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:
“The intellect is vagabond, and our system of education fosters restlessness. Our minds travel when our bodies are forced to stay at home. We imitate; and what is imitation but the travelling of the mind?”
—Ralph Waldo Emerson (1803–1882)
“The gain is not the having of children; it is the discovery of love and how to be loving.”
—Polly Berrien Berends (20th century)