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SG COWEN SEC. v. U.S. DIST. COURT FOR N.D. OF CA

Nos. 98-71501, 98-71503.

189 F.3d 909 (1999)

SG COWEN SECURITIES CORPORATION; Rehan Syed, Petitioners, v. UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF CALIFORNIA, Respondent, Thomas Randall, et al., on behalf of themselves and all others similarly situated, Real Party in Interest. Rational Software Corporation and Paul D. Levy, Petitioners, v. United States District Court for the Northern District of California, Respondent, Tom, et al., on behalf of themselves and all others similarly situated, Real Party in Interest.

United States Court of Appeals, Ninth Circuit.

Decided August 30, 1999.

Attorney(s) appearing for the Case

Boris Feldman, Wilson Sonsini Goodrich & Rosati, Palo Alto, California, for petitioners Rational Software Corporation and Paul D. Levy.

Philippe M. Salomon, Willkie Farr & Gallagher, New York, New York and Lenard Weiss, Steefel, Levitt & Weiss, San Francisco, California, for petitioners SG Cowen and Rehan Syed.

Lionel Z. Glancy, Law Offices of Lionel Z. Glancy, Los Angeles, California, for the plaintiffs-real parties in interest.

Before: WIGGINS, FERNANDEZ, and THOMAS, Circuit Judges.

THOMAS, Circuit Judge:

The defendants in this securities class action lawsuit seek a writ of mandamus vacating the district court's order for limited discovery. We hold that the order violated the discovery stay provision of the Private Securities Litigation Reform Act of 1995, and grant the writ.

I

The plaintiffs filed this class action lawsuit alleging violations of federal and state securities law. The complaint alleges that on the morning of...

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