Absent other regulations, it's up to the federal trade commission, similar state-level bodies, and disgruntled customers filing lawsuits to keep companies from using deceptive advertising.
Where the FTC and state regulators don't act, it's up to consumers to sue or their advocates such as the press or Consumer's Union to shame them into honesty.
So, will we be seeing regulatory action soon, or will the land sharks be filing class-action suits, or will this be just a case of public shaming?
Or, will nothing happen at all?
The FDA can regulate here and work with the Department of Justice to enforce in this case as this is a cosmetic that is "misbranded".