Thanks Don, FTC has some info on this:
http://www.ftc.gov/bcp/conline/pubs/buspubs/ad-faqs.shtm
Does not mention going out of business, but does mention...
What truth-in-advertising rules apply to advertisers?
Under the Federal Trade Commission Act:
* Advertising must be truthful and non-deceptive;
* Advertisers must have evidence to back up their claims; and
* Advertisements cannot be unfair.
Additional laws apply to ads for specialized products like consumer leases, credit, 900 telephone numbers, and products sold through mail order or telephone sales. And every state has consumer protection laws that govern ads running in that state.
What makes an advertisement deceptive?
According to the FTC's Deception Policy Statement, an ad is deceptive if it contains a statement - or omits information - that:
* Is likely to mislead consumers acting reasonably under the circumstances; and
* Is "material" - that is, important to a consumer's decision to buy or use the product.