Discovery To Proceed In Signalife Securities Action

Law360, New York (August 24, 2010, 6:22 PM EDT) -- A judge has refused to enforce a Private Securities Litigation Reform Act stay on a class action alleging medical device maker Signalife Inc. and six of its top executives misled investors about the company's financial condition.

Discovery should proceed as to Signalife and five of the six individual defendants, Magistrate Judge Kevin F. McDonald ruled in the U.S. District Court for the District of South Carolina on Friday.

The defendants had argued that the PSLRA stay should remain in effect as long as the plaintiffs' motion...
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