The shareholders did not pay for the deception, even though they benefitted from it. There is no legal precedence for this kind of action because we have an SEC that is meant to root out deception in public companies, that was gutted as a result of the current US administration.
If the law was "you need to hire your own private investigators and external auditors to find deception in all the companies you invest in", then yes, shareholder liability would be reasonable.
If the law was "you need to hire your own private investigators and external auditors to find deception in all the companies you invest in", then yes, shareholder liability would be reasonable.