I think the individual's rights are more important than those of the masses in this situation. I was going to say, "Unless he did something that you didn't know you could get fired for, it's none of your business what it was," but really, you should know what's right or wrong to do at your job, so what he did is none of your business no matter what.

What if he was only fired because they suspected he did something? I contend that the company has the right to fire anyone for nearly any reason they want, but not the right to necessarily prejudice anyone against the person by stating a mere suspicion about him. Kind of like when someone is accused of a crime they didn't commit. Once the accusation is out there, no matter how untrue it is, that person's image is forever altered. The company has no right to do that to anyone.