Following Merck & Co., Inc. v. Reynolds (2010) 130 S.Ct. 1784, this decision holds that the statute of limitations does not begin to run on a securities claim under 28 USC 1658 until the plaintiff can plead each of its elements with sufficient detail and particularity to survive a motion to dismiss for failure to state a claim. Defendants’ allegedly fraudulent statements, on their own, did not start the clock on the statute of limitations. Instead, plaintiff did not discover facts necessary to plead scienter until after the publication of a Securities and Exchange Commission order four years after the alleged misrepresentations were made.