Aren't all ads lying?
First, there are plenty of locations where advertising is heavily regulated. Second, even in locations where that is not true, "everybody does it" does not justify anything. Every surgeon used to perform their job without washing their hands, and yet we got rid of that behavior.
Indeed, it doesn't, I just found the commenter being way too captain obvious :)
Not at all. Please refer to the Wikipedia page on "False advertising" for an overview of what does and does not constitute false advertising.