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:
“Man, became man through work, who stepped out of the animal kingdom as transformer of the natural into the artificial, who became therefore the magician, man the creator of social reality, will always stay the great magician, will always be Prometheus bringing fire from heaven to earth, will always be Orpheus enthralling nature with his music. Not until humanity itself dies will art die.”
—Ernst Fischer (1899–1972)
“It was one of those evenings when men feel that truth, goodness and beauty are one. In the morning, when they commit their discovery to paper, when others read it written there, it looks wholly ridiculous.”
—Aldous Huxley (1894–1963)