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:
“O mistress mine, where are you roaming?
O stay and hear, your true love’s coming,
That can sing both high and low.
Trip no further, pretty sweeting.
Journeys end in lovers meeting,
Every wise man’s son doth know.”
—William Shakespeare (1564–1616)
“The gain is not the having of children; it is the discovery of love and how to be loving.”
—Polly Berrien Berends (20th century)