Timing of Foul

[bwbuddy]

This came up last week at a high school game (KY). Team taking ball out of bounds from far end, 1.5 seconds left, down 2. Player throws up a prayer (and misses) from half court, just a split second before the clock sounds. The referee raises hand and blows whistle to call a shooting foul, but then waves it off. He explained to the coach that although the contact occurred prior to expiration of time, the whistle blew after the clock reached 0.00. So, no foul shots.

Was that the correct interpretation?