It's misleading on many a point (3)
I believe the answer is:
lie
'a point' is the definition.
(lie is a kind of point)
'it's misleading on many' is the wordplay.
'it's misleading' becomes 'ie' (I am not sure about this - if you are sure you should believe this answer much more).
'on' means one lot of letters go next to another.
'many' becomes 'l'.
'ie' after 'l' is 'LIE'.
Can you help me to learn more?
(Other definitions for lie that I've seen before include "Prevaricate or recline" , "Fabrication" , "Perjure" , "found" , "Perversion of the truth" .)