I don't disagree, but recognize that an investor can feel defrauded even when one can show precisely what was said and what was not actually said. Most CEOs I've heard pitch are creating a narrative and they leave out facts that would disagree with that narrative. And sometimes they state the 'facts' in a way that imply more than they actually say.

For example, you can say "We are building a tester that can run tests using only a drop of blood." and "We have test results from blood showing markers" and never mention that the "test results" came from an industry tester and not the "tester you are building". The implication is that your tester did that but you didn't actually say that. What I read from the press release was that this sort of messaging was going to be actionable. If you look at various full disclosure rules the SEC has for public companies, this felt like a shot across the bow to startups that they would do well to think about that instead of glossing over bad news.