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:
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—Nicole Brown Simpson (1957–1994)
“I have known no experience more distressing than the discovery that Negroes didn’t love me. Unutterable loneliness claimed me. I felt without roots, like a man without a country ...”
—Sarah Patton Boyle, U.S. civil rights activist and author. The Desegregated Heart, part 1, ch. 10 (1962)