Could you paraphrase this paragraph:
"It was designed to reduce the number of "frivolous" securities lawsuits filed in federal courts. In essence, it says that investors cannot proceed with a case unless they already have facts in-hand that strongly suggests a deliberate fraud. Prior to the PSLRA, a case could proceed with minimal evidence and use pre-trial discovery to search for more. Now, plaintiffs need such evidence just to begin, which may be difficult to obtain.
The PSLRA imposes new rules on securities class action lawsuits. It allows judges to decide the most adequate plaintiff in class actions. It mandates full disclosure to investors of proposed settlements, including the amount of attorneys' fees. It bars bonus payments to favored plaintiffs, and permits judges to scrutinize lawyer conflicts of interest."