A good punishment is government nationalizes it, paying shareholders nothing, then immediately sells those shares back onto the public markets. The government would earn close-ish to the market cap.
Effectively, allow the company to continue as before, but wipe out all shareholders. After all, they are the people who allowed this behaviour. They are the ultimate decision makers.
No, abandoning property rights is not even close to an appropriate punishment, even for those directly responsible for the fraud, let alone for ignorant shareholders.
Effectively, allow the company to continue as before, but wipe out all shareholders. After all, they are the people who allowed this behaviour. They are the ultimate decision makers.