not sure about specific labor laws in your area, but even if they knew for a fact there would be layoffs, and told employees otherwise, i dont think thats punishable (may be wrong/unethical, but legally i dont think they did anything wrong).

being at a company for 16 years, i have learned:

1)everything is status quo, until one day it isnt.

2)there will be no changes, till there is change one day.

3)there will be no layoffs, until one day there is...

alot of times the people working above you directly dont know/are aware of pending doom.

it is possible at the time the CPO made that statement, it could have been true at the time or that they were aware of that there would be no layoffs.