A lawsuit that alleges Wyeth executives told a series of lies about the antidepressant Pristiq — suggesting that it was a good treatment for post-menopause hot-flashes when they were sitting on study data showing a risk of heart and liver problems — gives new guidance to management on what counts as a false or misleading disclosure to investors.

In the case, the judge ruled that front-loading your investor presentations with a bunch of boilerplate language about “safe-harbor” predictions and “forward-looking statements” that ought to be treated with caution does not allow you to stay silent about negative data that you know will affect the fortunes of your company. (The order was reaffirmed just before Thanksgiving.)