[semiquaver]

  > They are not obligated to be truthful here

What are you talking about? It’s securities fraud for a CEO to lie about the financials of a company regardless of whether it’s public or private.

[33vss]

more than likely what he meant is their metrics may be non-GAAP.

[rchaud]

And the punishment for securities fraud is a slap on the wrist, as Tesla proved with its "going private at $420/share, funding secured" tweet. Who cares about a $40m fine from an increasingly toothless regulator when your investors have already fronted $1.5 billion to settle copyright infringement claims?

https://www.bbc.com/news/articles/c5y4jpg922qo