The fact is, we will never know the truth, so, for the sake of our safety, it's better to assume that what I said is true. This is just a shady company and everything is expected from them, I still think that they intentionally didn't update the Nano S firmware to make people think that it still actually backs their words and promises.
You're most likely right--but the first thing that popped into my head was that if Ledger went bust because of their idiotic Recover feature, some crypto journalist might do a deep-dive story on their collapse and report their financials (assuming the reporter could get their hands on the data). Then again, 1) Ledger might not even suffer all that much because of this crap, and 2) I'm not sure about the state of journalism in crypto and whether there are any real journos who'd be motivated enough to do a
real story on Ledger's demise if it actually came to be. A lot of the stories I've read on sites like Coindesk seem to be puff pieces, and the level of writing is abysmal. But that's true of a lot of news reporting.
Down with Ledger!!