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:
“I know not how,
But I do find it cowardly and vile,
For fear of what might fall, so to prevent
The time of life—arming myself with patience
To stay the providence of some high powers
That govern us below.”
—William Shakespeare (1564–1616)
“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)