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.
Utterly preposterous. Ken did not lie or exaggerate. He stated a fact.
The fact that we are shipping product (of any type) means the business is now in the position of trading and that is a
news-worthy development. It is a significant fact when a new company ships it's first sale, that does not need to be a finalised full-scale full-production model. It could be any component relevant to that business. VMC are not the first start-up to say 'We have shipped our first product' and not meant a finalised item. It is called marketing.
And as to with-holding key details, I think you are crazy if you think Ken is under a legal obligation to tell shareholders about every technical set back. That is commercially sensitive information as well as there being an NDA in place.
Again you keep mentioning fraud. There is no fraud or attempt at fraud here. Please move on.