They released plenty of limited edition records. They also advertised an all analog process, which would inherently limit the number of copies. If you look at the archimago post, they used an infographic of a tape going directly to a cutting machine. In the context of their other marketing, I would say that's misleading as far as the collectibility goes.
The introduction of a digital copy in that process fundamentally changes how collectible the records are. The quantity in circulation goes from "10,000 and probably no more" to "10,000 and however many more we decide to make later". Apples and oranges for a collector, whether it's vinyl records or beanie babies.
Not everything needs to be explicitly said to be considered misleading, although it certainly helps the plaintiffs anytime something is explicitly said.
(to be clear, I think the whole rabidly-pro-analog thing is bemusing at best, but it's likely a lot of their customers weren't even audiophiles at all, just collectors / speculators.)