Joel Chefitz and Andrew Kratenstein considered class action plaintiff lawsuits that allege companies have violated the Securities Act of 1934 by knowing or reckless false statements in securities filings. Many such suits have survived motions to dismiss and brought significant plaintiff settlements. However, in Briarwood Inv. Inc. v. Care Inv. Trust Inc., the defendants used a series of Rule 16 scheduling hearings and a bifurcated discovery process in what the authors call “a viable strategy to minimize expense at every turn.” In the end, the defendants prevailed and saved substantial legal fees that would have resulted from a full discovery, class certification and appeal process.