Why not? There's this case that went all the way to the supreme court:
>The issue is that, before the 2008 global financial crisis, Goldman had gone around saying things like “our clients’ interests always come first” and “integrity and honesty are at the heart of our business.” Then the global financial crisis occurred, and:
> 1. It came out that maybe Goldman’s clients’ interests sometimes came second, and maybe integrity and honesty were sometimes not quite at the heart of its business[1]; and
> 2. Goldman’s stock price went down.
>[...]
>Perhaps in 2007, investors read in Goldman’s disclosures that “our clients’ interests always come first” and “integrity and honesty are at the heart of our business,” and they thought: “Yes, it is good that Goldman has integrity and puts its clients’ interests first, that is valuable for its business, we will buy the stock.” In 2009, after Abacus and so forth, investors thought “alas, no, Goldman does not have integrity and does not put its clients’ interests first, we are disappointed, we will sell the stock.” In other words, perhaps investors ascribed value to Goldman’s statements about integrity and honesty, and then when they found out that those statements were not true that value went away and the stock went down.
>The issue is that, before the 2008 global financial crisis, Goldman had gone around saying things like “our clients’ interests always come first” and “integrity and honesty are at the heart of our business.” Then the global financial crisis occurred, and:
> 1. It came out that maybe Goldman’s clients’ interests sometimes came second, and maybe integrity and honesty were sometimes not quite at the heart of its business[1]; and
> 2. Goldman’s stock price went down.
>[...]
>Perhaps in 2007, investors read in Goldman’s disclosures that “our clients’ interests always come first” and “integrity and honesty are at the heart of our business,” and they thought: “Yes, it is good that Goldman has integrity and puts its clients’ interests first, that is valuable for its business, we will buy the stock.” In 2009, after Abacus and so forth, investors thought “alas, no, Goldman does not have integrity and does not put its clients’ interests first, we are disappointed, we will sell the stock.” In other words, perhaps investors ascribed value to Goldman’s statements about integrity and honesty, and then when they found out that those statements were not true that value went away and the stock went down.
https://www.bloomberg.com/news/newsletters/2021-06-22/money-...