Most of the blame for the financial woes of snack maker Krispy Kreme Doughnuts Inc. lies with two former executives who tried to “manage earnings” to meet Wall Street’s expectations, according to a report issued Wednesday.

Neither Chief Executive Scott Livengood nor ex-Chief Operating Officer John Tate are still with the once high-flying company, and it’s not clear whether their departures – and the recommendation Wednesday from independent directors to restate past earnings downward by $25.6 million – would return the luster to the former Wall Street darling known for its tempting “Hot Now” treats.

The company faces several lawsuits, including one that alleges workers lost millions of dollars in retirement savings because executives at the company hid evidence of declining sales and profits. Krispy Kreme also is the target of a federal criminal inquiry in New York and a Securities and Exchange Commission probe into financial irregularities.