Misinformation can take various forms, from political propaganda and health-related fake news to conspiracy theories. This review investigates the consequences of both direct and indirect misinformation for brands and consumers. We review the marketing literature focused on the consequences of misinformation spread and propose a framework that acknowledges the relationship between brands and consumers in a misinformation environment. We argue that the primary consequence of misinformation is the erosion of trust among the various actors in the marketplace. Additionally, we highlight that a comprehensive understanding of the consequences of misinformation should also consider the effects of indirect misinformation on the marketplace.