HE MANDATORY stay of discovery during the pendency of a motion to dismiss is a key feature of the Private Securities Litigation Reform Act of 1995 (PSLRA).[1]� Enacted in identical form in both the Securities Act of 1933 and the Securities Exchange Act of 1934, the stay provision states:
In any private action arising under this chapter, all discovery and other proceedings shall be stayed during the pendency of any motion to dismiss, unless the court finds upon the motion of any party that particularized discovery is necessary to preserve evidence or to prevent undue prejudice to that party.[2]�
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