If bankruptcy can clear liabilities then your suggestion won't help. The shareholders are usually gone by the time the bill comes due: it's often cheaper to go bankrupt. And there's a whole private equity industry revolving around taking dirty liabilities and slowly bankrupting a company to squeeze the last dollar out before shutting down.
Look at the same problem with environmental disasters that were created by corporations. The problem with security liabilities is similar? Externalities are hard to get shareholders to pay for.
You don't need to try to seek value from the shareholders in a bankruptcy to hurt them. (Doing so would be going against rule of law and as for changing the law, well do you hear that giant sucking sound of funds fleeing your economy?) Just having their holding's value go to zero is sufficient.
Maybe irrelevant for security flaws, but the point is that externalities can easily exceed market capitalisation. Trading while insolvent is illegal, but that is hard to judge with liabilities. Examples are Johnson&Johnson (public) and Purdue Pharma (private).
Look at the same problem with environmental disasters that were created by corporations. The problem with security liabilities is similar? Externalities are hard to get shareholders to pay for.