I have some experience in this area so here's my 2 cents.
What the employees did was stupid, wrong and most assuredly against company policy - no defensible "excuse" exists other than unmitigated stupidity.
Now, if they were actually terminated, and the termination is subsequently challenged, S&W will be placed in the position of supporting their election to terminate passes the "reasonable man" test.
Among other things, they will have to show how the company was "injured" by the release of said photographs.
If the employees were long-term and had clean records up to this point, it might be difficult, absent proof of actual monetary damages, to support termination was fair and equitable.
In fact, as someone else noted, sharing the pictures might have actually helped to stir up interest/demand ahead of the release although proving so would be difficult to impossible to prove.
These kind of cases are never as simple as one would think. it can be like putting together a jelly puzzle.
I know if I was Mr. Debney (CEO, President and Director) I would not be a happy camper by ANY stretch of the imagination. As has been said, "Trust, like virginity, once lost is never regained" so it's a a steep hill to climb when to comes to taking these guys back.
This matter will be discussed at great length by management, human resources and, likely, legal counsel.
If these guys are long-term with clean records, I wouldn't be surprise if they end up with a 30-day suspension and, possible a demotion and reassignment to a less sensitive area.
for what it's worth..........