Sure, they're going to sue. It's one of our core values you know? Life, liberty, the pursuit of happiness and the Ineffable right to drag anyone you disagree with though court, beat them up with your abundant supply of money and time until you get your way or they give you a fat check to make you go away.
It's the schools job to keep the place safe and clean and educational. That means they need to kick out asshats and verified wolf criers, and they had damn well do their job or they'll end up with a wholly different six-pack of lawsuits when then fail to kick a real pedo teacher to the curb.
My favorite part is where they're saying the principal violated their privacy by making them log in to facebook at the school. You posted a severely damning lie about an agent of the school on a pseudo-public social website and now you're worried about your privacy?
Suspended for 10 days is a puny slap on the wrist. Yes Honor Roll students screw up too, and just because they generally do the write thing doesn't mean they shouldn't be punished, people need to wake up, children need appropriate and sane levels of discipline or they turn in to jack-asses later in life.