I wouldn't dare to guess either way if I had to put money on it, but from what I have learned of US investor reports -- companies are legally obligated to list known and anticipated business risks in their filings.
Maybe not in those very words, but the concept comes up quite frequently in Money Stuff[0]. Recently I've seen a recurring theme around "everything is securities fraud". Which boils down to a very utilitarian and cynical core: if you are a company and do X but don't disclose to your investors that doing X may have an effect on the value of their investment, then the investors can sue you for securities fraud and try to claw back whatever future profits they feel they had been entitled to.
Maybe not in those very words, but the concept comes up quite frequently in Money Stuff[0]. Recently I've seen a recurring theme around "everything is securities fraud". Which boils down to a very utilitarian and cynical core: if you are a company and do X but don't disclose to your investors that doing X may have an effect on the value of their investment, then the investors can sue you for securities fraud and try to claw back whatever future profits they feel they had been entitled to.
0: https://www.bloomberg.com/view/topics/money-stuff