I am of the opinion that there should be no investigation, but I also can understand why some would think that there should be.
Cyberbullying is a phenomenon, that has become part of the internet culture, it can expand beyond our own neighborhood, into cyberspace, which is massive by comparison. In our "real lives", are we actually going to acquire 345 friends or more, like you can do on facebook?. Of course not. Are we going to receive messages from around the world with actual human interaction? Are we going to be piled on by 345 people in our neighborhood because of internet rumors, or the lack of empathy or compassion? Just because our community of actual neighbors are bored?
This boy was born into this culture and did not have a grasp that many of us older people have of actual human interaction. What was reality to him, may not be reality to us. It was a sad day, when parents and society as a whole allowed teens to become part of the social networks with zero moderation. Cell phones, computers have ruined many kids self esteem, and I am sorry. But The boy was at an extremely impressionable age and was experiencing puberty, without the ability to actually fight what the internet culture has become. He may have not seen a way to make it go away. How very sad.