X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
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.

Want to continue reading?
Become a Free ALM Digital Reader.

Benefits of a Digital Membership:

  • Free access to 1 article* every 30 days
  • Access to the entire ALM network of websites
  • Unlimited access to the ALM suite of newsletters
  • Build custom alerts on any search topic of your choosing
  • Search by a wide range of topics

*May exclude premium content
Already have an account?

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.