My university claims I misrepresented my academic record to an employer. What can they do to me?

Being accused of misrepresenting your academic record to an employer is an incredibly serious allegation, regrettably, and you cannot depend on the school to do the right thing. A question would be, was it a bad faith misrepresentation where you were, in fact, trying to gain an advantage, or was it a good-faith mistake where perhaps it's an issue where it was subject to interpretation?

You cannot expect the school to be immediately receptive to your version of events or even the fact that it may be a good-faith mistake. You have to take the necessary precautions. You have to prepare accordingly to respond to the school at the appropriate time but just cannot go into it without taking the necessary steps in advance. Having an experienced attorney-adviser will be your best ally to help you understand and navigate the process. They'll help you make the best decisions moving forward and take the best steps forward in a case of that nature.