In a 4-3 ruling, the California Supreme Court found that the first amendment does not protect Nike from accusations of fraud for claiming that its overseas workers are paid adequate wages and that its working conditions are safe. The decision has implications for determining when businesses can be held accountable for false statements made in commercial speech as compared to political speech which, under the first amendment, would give businesses protection from even false statements.
See "Court Says First Amendment Doesn't Shield Nike From Suit", Steven Greenhouse, The New York Times, May 2, 2002