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http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=46937 Judge Conner PLAINTIFFS ALLEGED violations of the Securities Act of 1933 and the Securities and Exchange Act of 1934 and defendants moved to dismiss pursuant to the Private Securities Litigation Reform Act of 1995 (PSLRA). Plaintiffs moved to lift the discovery stay imposed by the PSLRA to allow them to initiate limited discovery. The court found that Arthur Andersen, defendant’s outside auditor, has been less than forthcoming with respect to document productions in the past and is a mortally threatened entity from which discovery will become more difficult in the future. The court held that these facts, coupled with defendant’s admission that some of the relevant documents have already been lost, is sufficient to establish that the documents plaintiffs seek are in danger of being lost or destroyed. The court partly granted plaintiffs’ motion to lift the stay, concluding that they may serve a subpoena upon Andersen for the sole purpose of ordering the production of relevant documents in Andersen’s possession.

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