds) often affect market sentiment. A jury perceived as “plaintiff‑friendly” may weigh on the stock negatively, and vice‑versa.

6. Trial (Late 2026 – Early 2027)

• Opening statements: The tone and content of opening statements can move the stock immediately; a strong, credible plaintiff narrative may depress the price, while a confident defense narrative can buoy it.
• Verdict: The ultimate verdict—whether in the plaintiff’s favor (potentially billions in damages) or the defendant’s (no damages)—is the single biggest market event in this litigation timeline. Historically, securities‑fraud verdicts that award large damages trigger double‑digit to triple‑digit drops in the defendant’s share price, while a full defense win can produce a large rebound.

7. Settlement (Anytime before trial)

• Settlement announcement: Historically, settlements in securities‑fraud class actions often involve cash payments and sometimes an admission of certain facts. Even if the settlement amount is modest, the market can react positively if investors interpret the settlement as a cap on liability and an end to prolonged uncertainty.
• Impact on dilution: If the settlement is financed by issuing new shares, investors may price in share‑dilution risk, which can offset the positive sentiment from the removal of litigation risk.

Practical Takeaways for Market Participants

Summary

• Timeline: The lawsuit was publicly announced on Aug 9 2025, covering purchases made Mar 20 – May 14 2025. While the press release does not list exact court dates, standard securities‑fraud litigation suggests a 6‑9‑month discovery period (Sept 2025 – May 2026), followed by motions (early‑mid 2026), and a trial likely 12‑18 months after filing (late 2026 – early 2027). Settlement could occur at any point before trial.
• Market impact: Each stage—filing, class‑certification, discovery releases, motion rulings, pre‑trial decisions, trial, and settlement—has historically been a catalyst for elevated volatility and directional price moves. The nearer we get to a decisive event (e.g., trial verdict or settlement), the larger the potential price swing, as uncertainty collapses into a concrete outcome.
• Strategic outlook: Investors should monitor court filings, docket updates from the U.S. District Court (likely the Northern District of California, given Luminar’s HQ), and any press releases from Rosen Law Firm or Luminar’s investor‑relations team. Preparing for volatility spikes around the anticipated discovery deadline and any motion rulings will be key to managing risk in LAZR’s equity.