The plaintiff, a former shareholder of the corporate defendant, brought motions for leave to commence a secondary market liability action under the Securities Act and for certification as a class proceeding.
The defendants filed affidavits opposing the motions.
The plaintiff served requests to inspect hundreds of confidential documents mentioned in the affidavits under Rule 30.04(2) prior to cross-examinations.
The court dismissed the motion, finding that the requests lacked specificity, relevance, and proportionality, and that allowing such a fishing expedition would undermine the statutory gatekeeping purpose of the Securities Act leave provisions.
