There are stocks which are fraudulent, e.g Theranos, Enron, or ZZZZ Best. The fact that a company might have expected cash flows does not make them impervious t

There are stocks which are fraudulent, e.g Theranos, Enron, or ZZZZ Best. The fact that a company might have expected cash flows does not make them impervious to defrauding investors. Similarly, something issued without any claims of future cash flows does not imply that it must be a fraud.