I agree, although CEO motivations are not completely transparent (but I bet it has to do with money and maybe something else at stake), they have started taking the "right" steps.
It will be absurd to pay a lot of money to hire someone of this caliber who has even a slight chance of resigning (aside from the loss of time and money that will end it for CCME for sure). This investigation will be completed and the report will be issued. And PWCwatch.com will not stop it.
As far as the content of the report, I would be surprised to read that it's 50% fraud, or 30% fraud, but not a complete fraud. I am sure the lawyers will craft a language exonearting CCME of any serious intentional wrongdoing, while keeping the law firm in the clear even if there were some serious issues in the past.
Investments are based on appearances, there was/is an appearance of serious fraud, the report will balance it with the opposite view. The truth? Who knows, which is the case with most companies in this space, which basically puts them back to square 1, on par with the rest of them. The difference is the stock action, after the shorts cover and it stabilizes, wherever it might be, would probably be somewhat muted for a while, as many longs AND shorts would be just happy to put this whole CCME chapter behind them and never come back to it again.
The markets have a short memory though...