How should courts evaluate the truth or falsity of corporate speech about science? This question is critical to antifraud actions like the ongoing state investigations into whether ExxonMobil misrepresented scientific knowledge regarding global climate change. ExxonMobil claims that these investigations chill scientific inquiry and burden speech on a matter of public concern in violation of the First Amendment. Of course, the notion that scientific progress depends on the free exchange of ideas is not controversial. But even if the free-market approach to scientific discourse has firm foundations, this Article suggests that it is a misguided approach to the question of when corporate speech about science is misleading.