Earlier quoted context omitted.
Companies are lying to each other and to customers on a regular basis. Most of those lies are framed in a certain way and are not fraud from a legal point of view (the one where you go to jail).
The context we're talking about here: acquisition or investment there is a duty to research and a duty to inform, the two should theoretically meet in the middle, there is always some give and take but that's the basic idea. Failing your duty to inform is very close to fraud and in many cases crosses right over into fraud. This can get you in very hot water depending on the jurisdiction and the willingness of the cou…
Cutting down the fluff you've just confirmed what I said. Basically when it does not cross into legal criminal fraud as defined by law you can't call it a fraud. Same as with taxes, especially corporate. One can be and idiot, creative, fraudster. The middle one is subject to interpretation and the amount of money involved. "Doing very best" does not necessarily mean not lying.