You're confusing a legal definition with common use of the word. If this were deemed a security and if people traded on the information, then things like this or non disclosure of key details can be deemed securities fraud.

Since trading was very limited at the time the effect is negligible but it was wrong to mislead people. Being late with mining hardware is the norm, not the exception. He shouldn't have been scared to say they were experiencing minor delays whilst some technical issues were being resolved.

Ken has always meant well. It's the execution that has faltered at times. ActiveMining is not a scam but it's also not the best run company ever, IMHO of course.

I've spoken to Ken outside of this thread and we're ok. He needed to know that things like this are not acceptable, even if done for a seemingly good reason. It puts too much at risk.