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:
“Death is just around the corner. If only it would stay there.”
—Mason Cooley (b. 1927)
“We are all humiliated by the sudden discovery of a fact which has existed very comfortably and perhaps been staring at us in private while we have been making up our world entirely without it.”
—George Eliot [Mary Ann (or Marian)