Like a house of cards...no lateral support, so at the slightest horizontal force, a structure without adequate lateral bracing can fall over.
If, say, the plywood was going to be attached with small finishing nails, the stand could theoretically fall over because the finishing nails are not strong enough to hold it. Screws and glue would be good here, too.
FYI, on a typical house, there is a strength axis to plywood for just that purpose and the drywall on your walls also helps to stiffen up the house.
Mitch
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