I don't think you understand the kind of access fund managers have to the companies they invest in. Surely you do realise that they are not poring over the source code written at the companies they invest in (or their contractors and subcontractors), nor read every email or every entry in every expense account.

Shareholders of VW have already taken a massive hit when the stock tanked. Destroying the company would achieve nothing at all. The efficient and fair course of action is to prosecute the executives who made or authorised illegal decisions while minimising impact on those not involved. Shareholders are not a substitute for a court of law, and rash group punishment has never worked out well.