They are liable in the sense that they report to a board chosen by their investors. So if I bought or invested in company XYZ at a valuation that assumed a lot

They are liable in the sense that they report to a board chosen by their investors. So if I bought or invested in company XYZ at a valuation that assumed a lot of growth and company XYZ suddenly stopped pursuing that growth I would probably vote out current management. So yes most companies are beholden to investors; don't raise money if you don't want a new boss.