I don't expect a sell-off. I think that the larger shareholder, who have been holding for a long time, knew the risk all along. Even if they don't like what they read, I think most of them haven't been holding this long to jump out now.
The negative language might be to set things sharp. They want to let the court and everybody else know they are frustrated and they want the court to be absolutely well informed about the importance of the facts. If the court allows hem this to start from, it might make them stronger in the overall case IMO.
I didn't read the complete document, since it's a bit to hard to understand all details for me, so is there any part that makes you worry the most?