The little boy was ashamed and embarrassed because the sheep were scattered,and the wolf had attacked. After amusing himself by getting the townspeople to run out of their houses a couple of times for his entertainment, they would not come help him when there was really a wolf among the sheep.
We can presume that the wolf attacked the sheep and perhaps killed some sheep. We may presume the people heard the boy yelling for help, but they assumed that the boy was trying to trick them again. He stayed out on the hillside frightened to go back to town, maybe for fear of a beating.
This is a story told to state a moral. And the moral of the story is... no one believes a liar even when he is telling the truth. This type of story if a fable because it may or may not be true. Aesop was a famous fable writer who used animals and commonplace events of the day to teach moral lessons.
It says on one website " The boy who cried wold was ashamed and lost many of sheep to the wolf."