There are some things shareholders have to legitimately reckon with, that warrant a statement:

- Is this person susceptible to blackmail from the secrets they're keeping?

- Has this person performed a notable breach of trust?

- Has this person displayed a notable lack of judgement?

Even when the alleged misconduct is private, #1 is of particular concern. Airing it out is an obvious way to lessen that specific concern. The allegations here raise the other concerns too, however.