A finding that an accountant's positive statements about a business promoter, combined with deliberate non-disclosure of the promoter's financial difficulties, constitutes misleading conduct under s 52 TPA does not establish liability for damages where the plaintiffs had already committed to the investment before the misleading statements were made and the statements did not substantially influence their decision. Establishing that a plaintiff would not have proceeded had different information been disclosed is insufficient to prove reliance where the misleading statements themselves did not have a substantial influence on the decision to proceed.
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