Comment by hinkley
This sounds like the sort of thing that happens when a team has a deliverable that slips multiple times but everyone had vacations planned for a responsible amount of time after the deadline.
Under time pressure and confirmation bias they signed off on code that was giving off signs of being broken, pushed it, and now key staff are either on airplanes, out of coverage on their phones, or cannot work entirely from memory and don’t have their computers with them because vacation.
I bet they already have communications ready, but everyone Director and above needs to "wordsmith" it to deflect blame and make sure nobody looks bad, and all the lawyers need to bless it so that it's not admitting anything. I bet you there's a Word doc being frantically E-mailed around all day, needing to be approved by 25 people before it reaches the light of day.