To elaborate, I agree David with what you said earlier that normally there is no duty in the abstract to disclose material information. It has to make what IS said false or misleading. I suppose if absolutely nothing were said, that standard might be satisfied -- although as a practical matter I don't think Heritage could have said nothing and in any event they would have to respond to questions.
But leaving that aside, I think it's ethically wrong to withhold the information, because it's deceptive as hell.
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