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:
“It was awful thoughts, and awful words, but they was said. And I let them stay said, and never thought no more about reforming. I shoved the whole thing out of my head, and said I would take up wickedness again, which was in my line, being brung up to it, and the other warn’t. And for a starter, I would go to work and steal Jim out of slavery again; and if I could think up anything worse, I would do that, too; because as long as I was in, and in for good, I might as well go the whole hog.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“That the discovery of this great truth, which lies so near and obvious to the mind, should be attained to by the reason of so very few, is a sad instance of the stupidity and inattention of men, who, though they are surrounded with such clear manifestations of the Deity, are yet so little affected by them, that they seem as it were blinded with excess of light.”
—George Berkeley (1685–1753)