They can't make intentionally misleading public statements, that could affect how people trade the stock. If they are really making $100 or so/unit as people here seem to think, then I think that would qualify, but I'm not a lawyer.
I would tend to go with if they say they're selling at a loss they probably are selling at a loss, and for whatever reason the BOM or the manufacturing cost or the shipping cost is higher than people here are projecting.
While I referred to iSuppli numbers, they are mostly without consequence to investors, who care about profitability. Ultimately, the Bill Of Materials is mostly useless to judge overall Return On Investment. My guess would be that Reggies statement concerned the "initial batch", or some interval in time specific to internal accounting. And if so, it would be eminently reasonable to include costs that are specific to the launch of the device. (R&D, software tool production, middleware procurement and so on, I'd assume to lie outside such accounting, but is still relevant to overall ROI.)
We don't know how they account for costs associated with securing manufacturing contracts, producing commercials and other marketing material, including launch associated air time and ad space, money hatting, warehousing and distribution, additional software development costs and deals necessary for added services, costs associated with setting up servers, design of retail boxes and printed material, and localization of said material,.... the list goes on and on and on.
It makes sense to have the launch associated costs accounted for in the launch window as well, even though the benefits extend over the full lifetime of the console. After all, the financial burden is now. Also, it makes sense to associate them with the relevant product.
Even when we get an iSuppli breakdown of the WiiU, it bears remembering that the BOM in no way, shape or form constitute the total cost of offering the product to the public. So many times I've seen the BOM naively interpreted as the total cost and indignation over the indecent margins a manufacturer has on a device. Let's try to do better here.