California Court Dismisses Dfinity Investor Suit

California Judge Dismisses Dfinity Investor Suit as Time-Barred

• A California federal judge dismissed a class action lawsuit against Dfinity regarding unregistered securities.
• The lawsuit was filed one year and six months late, missing the Securities Exchange Act’s three-year statute of repose.
• Dfinity first offered ICP tokens to the public in February 2017; the lawsuit was filed in August 2021.
• Judge James Donato found investors failed to prove fraud claims against Dfinity founder Dominic Williams.
• The case involved previous counsel controversy, including allegations of using litigation for gathering confidential info.

U.S. District Judge James Donato dismissed the investor lawsuit against Dfinity due to time limitations, as it was filed beyond the three-year statute of repose after ICP tokens were first offered in February 2017. Investors now have until April 8 to amend their complaint.