Lying is a very difficult burden to prove and requires meeting several criteria:
1. Intent to deceive, so it can't just be that the statement is false but that it was intentionally false as opposed to what is likely a mistake made by a third party. As was noted elsewhere, Sam was positioned to be Chairman of Y Combinator after stepping down as President, but that never happened. It's entirely possible that whoever wrote this did not become aware of that change in circumstances.
2. Reliance and harm. The false statement must be something that was or can be relied upon by potential investors that could cause them harm. It's possible an investor can rely on this fact but it would be very hard to demonstrate harm from it.
3. Materiality. The statement must be significant in that the information could sway a potential investor towards the investment. I'd say misstating credentials is material and so this element does count.
Taken altogether however, this does seem like a whole lot of nothing.
1. Intent to deceive, so it can't just be that the statement is false but that it was intentionally false as opposed to what is likely a mistake made by a third party. As was noted elsewhere, Sam was positioned to be Chairman of Y Combinator after stepping down as President, but that never happened. It's entirely possible that whoever wrote this did not become aware of that change in circumstances.
2. Reliance and harm. The false statement must be something that was or can be relied upon by potential investors that could cause them harm. It's possible an investor can rely on this fact but it would be very hard to demonstrate harm from it.
3. Materiality. The statement must be significant in that the information could sway a potential investor towards the investment. I'd say misstating credentials is material and so this element does count.
Taken altogether however, this does seem like a whole lot of nothing.