Should Steve Jobs' liver transplant have been reported to Apple shareholders?

Regardless of the legality (which I don’t have the background to debate), I think that Apple has been setting a dangerous precedent with their shareholders. Basically, they’ve established that when they say, “Steve Jobs is fine, there’s nothing to worry about,” it means, “If you really knew what was going on, you’d panic, so we’re just not going to tell you until he’s out of the woods or dead.”