News & Analysis as of

False Statements Misleading Statements

Foster Garvey PC

BOGO & Discount Pricing: Are You at Risk of a Class Action?

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We have noticed a growing trend of class actions suing businesses over pricing practices. Brands and retailers who advertise discounts framing the discount as a bargain off the “regular price” when the business has never...more

Baker Botts L.L.P.

When is “Misleading” Not “False”? The Supreme Court's Decision in Thompson v. United States and Its Implications for Government...

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On March 21, 2025, a unanimous Supreme Court held in Thompson v. United States that a federal statute prohibiting “false” statements to banks, 18 USC § 1014, does not apply to statements that are merely misleading. Although...more

Benesch

Fraud by Omission? How Thompson v. United States Could Narrow the Reach of the Federal Wire, Mail, and Bank Fraud Statutes

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The vast majority of federal white-collar fraud enforcement actions are prosecuted under the wire, mail, or bank fraud statutes.  18 U.S.C. §§ 1341, 1343, and 1344. The Supreme Court’s recent decision in Thompson v. United...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

U.S. Supreme Court Draws the Line: Misleading Statements Aren’t Always False

Last week a unanimous U.S. Supreme Court issued an opinion in Thompson v. United States, 2025 WL 876266 (2025), holding that a statement that is literally true but allegedly misleading, is not a “false statement” under 18...more

Cadwalader, Wickersham & Taft LLP

Supreme Court Excludes “Misleading” Statements from False Statement Liability in Thompson v. U.S.

In a unanimous decision issued on March 21, 2025, the Supreme Court in Thompson v. U.S. heightened the burden of proof for “false” statements under 18 U.S.C. § 1014, excluding “misleading” but true statements from liability...more

Venable LLP

Update: SCOTUS Reverses Seventh Circuit on False Statements Conviction

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On March 21, the Supreme Court announced its opinion in Thompson v. United States, reversing the Seventh Circuit and holding that 18 U.S.C. § 1014's prohibition on making "any false statement" does not extend to misleading,...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

New York State Senate Bill S1514 Raises Specter of Stop-Work Orders for Employee Misclassification

On March 4, 2025, the New York State Senate passed S1514, which would empower the commissioner of labor to issue stop-work orders against employers that misclassify employees as independent contractors or provide false,...more

Venable LLP

False Alarm? SCOTUS to Consider Whether Misleading but Literally True Statements Are “False” Under Federal Criminal Law

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If you tell your partner that you spent $100 on a rare bobblehead for your office, when the full price was actually $1,000, have you said anything false? Literally, you did spend $100; you just spent another $900 as well....more

A&O Shearman

The Ninth Circuit Affirms Dismissal Of Claims Against Hearing Aid Manufacturer Regarding Statements About Insurance Coverage

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On January 10, 2025, the United States Court of Appeals for the Ninth Circuit Court affirmed the dismissal of a putative securities class action brought by a pension plan alleging that a hearing aid manufacturer (the...more

ArentFox Schiff

Investigations Newsletter: Second Circuit Partially Affirms Novartis’ Motion to Dismiss AKS Claims

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Second Circuit Partially Affirms Novartis’ Motion to Dismiss AKS Claims - Last week, the Second Circuit Court of Appeals affirmed the district court’s ruling that dismissed allegations from a whistleblower who claimed that...more

ArentFox Schiff

FTC Continues to Target Misleading ‘Made in USA’ Claims

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The Federal Trade Commission (FTC) has continued its crackdown on false and misleading “Made in USA” claims. Since finalizing the Made in the USA Labeling Rule in 2021, which authorizes the agency to levy civil penalties...more

Hinch Newman LLP

Did Your Company Receive an FTC Warning Letter or Notice of Penalty Offense?

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Has your company received an FTC warning letter or a penalty offense notice? If so, such correspondence should not be ignored because there is a high likelihood that the FTC is in the process of actively and quickly seeking...more

Freiberger Haber LLP

Enforcement News: Cherry-Picking Scheme Back In The News

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Two weeks ago, this Blog wrote about an enforcement action involving an investment adviser’s former co-chief investment officer who had been charged with running a more than $600 million cherry-picking scheme (here). Today,...more

The Volkov Law Group

DOJ Indicts Indian Billionaire and Seven Other Individuals for Bribery and Fraud Scheme Involving Payments to Indian Government...

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In a far-reaching criminal case, in November 2024, the Justice Department unsealed a complex, five-count indictment in the Eastern District of New York charging eight defendants, including Gautam S. Adani, Sagar R. Adani and...more

Foley & Lardner LLP

Ninth Circuit Precedent Limits Fraud-Based Label Claims

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It is well-settled that fraud-based claims asserted in federal court need to satisfy not only Federal Rule of Civil Procedure 12(b)(6)’s plausibility pleading standard but also the heightened pleading requirements of Federal...more

Mintz

Can a Consumer Plausibly Allege Your Product Labeling is False or Misleading Under California Law?

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California’s consumer protection laws prohibit false advertising, as well as advertising that is “‘either actually misleading or which has a capacity, likelihood, or tendency to deceive or confuse the public.’” These claims...more

A&O Shearman

Northern District Of California Grants Motion To Dismiss Federal Securities Class Action Against Subscription Streaming Services...

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On November 26, 2024, Judge Jon S. Tigar of the United States District Court for the Northern District of California granted a motion to dismiss a putative securities fraud class action against a subscription streaming...more

A&O Shearman

Middle District Of Florida Denies Motion To Dismiss Federal Securities Action Against Retailer Holding Plaintiff Adequately...

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On December 4, 2024, Judge John L. Badalamenti of the United States District Court for the Middle District of Florida denied a motion to dismiss a putative securities fraud action against a retail company (the “Company”), its...more

Pillsbury Winthrop Shaw Pittman LLP

Disclosure of Non-GAAP Financial Measures: Recent SEC Comments and Enforcement Actions

The U.S. Securities and Exchange Commission (SEC) continues to scrutinize adjustments to, and presentation of, non-GAAP financial measures. Recent SEC enforcement actions for allegedly improper and misleading use of...more

A&O Shearman

Ninth Circuit Affirms Dismissal Of Securities Class Action With Prejudice Against Enterprise Data Platform For Repeated Failure To...

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On November 19, 2024, the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of a putative class action complaint alleging that a data management and analytics software company (the “Company”) and...more

BCLP

Artificial Intelligence Stays in the SEC's Cross-Hairs

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As news stories about AI have surged, so have enforcement actions by the SEC alleging fraudulent statements about AI capabilities....more

Seward & Kissel LLP

SEC Charges Investment Company, CEO and Board Member for Alleged Misleading Statements Regarding Use of Artificial Intelligence

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Who may be interested: Registered Investment Companies; Boards of Directors; Compliance Staff; Registered Investment Advisers - Quick Take: The SEC recently settled charges against a registered investment adviser (Adviser)...more

Quarles & Brady LLP

Texas Attorney General Obtains Settlement of Alleged False and Misleading Statements About Healthcare Artificial Intelligence...

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On September 18, 2024, the Attorney General (AG) of Texas announced a settlement with an artificial intelligence-focused healthcare technology company to resolve allegations of false and misleading statements about the...more

Fenwick & West LLP

False Claims of Patent Protection Can Be False Advertising Under Lanham Act

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Patented technologies or features can be valuable selling points, setting your products apart from the competition. But when advertising or marketing materials overstate the scope of patent or other IP rights, they may create...more

WilmerHale

Texas Attorney General’s Office Reaches Settlement with AI Company Over Deceptive Claims

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On September 18, the Texas Attorney General (AG) announced a settlement agreement with Pieces Technologies, Inc. (“Pieces”), a Dallas-based healthcare artificial intelligence (AI) research and development firm, resolving...more

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