Puffery or Promises: When Is Cheap Talk Actionable?

摘要

If projections or predictions were too easily re-characterized as promises or guarantees, the resultant chilling effect could lead to less information being available to regulators and investors alike. Nor does every inconsistency in tone or shift in emphasis amount to fraud. But it does not follow that environmental regulators, or others with an interest in assessing how companies adapt to proposed regulation, should neglect Professor Coleman's proposal.