Stay of Discovery
To prevent discovery until a court has deemed a securities fraud complaint sufficient, the PSLRA also imposes a stay of all discovery "during the pendency of any motion to dismiss." This stay operates against all parties, including both plaintiffs and defendants.
The Securities Litigation Uniform Standards Act amends this provision to allow a federal court to impose the discovery stay on related securities suits in state court.
Read more about this topic: Private Securities Litigation Reform Act
Famous quotes containing the words stay and/or discovery:
“If you tie a horse to a stake, do you expect he will grow fat? If you pen an Indian up on a small spot of earth, and compel him to stay there, he will not be contented, nor will he grow and prosper. I have asked some of the great white chiefs where they get their authority to say to the Indian that he shall stay in one place, while he sees white men going where they please. They can not tell me.”
—Chief Joseph (c. 1840–1904)
“We early arrive at the great discovery that there is one mind common to all individual men: that what is individual is less than what is universal ... that error, vice and disease have their seat in the superficial or individual nature.”
—Ralph Waldo Emerson (1803–1882)