<<what happens if implied volatility goes up because of a positive panel decision?>>
Implied volatility will not go up. It's there because of all the uncertainty leading up to the decision. Once the panel makes a decision, yea or nay, the IV balloon deflates to near-earth's-orbit levels.
(I'm playing this partially with calendar spreads all over the board, both puts and calls, selling 700+ volatility in the Julys, and buying 200 levels in the Seps.)