The complaint is here.  According to the first paragraph:

This suit principally challenges the speech policies of the University of Pennsylvania, which (1) are racially discriminatory, discriminating based on the race and/or protected class of both speakers and the subjects of the speech, and (2) violate core principles of the First Amendment, which the University contractually promised to abide by for its professors, including for Plaintiff here, Professor Amy Wax.

Maybe that's the right framing, although I would have thought the suit principally concerns defendant's breach of its contractual commitments to Professor Wax.  (I was not aware that Penn had a contractual commitment to protect the First Amendment rights of its professors, as opposed to a contractual commitment to the AAUP academic freedom principles, including the protection for extramural speech.)  I assume Penn's motion to dismiss will be unsuccessful, and then we'll see.  She ought to prevail on the contractual claim, given the public record, including the embarrassing report by the committee recommending sanctions.