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’ll stay by your side until you confess. And if you don’t, I’ll feed you to the villagers like the Romans fed Christians to the lions.”
—Willis Cooper. Rowland V. Lee. Krogh (Lionel Atwill)
“Next to the striking of fire and the discovery of the wheel, the greatest triumph of what we call civilization was the domestication of the human male.”
—Max Lerner (b. 1902)