Vanessa Hudgens Picture was REAL *ANOTHER BIG UPDATE*

(Hopefully last) UPDATE!!!

Speaking out for the first time since her nude and racy photos slipped into cybercirculation, Vanessa Hudgens offers impressionable High School Musical fans an earnest mea culpa (have Mom look it up in a Latin dictionary). "I want to apologize to my fans, whose support and trust means the world to me," the 18-year-old starlet says in a statement released to TVGuide.com. "I am embarrassed over this situation and regret having ever taken these photos. I am thankful for the support of my family and friends."

As reported here Friday morning, Disney is sticking to a firm "no comment" regarding talk that the incident has cost Hudgens a possible role in HSM3.

(Original) Since I don't want to post the picture here, for obvious reasons, click here, to see another Disney star gone wild. Here is the official story from TMZ:

A naked photo of "High School Musical" star Vanessa Hudgens has been making the rounds on the Internet and TMZ can confirm that it's real.

In a statement to TMZ, Hudgens' rep says, "This was a photo which was taken privately. It is a personal matter and it is unfortunate that this has become public." The National Enquirer was the first to report of the photo's existence, and it has since surfaced on various blogs across the net.

Hudgens, 18, is dating her "HSM" co-star, Zac Efron.

So, yeah. I'd be surprised if Disney picks up her contract, but who knows! I sure know I wouldn't want a reputation like that! What are your thoughts?

UPDATE!!!: The following is incorrect and falsely reported news:

LOS ANGELES,Calif., Sept. 6th--Due to the recent scandal of "High School Musical" star Vanessa Hudgens' naked photo scandal, Execs at Disney have parted ways with the star and have decided to replace her with "Cheetah Girls" star Adrienne Bailon. The decision came just hours after the scandal became public and got to the offices at Disney. Says insiders "It was an extremely hard decision to do. Vanessa has become apart of the family, but we felt it was irresponsible of her to do what she did." It has now been announced that Bailon, star of another hugely successful Disney franchise "The Cheetah Girls" will replace Hudgens in the role of Gabriella, Zac Efron's love interest in the upcoming "High School Musical 3". Both Hudgens and Bailon's reps denied a comment, as well as the reps for Disney.

RIP HSM? Update (for the 3rd time). Apparently not! The above quote is false. Look at this:

Disney Backs 'High School Musical' Star

NEW YORK (AP) — The Walt Disney Co. is sticking with the 18-year-old star of its wildly successful "High School Musical" franchise, despite her "lapse in judgment" in posing for racy photos that were leaked to the Internet.

Vanessa Hudgens apologized Friday for the photos, which show her smiling as she posed naked and in underwear in a bedroom with a red curtain behind her.

"Vanessa has apologized for what was obviously a lapse in judgment," said Disney Channel spokeswoman Patti McTeague. "We hope she's learned a valuable lesson."

She said negotiations were ongoing to land all the actors for a "High School Musical 3" feature film — including Hudgens.

Hudgens, who played the brainy Gabriella in the first two made-for-cable TV movies, told her fans she was sorry.

"I am embarrassed over this situation and regret having ever taken these photos," she said. "I am thankful for the support of my family and friends."

Hudgens' publicist, Jill Fritzo, wouldn't say anything about who took the pictures and how they slipped out onto the Internet.

The bookworm Gabriella was the love interest of Troy, the basketball star played by pinup king Zac Efron. The sequel's premiere on Disney Channel last month attracted more than 17 million viewers, making it the summer's most-watched TV program.

Hudgens is a superstar among the preteen set, and Disney has spun a wide merchandising net around the series with albums and concert tours. She and Efron reportedly date in real life, making them big attractions for celebrity magazines.

The films' wholesome nature — for a company that has made its name on family-friendly fare for generations — is a big part of its success. Parents can relax with their children watching, knowing it won't make for any uncomfortable questions.

Gabriella and Troy coo, they make googly eyes, they barely kiss. Gabriella would doubtlessly blush at the idea of a young actress posing for nude photos.

If Disney executives had cut ties to Hudgens, not wanting the company's name associated with anything not G-rated, they would have run the risk of upsetting a formula that has made the company millions upon millions of dollars.

How would parents explain to the show's young fans that the old Gabriella was being replaced by another actress?

"That's her private life, not her public life. That picture got leaked by somebody who broke a trust with her," said Michele Smith of Westborough, Mass., whose 8-year-old daughter Kathryn is a devoted "High School Musical" fan.

Dropping her from future movies or other "High School Musical" projects would not only be unfair to Hudgens but to fans such as Kathryn, Smith said.

"If Vanessa is not in the movie, my daughter would not be so excited to see it," she said.

Smith said she hopes that Kathryn doesn't hear about the photo but, if she does, she's prepared to talk about it. She'll say that it's something private for Vanessa that shouldn't have been shared.

The best thing for Disney was to do nothing, said Michael Levine, a Hollywood image consultant and author of 18 books.

"What they shouldn't do is make a bigger deal out of it than is necessary," he said. "The picture is not salacious."

Michael Sands, a publicist whose clients have included the divorce attorney for Britney Spears' ex-husband Kevin Federline, said Hudgens should be commended for coming forward quickly and saying it was her pictures.

"She's very talented and this is a big cash cow for Disney," he said.