For over a century whenever a corporation has been involved in wrongdoing the people running it and/or the corporation would be fined. Those people would just pay the fine and then go on with "business as usual," often committing the same offense again, seeing it as a cost of doing business.
This petition essentially calls for a "death penalty" for corporations who commit wrongdoing that severely impacts taxpayers: by revoking a corporation's charter, the corporation, being a legal entity, would cease to exist.