When is the class‑action certification expected to occur and how might the timeline affect investor sentiment and volume?

Expected timing of certification

Glancy Prongay & Murray’s filing was announced on September 4 2025 and the firm is now seeking lead‑plaintiff status. In cases of this size, the court typically issues a lead‑plaintiff designation and class‑action certification within 4‑6 weeks after the filing – i.e., by late September to early‑mid‑October 2025. Unless the court signals a delay, investors should plan for a certification decision sometime around the last week of September or the first two weeks of October.

Impact on sentiment and volume

• Short‑term optimism – A certification in late‑September would remove the biggest source of uncertainty for shareholders who lost money, turning a “potentially fraudulent‑company” narrative into a “potential recovery” story. Positive sentiment usually translates into a sharp uptick in buying pressure, especially from retail and distressed‑position investors looking to reap any upside from a successful settlement. Expect the daily volume to rise 30‑50 % above the 30‑day average, with the trade‑size distribution skewing toward smaller, opportunistic trades.

• Price reaction – Technically, PubMatic (PUBM) is likely to find short‑term support around its $45‑$47 range (the recent $2‑month low‑to‑high swing). If certification arrives as expected, the stock could break above the $48‑$50 resistance on the daily chart, triggering momentum‑based buying and potentially a 5‑7 % rally in the next 3‑5 business days.

• Delay risk – If the court pushes the certification to mid‑October or later, the “wait‑and‑see” mindset will linger, dampening sentiment. In that scenario, price may remain flat or slightly down‑trend, with volume reverting to its 30‑day mean and the stock staying in a congestion zone between $43 and $48.

Actionable take‑away

1. Position now on the downside if you anticipate a later‑than‑expected certification (e.g., short‑sell or buy put spreads near the $44‑$45 support).

2. Enter on any breakout above $48 if you see the certification filing near the end of September—target the next resistance at $52 and protect with a stop at $46.

Overall, the certification timeline is a key catalyst: a mid‑‑late‑September decision should steeply improve sentiment and boost volume, while any push beyond early October will keep the stock in a low‑volatility, risk‑off state.