alt Hacker Newsultimately supply and demand should result in less demand for the stock of companies that do not provide adequate transparency about results.
Supporters of the idea would likely say: "But considering that stock price crashes result in government bailouts, why bother reporting bad news since it just panics everyone and necessitates a bailout that shouldn't have been necessary."
Rational market theory is dead. Markets are not rational and do not respond to situations in rational fashions like you suggest. People operate on hype, fear, and insider trading.