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:
“He that has his chains knocked off, and the prison doors set open to him, is perfectly at liberty, because he may either go or stay, as he best likes; though his preference be determined to stay, by the darkness of the night, or illness of the weather, or want of other lodging. He ceases not to be free, though the desire of some convenience to be had there absolutely determines his preference, and makes him stay in his prison.”
—John Locke (1632–1704)
“As the mother of a son, I do not accept that alienation from me is necessary for his discovery of himself. As a woman, I will not cooperate in demeaning womanly things so that he can be proud to be a man. I like to think the women in my son’s future are counting on me.”
—Letty Cottin Pogrebin (20th century)