A federal judge dismissed a fraud lawsuit targeting Allysian Sciences executives on February 15th, rejecting claims that the company defrauded investors out of $50 million. The ruling found the core allegations were filed too late, falling outside the statute of limitations.

Plaintiffs stated that unregistered sales occurred between January and June 2018. They filed the complaint on August 13, 2021. This filing date exceeded the one-year limit after the alleged violations. Consequently, most of the legal claims were thrown out by the court.

The remaining counts included Control Person Claims and State Law Claims. However, the court determined that the plaintiffs did not sufficiently detail primary violations of securities laws. This failure led to the dismissal of the control person claims.

State law claims were also dismissed. The court relinquished supplemental jurisdiction over these matters after discarding the federal claims.

The plaintiffs sought to amend their complaint. The court denied this request, citing the expired statute of limitations as an insurmountable obstacle to proceeding.