Delve（合规）是否涉嫌证券欺诈？
阅读关于Delve的内容让我产生了疑问：如果一家初创公司在夸大其产品功能，这是否自动构成证券欺诈？还是只有在融资过程中向投资者做出这些声明时，才会涉及证券问题？<p>我觉得人们对“证券欺诈”这个词的使用相当宽泛，但从法律上看，这似乎更为具体。<p>希望能听到真正了解这一问题的人士的看法。
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Reading about Delve made me wonder: if a startup is lying about what its product does, is that ever automatically securities fraud? Or is it only a securities issue if those claims were also made to investors during a raise?<p>I feel like people use “securities fraud” pretty loosely, but legally it seems more specific than that.<p>Would love to hear from anyone who actually knows how this works.