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Because companies have a feduciary duty to their shareholders and this is how it’s enforced.
Literally, you invest on good the idea a company will operate within your interests. This going as south as it did was the opposite of the interests of investors. They have a right the same as companies using the the product.
Allowing that is a great way to legalize stealing investor money.
If the company fails the investors get nothing, but it still has a feduciary duty to them.
Yes fiduciary duty to the shareholder is sometimes misunderstood but this is in scope.
Everything can be securities fraud:
Or:
https://www.bloomberg.com/opinion/articles/2019-06-26/everything-everywhere-is-securities-fraud
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